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Report ID: SQMIG40B2001
Report ID:
SQMIG40B2001 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
125 |
Figures:
77
Drivers
Strategic Initiatives by Key Players
Increasing focus on strategic moves by the leading players is driving growth of the mobile payments market across the globe. For instance, PayTM – a leading multinational financial firm that largely operate in the digital payment area including the mobile payment has announced a partnership in November 2022 with Citcon USA LLC, an leading all-in-one payment platform provider. Through this partnership Paytm will be integrating into the global payments network of Citcon to enable the overseas merchants to accept and reconcile digital payments from consumers based in India.
Growing User-base
Moreover, as of July 2023, the number of Paytm merchant subscriptions reached to 82 lac mark and is expected to grow at a healthy rate in the near future. Additionally, rising focus on mix of product offering by the leading players is further supporting growth of the global market. Majority of the leading players are offering a mix of payment options such as NFC, UPI, QR Code, mobile wallet, and other. This in turn further expected to drive growth of the global mobile payment market over the forecast period.
Rising Focus on Product Mix
The other factors that are contributing in the growth of mobile payment market includes rising focus on cashless economy, well-established government regulations, rising government support for digital payment process among emerging economies, availability of technology and skilled technicians for product development and advancement, and increasing investment by major players for market expansion in this market area.
Restraints
Infrastructure Limitations
Mobile payment systems rely on robust telecommunications infrastructure, including internet connectivity and mobile networks. In areas with limited network coverage or unstable internet connectivity, the usage of mobile payments may be hindered.
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REQUEST FREE CUSTOMIZATIONMobile Payment Market size was valued at USD 38.33 Billion in 2021 and is poised to grow from USD 52.89 Billion in 2022 to USD 587.52 Billion by 2030, at a CAGR of 36.2% during the forecast period (2023-2030).
Major market players are using methods such as new product releases, strategic agreements, and enhancements to products to strengthen their market position. They are also concentrating on forming strategic alliances with financial institutions in order to improve the consumer experience. For example, MoneyGram International established a relationship with Sigue, a B2B and P2P payments startup based in the United States, in April 2021. The collaboration gave Sigue clients access to MoneyGram International's new MoneyGram as a Service product line, as well as other banks that operate on the Sigue platform, access to MoneyGram International's latest API-driven payments technology. 'PayPal', 'Apple Pay', 'Google Pay', 'Samsung Pay', 'Alipay', 'WeChat Pay', 'Amazon Pay', 'Paytm', 'Square, Inc.', 'Visa Inc.', 'Mastercard', 'Stripe', 'Zelle', 'Venmo', 'Huawei Pay', 'Xiaomi Pay', 'M-Pesa', 'KakaoPay', 'LG Pay', 'American Express'
Increasing focus on strategic moves by the leading players is driving growth of the mobile payments market across the globe. For instance, PayTM – a leading multinational financial firm that largely operate in the digital payment area including the mobile payment has announced a partnership in November 2022 with Citcon USA LLC, an leading all-in-one payment platform provider. Through this partnership Paytm will be integrating into the global payments network of Citcon to enable the overseas merchants to accept and reconcile digital payments from consumers based in India.
Continued Growth of Mobile Wallets: Mobile wallets, such as Apple Pay, Google Pay, and Samsung Pay, are witnessing continued growth and adoption. These wallets offer a convenient and secure way for users to make payments using their smartphones, and their popularity is expected to rise further.
Asia Pacific dominated the market in 2022 with a share of revenue of more than 34.0% and will continue so during the forecast period. Changing lifestyles, recent online shopping behaviors, and higher smartphone penetration are likely to boost regional market expansion during the projection period. The growing efforts by governments in the Asia-Pacific region to go cashless are projected to provide new opportunities for the regional business. The growing use of mobile devices in emerging markets presents a fresh potential for fintech entrepreneurs and banks to provide mobile financial services to underserved & unbanked people in rural areas.
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Report ID: SQMIG40B2001