The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Mobile Payments Market. The growth sectors of the Mobile Payments Market are identified with precision for a better growth perspective.
The Global Mobile Payments Market is driven by some of the fervent players operating in the market including Amazon.com, Inc. (US), Alipay.com (China), Apple (U.S.), PayPal holdings, Inc. (US), Starbucks Corporation (US), MasterCard Incorporated (US), General Motors Company (US), Samsung Group (South Korea), Square, Inc. (US) and Paytm (India). Profiling them in its analysis MRFR finds out the strategies placing them at the forefront of completion.
Global Mobile Payments Market - Overview
Mobile Payments are a cashless medium for day-to-day transactions. This emerging technology allows its users to make immediate cashless payments by using smartphones and without even needing to access their bank accounts. Due to the convenience of payment, Mobile Payments have become extremely popular especially among the youngsters.
Furthermore, the adoption of advanced technologies like NFC (near field communications) is the main driving force behind the popularity of Mobile Payments and its market growth. Another driving force is the proliferation of Smart Phones uptake globally. Moreover, other Mobile Payments offerings such as secured approach, the convenience of use, speed and offers attached to it. Furthermore, the burgeoning e-commerce sector provides impetus to the market growth. The augmenting uptake is increasing the market size of Mobile Payments globally.
Acknowledging the exponential growth the market perceives currently, Market Research Future (MRFR), in its recently published market forecast asserts that the global Mobile Payments market will climb up to USD 3,300 Billion by 2023, registering a massive, double-digit CAGR of 32 % throughout the forecast period (2017 – 2023).
Mobile Payments a convenient and cost-effective way of making payments. As online purchases have increased, there is an increase in online payments too. Also, government initiatives that promote adoption of cashless transactions, in turn, will foster the market growth of mobile payments.
For instance; in 2017, Govt. of India has started promoting the cashless economy to overcome various negative influences in the economy. The monetization plan played a vital role in the growth of the Mobile Payment market.
Global Mobile Payments Market - Competitive Analysis
Market Players operating in the market ensure their mission success, focusing on optimized situational awareness for customers. The market characterized by the presence of large and small players appears to be highly competitive.
Matured players incorporate collaboration, acquisition, partnership, technology launch, and expansion, to gain the competitive advantages and to maintain their position in this market.
Given the growth prospect of the market, many companies are coming up with their digital wallets and mobile apps to make the payment process more accessible for customers. For instance: MasterCard has a digital wallet MasterPass. Starbucks Corporation has come up with its mobile app to make the pay and order process hassle-free.
Industry/Innovation/ Related News:
May 30, 2018 – Naffa Innovations Pvt. Ltd,(India), developer of mobile payments technology platform – one like ToneTag, announced that it has raised USD 8-10 million from a group of investors led by Amazon Inc. and Mastercard.
June 01, 2018 – Paytm (India) announced that the company through its recently introduced programs, is witnessing strong growth in both mobile payments usage as well as transactions through bank transfers. And, its gross transactions run rate is USD 29 bn. Mark.
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