NFC segment to experience significant growth, owing to increase in need for better connectivity between devices & surge in production of NFC-based smartphones.
PORTLAND, OR, UNITES STATES, June 22, 2023/EINPresswire.com/ — The main purpose of mobile payment is to eliminate the need to carry cash, credit cards, and debit cards for doing any kind of transaction. In addition, numerous benefits provided by Mobile Payment include, high security, hassle free transaction, faster transaction processing speed and others. Furthermore, rise in penetration of smartphones across the globe and growth in the m-commerce industry in emerging countries are the major factors driving the mobile payment market growth.
Download Free Sample Report: https://www.alliedmarketresearch.com/request-sample/1778
In addition, upsurge in adoption of mobile payment services in emerging countries fuels the growth of the market. Furthermore, rising data breaches and security issues in Mobile Payment hampers the growth of the market. Furthermore, growth in usage of NFC, RFID and host card emulation technology in Mobile Payment and rise in demand for fast and hassle-free transaction services is expected to provide lucrative opportunity for the mobile payment market.
Mobile Payment Market by Payment Type, Transaction Mode, End User, Purchase Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global Mobile Payment market size was valued at $1.48 trillion in 2019, and is projected to reach $12.06 trillion by 2027, growing at a CAGR of 30.1% from 2020 to 2027.
The mobile web payments segment is expected to garner a significant share during the forecast period. Mobile web payments mode of payment is the most popular and preferred method of making mobile payment as users only need a smartphone which drives the growth of the market in this segment. However, the near field communication segment is expected to witness growth at the highest rate during the forecast period, owing to varied features such as higher security, faster transaction processing and growing demand among the end users.
Buy Now and Get Discount: https://www.alliedmarketresearch.com/checkout-final/62ec1a4bd4a82cd51ad0c24dacea9713
Region wise, the Mobile Payment market was dominated by Asia-Pacific is expected to witness the highest growth rate during the forecast period owing to growth in mobile commerce industry and rise in demand for mobile payment solutions among the youth of emerging countries of Asia-Pacific.
Though COVID-19 crisis continues to disrupt many industries, it has opened opportunities for high adoption of digital transformation approaches among which wearable payments services have gained high importance and adoption. When state-and country-wide lockdowns initiated at the beginning of 2020, demand for contactless payments and Mobile Payment increased due to rise in cases of coronavirus patients across the globe. Furthermore, various key players of the market are introducing new strategies to enhance the customer experience and to improve their market share in the pandemic situation.
Enquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/1778
Key Findings Of The Study
By payment type, the remote segment accounted for the highest Mobile Payment market share in 2019.
Region wise, Asia-Pacific generated the highest revenue in 2019.
Based on end user, the personal segment accounted for the highest Mobile Payment market share in 2019.
By purchase type, money transfers & bill payments generated the highest revenue in 2019.
The key players profiled in the Mobile Payment market analysis are American express company, Apple Inc., Google, LLC, JPMorgan Chase & Co, Mastercard, One97 Communications Limited, PayPal Holdings, Inc., PayU, Samsung and Visa Inc.
QR Codes Payment Market: https://www.alliedmarketresearch.com/qr-codes-payment-market-A13075
Bitcoin Payments Market: https://www.alliedmarketresearch.com/bitcoin-payments-market-A07535
Cash Payments Market: https://www.alliedmarketresearch.com/cash-payment-market-A07577
E-commerce Payments Market: https://www.alliedmarketresearch.com/e-commerce-payments-market-A08184
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Allied Analytics LLP
email us here
What Sets Us Apart ? – Allied Market Research