Mobile payment technology (MPT) uses a smart phones, tablets or cell phones to make immediate payments for products and services. Increasing adoption of advanced technologies such as near field communication (NFC), wearable devices, and mobile point-of-sale (m-POS) are expected provide a significant impetus to the global mobile payment technologies market in the forthcoming years. The report states that the global According to the research report, the global MPT market is expected to be worth US$1,773.17 bn by the end of 2024 as compared to US$338.72 bn in 2015. During the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 20.5%. Currently, the mobile payment technologies market is expanding at a higher rate due to the increasing adoption of smart phones and tablets across emerging economies.
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The mobile payment technology market is slated to grow at a phenomenal pace in the coming years due to increasing usage of smart devices that operate on mobile data. This trend is expected to continue as accessibility to internet improves among end users. Furthermore, developing regions such as Asia Pacific and the Middle East and Africa are showing a keen interest in adoption of immediate payment technologies as governments are initiating cashless economies.
Moreover, integration of IoT with payment applications provides significant opportunities to extend payment solution offerings and develop enhanced payment technologies. Therefore, it is anticipated that the Internet of Things will boost more payments through digital wallets during the forecast period.
However, low consumer interest for picking new technology is a major factor restraining the growth of the mobile payment technologies market.
On the basis of geography, the global MPT market is segmented into North America, Asia Pacific, the Middle East and Africa, and South America. Analysts anticipate that Asia Pacific will lead the pack in the coming years as it is slated to account for a share of 42.5% in the global market by the end of 2024.
NFC Emerges as Preferred Technique of Transferring Money amongst Users
On the basis of type, Mobile payment technologies market is segmented into proximity payments and remote payments. Proximity payment technology market is further segmented into near field communication (NFC) and QR code payments. Among these proximity payments, NFC segment is anticipated to show large-scale adoption due to technological development in the mobile payment technologies across the world. Whilst, the remote payment technology market is further categorized into SMS-based, USSD/STK, direct operator billing (credit/debit cards) and digital wallets.
On the basis of purchase type, mobile payment technology market is segmented into money transfers & payments, travel and ticketing, airtime transfers & top-ups, merchandise and coupons, and others. Furthermore, end-use application segmentation includes hospitality and tourism sector, BFSI media and entertainment, retail sector, health care sector, IT and telecommunication, education and others. Among these end-use industries, retail sector is projected to observe strong growth primarily due to increasing in-store payments through smart phones in developing regions.