Mobile Payment Technology Market Size, Share Global Analysis Report, 2020–2026

Industry Insights

[220+ Pages Report] According to the report published by Facts Factors, the global mobile payment technology market size was worth around USD 290 billion in 2019 and is predicted to grow to around USD 5,500 billion by 2026 with a compound annual growth rate (CAGR) of roughly 55% between 2020 and 2026. The report analyzes the global mobile payment technology market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the mobile payment technology market.

This specialized and expertise-oriented industry research report scrutinizes the technical and commercial business outlook of the Mobile Payment Technology industry. The report analyzes and declares the historical and current trends analysis of the Mobile Payment Technology industry and subsequently recommends the projected trends anticipated to be observed in the Mobile Payment Technology market during the upcoming years.

The Mobile Payment Technology market report analyzes and notifies the industry statistics at the global as well as regional and country levels in order to acquire a thorough perspective of the entire Mobile Payment Technology market. The historical and past insights are provided for FY 2016 to FY 2019 whereas projected trends are delivered for FY 2020 to FY 2026. The quantitative and numerical data is represented in terms of value (USD Million) from FY 2016 – 2026.

Key Insights from Primary Research

• According to our primary research respondents, the global mobile payment technology market is expected to grow at a CAGR of 55% and is estimated to reach a value of around USD 5,500 billion by 2026.
• As per our industry respondents, the increasing smartphone penetration around the world has driven the adoption of mobile payment apps among consumers and merchants, which has been driving the global market.
• On the basis of the payment mode, the remote payment segment dominated the global mobile payment technology market in 2019, while accounting a market share of nearly 60% in 2019.
• The rise of online retailing and e-commerce has led to an increase in the number of transactions done by the young population using mobile payment apps
• As per data collected from our primary respondents, Asia Pacific dominated the global mobile payment technology market in 2019 and held a market share of nearly 50% in 2019.

Key Recommendations from Analysts

• As per our analysts, the adoption of artificial intelligence in mobile payment technologies can enhance the consumer experience, operational efficiency, and transaction security and such a trend is expected to play a vital role in the global market.
• Third-party mobile payment service providers and baking and financial institutions are focused on attracting new customers using coupons, rewards, discounts, etc. on online digital transactions made using mobile wallets. This move has helped companies to gain a competitive edge over others.
• As per our ICT research analyst, in terms of applications, the retail segment dominated the global mobile payment technologies market, accounting for a market share of nearly 35% in 2019.
• North America and the European region are expected to hold a significant share in the global mobile payment technologies market, the presence of major players in the regions is expected to drive the adoption of advanced technologies in the region.
• In terms of technology, the mobile wallet segment is expected to record the highest CAGR over the projected period of 2020-2026 owing to the growing use of mobile wallets by merchants and consumers. 

Market Share Analysis by Payment Mode

The quantitative data is further underlined and reinforced by comprehensive qualitative data which comprises various across-the-board market dynamics. The rationales which directly or indirectly impact the Mobile Payment Technology industry are exemplified through parameters such as growth drivers, restraints, challenges, and opportunities among other impacting factors.

Throughout our research report, we have encompassed all the proven models and tools of industry analysis and extensively illustrated all the key business strategies and business models adopted in the Mobile Payment Technology industry. The report provides an all-inclusive and detailed competitive landscape prevalent in the Mobile Payment Technology market.

The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the Mobile Payment Technology industry. The Mobile Payment Technology market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.

The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the Mobile Payment Technology sector. Key strategic developments in the Mobile Payment Technology market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the Mobile Payment Technology market are appropriately highlighted in the report.

Mobile payment refers to payments done through mobile devices. Mobile payment eases the payment process done via smartphones. There has been a rapid rise in the number of mobile payment apps in the market owing to the soaring adoption of mobile wallets and various types of banking apps among consumers. Such a trend has boosted the global mobile payment technology market. Moreover, the mobile point of sale sector has also experienced rapid growth owing to the rising adoption of POS technology by retailers, banks, and financial institutions, which has also fueled the global mobile payment technology market.

The Mobile Payment Technology market research report delivers an acute valuation and taxonomy of the Mobile Payment Technology industry by practically splitting the market based on payment mode, technology, application, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.

Report Scope

The regional segmentation of the Mobile Payment Technology industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Further, country-wise data for the Mobile Payment Technology industry is provided for the leading economies of the world.

The Mobile Payment Technology market is segmented based on payment mode, technology, application, and region. On the basis of payment mode segmentation, the market is classified into proximity payment and remote payment. On the basis of technology segmentation, the market is segregated into NFC, QR code, WAP & Card-Based, digital wallet, banking app-based, SMS-based/DCB, and others. On the basis of application segmentation, the market is segmented into BFSI, retail, healthcare, entertainment, IT and telecom, energy & utilities, hospitality & tourism, and others.

Some of the leading players in the global market include

• MasterCard International Inc.
• Fortumo
• Bharti Airtel Ltd.
• American Express Co.
• Visa Inc.
• Boku Inc.
• Microsoft Corporation
• AT&T Inc.
• PayPal Inc.

The taxonomy of the Mobile Payment Technology industry by its scope and segmentation is as follows:

By Payment ModeSegmentation Analysis

• Proximity Payment
• Remote Payment

By Technology Segmentation Analysis

• NFC
• QR Code
• WAP & Card-Based
• Digital Wallet
• Banking App-based
• SMS-based/DCB
• Others

By Application Segmentation Analysis

• BFSI
• Retail
• Healthcare
• Entertainment
• IT and Telecom
• Energy & Utilities
• Hospitality & Tourism
• Others

By Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • Germany
  • The UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa