Mobile payment technology is an alternate method for conventional payment systems wherein cash, cheques, or credit cards are the mode of payment. Mobile Payment enables customers how to get any goods or services with the help of wireless devices such as smartphones, tablets, and various other devices. In addition, mobile payment uses various technologies including NFC (Near Field Communication), SMS-based transactional payments, and direct mobile billing, for enhancing the security of the transaction and to offer hassle-free transactions. The mobile payment technology market is expanding at a rapid pace over the past years and is projected to soar up to greater heights in the coming years. Mobile payments are allowing users to make cashless transactions at the fingertips without any difficult, and these features are enough for pushing the mobile payment technology market growth. The need for new technologies for making cashless payments and digitized is supporting in the progression of the market demand. The modern world is majorly dependent on advanced devices and technology, which improves the potential of the mobile payment technology industry. In addition to this, the market demand is increasing owing to the convenience of use and the user-friendly feature. Presently, everyone uses a smartphone; thus, it becomes easy to pay through the mobiles and not through cash. Moreover, the rapid adoption in technologies of market trends is increasing the usage of mobile payments. Technologies such as near field communications or NFC helps in developing a connection between two electronics systems simply by bringing them closer to each other. The secured approach in mobile payments is a key source for rising mobile payment technology market share. Increased speed of mobile payments is surging the market demand and boosts the growth of the market. However, the security issues and the risk of loss of crucial data using mobile wallets are hindering the of mobile payment technology market.

Furthermore, with the advent of rapid digitization all across the world, the usage of mobile payment technology is also increasing. The mobile payment technology market is reaching stupendous levels owing to the increasing adoption of cashless systems of payment and transactions. Using mobile payment technology is hassle-free and convenient and can be used any time without any issue or delay. The real-time payment facility and secure approach are few mobile payment technology market opportunities which can exhilarate the market potential in the upcoming years.

The global Mobile Payment Technology Market is segregated on the basis of Transaction as SMS, NFC and WAP. Based on Type of Mobile Payment the global Mobile Payment Technology Market is segmented in Mobile Wallet, Bank Cards and Mobile Money. Based on Application the global Mobile Payment Technology Market is segmented in Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality and Transportation.

The global Mobile Payment Technology Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Mobile Payment Technology Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited and others are among the major players in the global Mobile Payment Technology Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain. 

• In 2019, Wirecard and Sisal Group entered into agreement to collaborate in the domain of contactless payment solutions for the brand SisalPay.
• In November 2019, Google, a digital payments provider, introduced Google Pay for business apps, aiming small and medium-sized businesses, supporting them transfer each rupee earned by the merchant directly into their Unified Payment Interface (UPI)-linked bank account.
• In Apr 2019, Orange S.A is involved in the digital transformation in Africa and the Middle East, and launched its first “Orange Digital Centre” in Tunisia.
• In Feb 2019, Visa and Planeta Informatica declared the launch of new technology which allows public transit operators globally to implement contactless payments quickly and easier than ever, and for a much lesser cost.

The global Mobile Payment Technology Market has been segmented as below:

Mobile Payment Technology Market, By Transaction

• SMS
• NFC
• WAP

Mobile Payment Technology Market, By Type of Mobile Payment

• Mobile Wallet
• Bank Cards
• Mobile Money

Mobile Payment Technology Market, By Application

• Entertainment
• Energy & Utilities
• Healthcare
• Retail
• Hospitality
• Transportation

Mobile Payment Technology Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

Mobile Payment Technology Market, By Company

• Orange S.A.
• Vodacom Group Limited
• MasterCard Incorporated
• Bharti Airtel Limited
• MTN Group Limited
• Safaricom Limited
• PayPal Holdings Inc.
• Econet Wireless Zimbabwe Limited
• Millicom International Cellular SA
• Mahindra Comviva
• AT &T’S
• JIO
• Apple Inc.
• Google LLC.
• One97 Communications Limited.
• Venmo
• Vodafone Group Plc

The report covers the below scope:

• Global Mobile Payment Technology Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global Mobile Payment Technology Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global Mobile Payment Technology Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global Mobile Payment Technology Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Mobile Payment Technology Market share. Major industry players with significant revenue share include Orange S.A., Vodacom Group Limited, MasterCard Incorporated, Bharti Airtel Limited, MTN Group Limited and others.

Why to Buy this Report:

• Gain detailed insights on the Mobile Payment Technology industry trends
• Find complete analysis on the market status
• Identify the Mobile Payment Technology Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

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