The stores and services across the world are rapidly adopting and integrating mobile payment applications, such as PayPal, Samsung Pay, Apple Pay, AliPay, and WeChat Pay, to accept payments. Owing to changing lifestyle, daily commerce, and rapid growth in online retailing, this trend is expected to continue over for subsequent many years.


- With the rapidly increasing global economy, mobile phones (especially smartphones) have become an essential commodity for an individual. Similarly, the internet has also become part and parcel of life for many people. This has increased the penetration of smartphones and internet users all over the world driving the growth of the mobile payment market.

- The companies are rigorously investing in mobile payment technology, owing to significant growth in the industry. For instance, in the Indian market, WhatsApp is working with ICICI bank to introduce mobile payment feature through UPI(unified payments interface).

- Many governments are also encouraging banks to build infrastructure to enable safe and secure mobile payments in rural areas, which is a massive opportunity for vendors.

- Closing the gap between the awareness and adoption of this technology is considered as a major challenge for this industry.

For sample report please visit : https://www.statzyreports.com/report/sr498221/mobile-payments-market

Key Market Trends

E-commerce to Drive the Mobile Payments Market

- With the increasing number of mobile devices all over the world and high-speed cellular networks, e-commerce industry is in a booming phase.

- The increasing number of data analysis tools and big data analytics are helping the vendors to customize their offerings increasing the possibility of a sale.

- According to the E-commerce Foundation, more than 25% of the consumers purchase weekly via mobile devices, where most of the purchases being made form retailer’s app or website.

- With the increasing number of omni-channel vendors all over the world and specifically in Asia-Pacific countries, such as India and China, this scenario is expected to more boost to the mobile payments market.

- According to a report by Credit Suisse, the digital payments market in India is currently pegged at USD 200 billion and expected to reach USD 1 trillion by 2023. With the entry of companies like Paytm and Google Pay, the market is becoming quite attractive for other companies to establish their services.

- Moreover, Digital India campaign led by the government is encouraging the people to use the digital service and payments. With 1.32 billion population, Indian people are slowly transforming and taking interest in digital services that pave the way for mobile payment market.

Asia-Pacific to Offer New Opportunities in the Mobile Payments Market

- The Asia-Pacific is increasingly becoming popular for the adoption of its electronic payment models. Countries, like India, Japan, China, and Australia, are providing a stable ecosystem for the growth of the mobile payment market.

- In India, the recent demonetization act has brought widespread awareness about other modes of payment other than cash (which is a major medium of the transaction all over the Asia-Pacific).

- According to Visa Inc., the company has crossed more than 20 million contactless cards in 2018 in India. The company also reveals that the contactless payment method and QR transactions make more than 25% of the transactions processed by Visa in India.

- On the other hand, countries like Australia are evolving to be the giants of the mobile payment market. According to Visa Inc., 79% of the transactions carried out in the country are carried out through electronic medium, leaving only a 21% transactions to take place in cash.

Competitive Landscape

The mobile payments market is moving toward a fragmented state due to the increasing prominence and ease of use of mobile payments and entry of new players in this prospering market. Some of the key players in the market are Google LLC, Samsung Group, Amazon.com Inc., Apple Inc., PayPal Inc., MasterCard PLC, Visa Inc., American Express Co., Mahindra ComViva, Orange SA, Tencent Holdings Ltd, Alipay.com Co. Ltd.

- Apr 2019 - Orange is engaged in the digital transformation in Africa and the Middle East, and launched its first “Orange Digital Centre” in Tunisia.
- Feb 2019 - Visa and Planeta Informatica announced the launch of new technology that enables public transit operators worldwide to implement contactless payments faster and easier than ever, and for a much lower cost.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit : https://www.statzyreports.com/report/sr498221/mobile-payments-market
Contact Us:
Poojan Dogra
Public Relations Manager
Email : [email protected]
Email : [email protected]
(IN) - +918484035727
(US) - +1415-871-0483
Website : www.statzyreports.com