According to IMARC Group’s latest report, titled “Mobile Payment Market Share: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global mobile payments market reached a value of US$ 1.43 Billion in 2020. Mobile payment is an e-payment method that involves the use of mobile devices for authorizing, initiating and confirming monetary transactions. These payments are facilitated by mobile applications that are directly linked to the financial credentials of individuals. The use of these solutions ensures enhanced safety while making a payment due to the improved data security offered by these e-payment solutions. Consequently, it finds extensive applications across the retail, food, e-commerce and entertainment sectors.
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The market is majorly driven by the widespread penetration of smartphones and continual improvements in the network infrastructure. This has contributed to the escalating requirement for mobile-based payments among individuals. Additionally, the increasing awareness regarding the improved safety of these transactions and the rising integration of mobile payment services with two-factor authentication are also creating a positive outlook for the market. Some of the other factors contributing to the market growth include the widespread preference for contactless payment methods among the masses and the numerous initiatives undertaken by governing bodies to promote digital payments. As per the estimates by IMARC Group, the market is anticipated to witness strong growth during the forecast period (2021-2026).
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Samsung Electronics
- Bharti Airtel
- American Express
- Bank of America
- Citrus Payment Solutions
- One97 Communication
- ZipCash Card Services
Breakup by Mode of Transaction:
- WAP (Wireless Application Protocol)
- NFC (Near field communications)
- SMS (Short Message Service)
- USSD (Unstructured Supplementary Service Data)
Breakup by Application:
- Energy and Utilities
- Hospitality and Transportation
Breakup by Region:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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