Market Analysis: Global Mobile Payment Technologies Market
Global mobile payment technologies market is expected to register a healthy CAGR of 35.48% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the government initiatives promoting the usage of digital payment platforms along with availability of attractive offers available to the consumers with availing bill payment services through these mobile payment platforms.
Market Definition: Global Mobile Payment Technologies Market
Mobile payment technologies are the services provided by various financial institutions, network providers and digital financial merchants wherein the users can transact with individuals & organisations with the help of their smartphones, smart devices in the financial sense for the exchange of products & services availed by the user. The integration of these technologies with smart devices transforms them into a mode of payment operations, helping in secure financial transactions. This method is used to avoid the usage of physical currency forms.
- Increased levels of users of smartphones, smart devices availing the usage of internet is expected to drive the growth of the market
- Availability of innovative methods of usage and advancements in technology; the market is expected to be driven by this factor
- Concerns regarding security and threats of hacking private information is expected to restrain the growth of the market
- Lack of regulations and standards to transact with individuals and organisations in different regions or across borders; this factor is expected to restrain the growth of the market
Segmentation: Global Mobile Payment Technologies Market
- Proximity Payment
- Near Field Communication (NFC)
- QR Code Payment
- Remote Payment
- Short Message Service-Based (SMS-Based)
- Direct Operator Billing
- Digital Wallet
- Unstructured Service Supplementary Data/Sim Tool Kit (USSD/STK)
By Purchase Type
- Airtime Transfers & Top-Ups
- Merchandise & Coupons
- Money Transfers & Payments
- Travel & Ticketing, Others
- Banking, Financial Services & Insurance (BFSI)
- Media & Entertainment
- Hospitality & Tourism
- IT & Telecommunications
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In May 2019, ACI Worldwide, Inc. announced that they had acquired Speedpay from Western Union for USD 750 million approximately. This transaction will help in expanding their consumers and service offerings by combining Speedpay’s bill payment platform. ACI will be able to provide expanded payment services across verticals like consumer finance, insurance, healthcare, higher education, utilities, government and mortgage.
- In April 2019, PayUmoney announced that they had acquired Wibmo, establishing a market leader of financial services due to the combination in expertise of both the companies. Wibmo is a leader of digital transactional security globally and PayUmoney has an established network of merchants utilizing their financial services. This acquisition will provide better operations of transactions and faster processing due to their combination.
Competitive Analysis: Global Mobile Payment Technologies Market
Global mobile payment technologies market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of mobile payment technologies market for global, Europe, North America, Asia-Pacific and South America.
Major Market Competitors/Players: Global Mobile Payment Technologies Market
Few of the major competitors currently working in the global mobile payment technologies market are Visa; Ant Financial; Airtel India; Boku Inc.; Apple Inc.; AT&T Intellectual Property; Mastercard; Google; Fortumo; American Express Company; PayPal; Tencent; Vodafone Group; Fiserv, Inc.; Microsoft; First Data Corporation; BlueSnap Inc.; Global Payments Inc.; Paytm; SIX Card Solutions; Worldpay, LLC; Wirecard; ACI Worldwide, Inc.; Novatti Group Limited; PayUmoney; Paysafe Holdings UK Limited; Stripe; Dwolla; MTN Group Management Services (Pty) Ltd; Orange; Millicom; Safaricom; Comviva and among others.
Research Methodology: Global Mobile Payment Technologies Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved