The semi-closed mobile payment market holds over 80% stake in the industry. The growth is credited to the influx of tech companies in the mobile banking landscape. The shifting customer preference toward digital technologies is driving the tech companies to invest in mobile payment technology. —
The open mobile payments market is expected to grow at a CAGR of over 15% over the forecast time period. The increasing investment by the banking establishments to launch their own mobile payment to better compete with the fintech players is promoting the use of open mobile payments.
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The NFC technology accounts for a share of over 80% in the mobile payment market. A high level of encryption is promoting the use of NFC technology among mobile payment providers. NFC-enabled mobile payments have an additional layer of security, which prevents the data from being intercepted when it is being transferred. Moreover, the growing adoption of the contact-less payment systems across retailers is also promoting the market growth.
The optical/QR code market is predicted to grow at a CAGR of over 6% during the projected timeline. The inexpensive nature of the optical/QR code technology is promoting its use, particularly in the emerging nations as the merchants in the region do not own POS systems.
The tech companies accounted for over 80% of the revenue in the mobile payment market in 2017. The technology companies, such as Amazon, MakeMyTrip, Uber, and Ola, are developing their own mobile payment offerings to provide an integrated buying experience to their customers.
The device manufacturer market is anticipated to grow at a CAGR of over 20% over the projected timespan. The smart devices are becoming primary tools for procuring goods and services. This has encouraged the device manufacturers to launch their own mobile payments to monetize the growth opportunities. The banking institutions are investing in mobile payment to cross-sell and upsell various financial products and services.
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The Asia Pacific region is leading the mobile payment market with over 90% share in 2017. This is attributed to the increasing proliferation of smart devices and e-commerce platforms. The supportive government initiatives to promote the use of digital payment channels is propelling the use of mobile payments.
Europe mobile payments market is anticipated to grow a CAGR of over 15% over the forecast timespan. The European mobile banking landscape has evolved significantly over the last 5 years. This can be attributed to the rise of various competing mobile payments operated by various international & domestic entities. The collaborative effort between banking establishments and technology players is accelerating the growth of the market landscape in the region. The widespread adoption of NFC technology across the retail industry is promoting the use of mobile payment among merchants across the region.
The players present in the mobile payment market are Apple, Amazon, Google, American Express, One97 Communications, JP Morgan Chase, Well Fargo, First Data, Sprint Corporation, Visa, PayPal, Vodafone, Ant Financial, Skrill, Tencent, Samsung, AT&T, and. Mastercard. In the Asia Pacific region, the market is dominated by the prominent players such as Tencent and Ant Financial. The players in the market are building and expanding its partnership network with merchants, online retailers, and public sector companies to effectively reach more customers and provide them with a high-quality sales & post-sales support experience.
Browse key industry insights spread across 300 pages with 352 market data tables & 32 figures & charts from the report, “Mobile Payment Market Size By Type (Open, Semi-closed, Closed), By Ownership (Banks, Telco’s, Device, Tech Companies), By Technology (Near Field Communication (NFC), Optical/QR Code, Digital Only, Text-Based), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, Russia, Australia, China, India, Japan, Singapore, Brazil, Mexico, Argentina, UAE, Saudi Arabia, South Africa), Growth Potential, Growth Potential Analysis, Competitive Market Share & Forecast, 2018– 2024” in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 4. Mobile Payments Market - Competitive Landscape
4.2. Market leaders, 2017
4.2.4. Ant Financial
4.3. Market chanllegers, 2017
4.3.2. JP Morgan Chase
4.4. Other prominent vendors
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/mobile-wallet-market
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