Mobile Payment Technologies Market Size Exhibits 32+% CAGR to Reach USD 323+Bn by 2028; Report by The Insight Partners

The Insight Partner

The Insight Partner

Mobile Payment Technologies Market 2022 Global Industry Share, Size, Growth, Demand, Revenue, Top Manufacture and Forecast 2028

NEW YORK, UNITED STATES, November 23, 2022 / — Insight Partners offers a global report on “Mobile Payment Technologies Market Size, Share, Growth, Industry Trends and Forecast 2028-COVID-19 Impact and Global Analysis – by Technology, Payment Type, Type, and End Use,” delivers key insights and provides a competitive advantage to clients through a detailed report. The Mobile Payment Technologies Market is expected to grow from US$ 45.36 billion in 2021 to US$ 323.03 billion in 2028 with an estimated CAGR of 32.8% from 2022 to 2028. This report provides you with important and significant data on the size Market overview, share, trends, growth, demand, application, forecast and cost analysis. This will help you grow in the international Market.

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In the market ecosystem of mobile payment technologies, mobile payments are beginning to increase with the development speed of e-commerce companies and the introduction of digital wallet providers. In addition, digital wallets offer attractive discounts and cashbacks to encourage customers to use the payment channel. Due to tempting offers, ease of use, and increasing smartphone penetration, digital wallet companies have found their way into consumers’ phones and pockets. In addition, in the market ecosystem of mobile payment technologies, in order to expand their appeal, digital wallets are beginning to push customers to use digital wallets for offline POS transactions such as shopping malls, supermarkets, grocery stores, restaurants, and gas stations. These POS transactions are likely to make up the majority of digital payment platforms in the coming years. Thus, digital wallets show rapid growth and play a unique role in the growth of the mobile payment technologies market.

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The Segments and Sub-Sections of the Mobile Payment Technologies Market are shown below:

By Mode of Transaction (Wireless End Use Protocol (WAP), Near-Field Communication (NFC), and Short Message Service (SMS))

By Payment Mode (Proximity Payment and Remote Payment)

By End Use(Hospitality & Tourism Sector, BFSI, Media and Entertainment, Retail Sector, Health care, Education, IT & Telecommunication)

Top Key Players (this may not be an exhaustive list and additional companies may be added upon request):

Microsoft Corporation; Boku, Inc.; PayPal, Inc.; Alphabet Inc.; Apple, Inc.; AT&T, Inc.; MasterCard International, Inc.; Visa, Inc.; Ant Financial Services Group; and American Express, Co. and others. Several other major companies were studied and analyzed in this research study to get a holistic view of the mobile payment technologies market and its ecosystem.

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Scope of the Report:

The Market report lists the most important competitors and provides strategic industry insights Analysis of key factors influencing the market. This report will help you build a landscape of the Mobile Payment Technologies industry development and market trends. The Global Mobile Payment Technologies market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand Figures, prices, costs, revenue and gross margin.

The distinction between physical and digital commerce is dissolving, and channels are multiplying. The in-store shopping experience has increasingly shifted closer to online due to the strong emphasis on contactless payments especially during the COVID-19 pandemic. Also, before the pandemic, contactless payments had already been established in some regions. Contactless payments and/or biometric identification are pervasive in the online shopping experience. The contactless card is the most widespread type of touch-free payment. Mobile payments, on the other hand, are gaining popularity due to ease of use and growing acceptance of original equipment manufacturer (OEM) Pay solutions as a retail payment method, which has contributed to the growth of the market of mobile payment technology.

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In addition, the market ecosystem of mobile payment technologies, many offers of online payment merchants, such as point of sale and rebate, encourage users to use digital payment, which drives the demand for in the market of mobile payment technologies. The mobile payment technologies market is on the rise due to the rapid development of e-commerce, mobile payment technologies, and increasing use of mobile wallets. Many banks in many countries have increased their contactless payment limits to reduce the need for a touchpad or cash at the point of sale. All over the world, many governments have taken important initiatives to digitize payments, increasing the demand for the market of mobile payment technologies. For example, in June 2021, Okay and FSS Technologies (Financial Software and Systems), a global payment technology company, announced their alliance to provide focused authentication security for consumer payments, especially transaction validation and mobile authentication. With its next-generation products, technology, and solution offerings, FSS is expanding its commercial potential in Europe. Such an initiative will increase the demand for the growth of the mobile payment technologies market.

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Financial services companies recognize the importance of open banking initiatives and application programming interfaces. Traditional banks understand that they need to improve their digital capabilities to compete in the sector and avoid being disintermediated by new entrants with better offers and services. For example, many financial services companies such as PayPal, Wells Fargo, and Visa support Open Banking projects.

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According to Regional Segmentation the Mobile Payment Technologies Market provides the Information covering the following regions:

North America
South America
Asia and the Pacific
MEA (Middle East and Africa)

Important countries in each region are also considered, such as the United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.

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Thanks for reading this article; You can also get individual chapter wise section or region wise report version like North America, Europe or Asia.

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