Worldwide Mobile Payment Industry to 2026 - Featuring Gemalto, MasterCard and PayPal Among Others - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jul 12, 2021--
The “Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
The global mobile payments market reached a value of US$ 1.43 Billion in 2020. As per the estimates by the publisher, the market is anticipated to witness strong growth during the forecast period (2021-2026).
- Samsung Electronics
- Bharti Airtel
- American Express
- Bank of America
- Citrus Payment Solutions
- One97 Communication
- ZipCash Card Services
Mobile payment refers to an automated payment method that is made under financial supervision by regulatory bodies using a mobile device. It is a form of e-payment that employs mobile devices to authorize, initiate and confirm the transaction of money. These solutions involve the utilization of a mobile application that is linked to the financial credentials of the users. The exchange of money is facilitated by the availability of point-of-sale (POS) terminals and nearfield communications. Since mobile POS systems do not save the user’s data on the merchant’s POS terminal, this offers enhanced safety to customers while making the payment. The usage of mobile payments has also minimized the hassle of dealing with conventional payment methods, including cash and checks. These automated systems have provided users with enhanced convenience and improved data security. As a result, they are extensively utilized across numerous operation segments across diverse end use industries, including food service, retail and entertainment.
The market is primarily driven by the increasing penetration of smartphones and the significant improvements in the network infrastructure across the globe. The availability of high-speed internet connectivity has enabled various retail outlets to setup mobile-based payment options for their customers. This is being supported by the growing awareness regarding the enhanced safety associated with the use of these transactions. These payments are extremely secure as the transactions do not store the account details or other valuable information of the users. Upon entering the confidential information related to the account or card in the mobile application, the bank verifies it and generates a token as a stand-in for the customer’s personal details. The payments are further made using the token that is commonly integrated with a one-time-use security pin. Additionally, the integration of these mobile payment applications with passcodes and/or biometric authentication methods secures the payment gateway and personal details in an efficient manner, thereby minimizing the chances of security theft or fraud.
Users are preferring contactless payment methods over traditional alternatives in an attempt to practice social distancing. This can be attributed to the outbreak of the coronavirus disease (COVID-19) on the global level, which has facilitated the adoption of e-payments by both the buyers and the sellers across the retail sector. In line with this, the lockdowns imposed by the governments of various countries amid the increasing cases of COVID-19 have resulted in the temporary closure of the majority of the brick and mortar stores. As a result, consumers are extensively using e-commerce websites to purchase essential and non-essential items. The increasing adoption of e-commerce platforms has provided an impetus to the utilization of e-payments, thereby creating a positive outlook for the market. This is further supported by the changing purchasing patterns of the masses, the flexible return and exchange policies offered by these online websites and the availability of diverse products at competitive prices.
Key Questions Answered in This Report:
1. What will be the global mobile payment market outlook during the forecast period (2021-2026)?
2. What are the major trends in the global mobile payment market?
3. What is the global mobile payment market breakup by mode of transaction?
4. What is the impact of COVID-19 on the global mobile payment market?
5. What was the global mobile payment market size in 2020?
6. What are the global mobile payment market drivers?
7. What is the global mobile payment market breakup by application?
8. What are the major regions in the global mobile payment market?
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Mobile Payment Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Mode of Transaction
5.5 Market Breakup by Application
5.6 Market Breakup by Region
5.7 Market Forecast
5.8 SWOT Analysis
5.9 Value Chain Analysis
5.10 Porters Five Forces Analysis
5.11 Price Analysis
6 Market Breakup by Mode of Transaction
7 Market Breakup by Application
8 Market Breakup by Region
9 Competitive Landscape
9.1 Market Structure
9.2 Key Players
9.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/d11pja
View source version on businesswire.com:https://www.businesswire.com/news/home/20210712005545/en/
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INDUSTRY KEYWORD: FINANCE BANKING PROFESSIONAL SERVICES MOBILE/WIRELESS TECHNOLOGY
SOURCE: Research and Markets
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PUB: 07/12/2021 10:36 AM/DISC: 07/12/2021 10:36 AM