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Mobile payment technology market by payment method (proximity payment and remote payment), by technology (NFC, QR code, WAP and on card, digital wallet, banking application, based on SMS / DCB, etc.) [USSD/STK, MST, etc.]), and by application (BFSI, retail, health care, entertainment, computer and telecommunications, energy and utilities, accommodation and tourism, etc.). [Education, Government]): Overall Sector Outlook, Comprehensive Analysis and Forecast, 2017-2024
This press release was originally distributed by SBWire
Sarasota, FL – (SBWIRE) – 11/28/2018 – Zion Market Research has released a new report entitled "Mobile Payment Technology Market by Payment Mode (Near Payment and Remote Payment), by Technology (NFC, QR Code, WAP and Card, Digital Wallet, Banking Application, SMS / DCB, etc. [USSD/STK, MST, etc.]), and by application (BFSI, retail, health care, entertainment, computer and telecommunications, energy and utilities, accommodation and tourism, etc.). [Education, Government]): Global Industry Outlook, Comprehensive Analysis and Forecast 2017-2024 ". According to the report, the global mobile payment technology market was valued at $ 123.5 billion in 2017 and is expected to reach about $ 3,371.6 billion by 2024, with a CAGR of 60% between 2018 and 2024.
The payment processed via mobile / smartphone for goods, services or a transfer of money is called mobile payment, and the technology used to accomplish this task is called mobile payment technology. This modern method of facilitating payment transactions based on the new era's payment channels and technologies is predicted to bring the payments industry to a higher level.
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The simplicity and speed offered to consumers through constant technological advances in the mobile payments industry is driving the growth of the global mobile payment technology market. Due to the huge increase in the number of mobile users, mobile payments have grown strongly in the last two years. In 2017, approximately 50% of US cell phone users have engaged in some mobile payment activity and this figure is expected to reach 90% by 2020 with the use of various technologies such as Apple Pay and Android Pay.
The high rate of adoption of mobile phone users as well as faster internet connectivity, such as the growing penetration of mobile retail transactions and e-commerce activities in the Asian market, are the main factors the growth of the global payments industry. In 2016, the mobile commerce sector in India generated revenues of about 10.46 billion USD and is expected to grow fourfold by 2020 to reach 40 billion USD. In addition, the increasing penetration of contactless retail outlets in shopping centers, restaurants and small retail businesses will drive growth in the mobile payment technology market in the coming years. The risks badociated with mobile payment processing, including the cardholder's financial details during the transaction, can pose a threat to market growth. Government initiatives to promote digital payments are expected to create new opportunities in the mobile payment technology market.
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The mobile payment technology market is segmented by payment method, technology, applications and region. The payment mode segment is clbadified as proximity payment and remote payment. NFC, QR code, WAP and cards, digital wallet, banking applications, SMS / DCB, etc. [USSD/STK, MST, etc.]are the technological segmentation of the mobile payment technology market. The rise in NFC-enabled smartphones is expected to drive growth in the NFC sector and is expected to be a substantial part of the mobile payment technology market. The various applications related to mobile payment technology are BFSI, retail, health, entertainment, information technology and telecommunications, energy and utilities, hospitality and tourism, etc. . [education, government]. The increasing adoption of mobile payments in the banking sector is expected to strengthen BFSI's share in the estimated time frame
The main players in the global mobile payment technology market are American Express, Fortumo, BhartiAirtel Ltd., MasterCard International Inc., Microsoft Corporation, Boku Inc., PayPal Inc., AT & T Inc. and Acquisition Inc. This acquisition is the strategy adopted by global players in the mobile payment technology market. In 2015, PayPal, a US-based multinational active in online payment systems, acquired Xoom, a provider of digital credit transfers.
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The report segments the global market for mobile payment technology as follows:
Mobile Payment Technology Market: Segment Analysis in Payment Mode
Proximity payment
Remote payment
Mobile payment technology market: technology segment badysis
NFC
QR Code
WAP and card
Digital Portfolio
Bank based on an application
SMS / DCB
Others ([USSD/STK, MST, etc.]
Mobile Payment Technology Market: Analysis by Application Segments
BFSI
Retail
Health care
Entertainment
IT and telecom
Energy and utilities
Hospitality and tourism
Other (Education, Government)
Mobile payment technology market: regional sector badysis
North America
United States.
Europe
United Kingdom
la France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Browse the Table of Contents table of contents here https://bit.ly/2KChFeb
For more information on this press release, visit: http://www.sbwire.com/press-releases/global-mobile-payment-technology-market-will-score-usd-3371-billion-by -2024-1094349.htm
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