A new market study, titled “Mobile Payments Market Size, Status and Forecast 2020-2023” has been featured on Market Research Future.

Mobile Payments Market Research Report offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

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Market Scenario:

Mobile payments market is estimated to have a high growth potential in today’s market. Mobile payments are a cashless medium for day-to-day transactions. A technology that enables users to make immediate cashless payments by use of smartphones. The study indicates that the major driving factor for the mobile payments market is the technological advancements taking place in today’s world. Adoption of advanced technologies like near field communications (NFC) is making it more popular. NFC enables users to establish a connection between two electronic devices like smartphones by just bring them close to each other. Moreover, the other driving factors include the convenience of use, secured approach, speed and offers attached to it.

The regional analysis of Mobile Payments Market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. Due to increasing awareness of mobile banking and mobile wallets, the market share of Asia Pacific is gradually increasing. It has been observed that, owing to the technological advancements, Europe would dominate the mobile payments market.

It has been observed that according to market segmentation based on the mode of payment, mobile wallets are proving to be very popular as it is one attractive mode of payment and also an easy option. This type of payments are very popular as it is replacing our traditional cash and wallets. The market can be segmented based on mode of payment, mode of transaction and end use application. Mode of transaction includes three modes, short message service, wireless application protocol and near field communication. SMS falls under the remote payment technology while NFC enables two electronic devices to establish a connection by bringing them close to each other. Further, the end use application includes retail, entertainment, education, healthcare, hospitality among others. Among the end use applications, retails is observed to have a high market share due to increasing in-store payments through smartphones.

The mobile payments market is growing rapidly. It refers to the payments made by portable electronic devices. Mobile payments are slowly replacing the traditional alternatives like credit cards, debit cards, cash etc. As the number of internet users is increasing day by day, mobile payments are gaining immense popularity.

According to Market Research Future Analysis, Mobile Payments Market has been valued at approx. USD 3,300 Billion by the end of forecast period with 32% of CAGR during forecast period 2017 to 2023.

Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:

The Mobile Payments Market has been segmented on the basis of mode of payment, mode of transaction and end use application. The mode of payment typically comprises of mobile wallets/bank cards and mobile money. The mode of transaction includes short message service (SMS), wireless application protocol (WAP) and near field communication (NFC). The end use applications typically comprises of retail, education, healthcare, entertainment and hospitality. The study indicates that Mobile payments market has a high growth potential in today’s market as it is a cashless medium and also quite feasible. Even though the mobile payments are so quick and easy but many users are being hesitant about using it. It’s the lack of awareness that is causing the people to be reluctant about accepting this new trend.

The study indicates that the major driving factor for the mobile payments market is the technological advancements taking place in today’s world. Moreover, the other driving factors include the convenience of use, secured approach, speed and offers attached to it.

Market Research Future (MRFR) recognizes the following companies as the key players in the mobile payments market - Alipay.com (China), Amazon.com, Inc. (U.S.), Apple (U.S.), Starbucks Corporation (U.S.), PayPal holdings, Inc. (U.S.), General Motors Company (U.S.), MasterCard Incorporated (U.S.), Samsung Group (South Korea), Paytm (India), Square, Inc. (U.S.) among others.

More Information : https://www.marketresearchfuture.com/reports/mobile-payments-market-2922

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