The global mobile payment market reached a value of US$ 1,087 Billion in 2019. Mobile payment is defined as a transfer of funds done under financial regulations with the help of a mobile device. The first patent on the mobile payment technology was filed in 2000 and it has been growing ever since. A major factor that is influencing the market and making mobile payment popular among consumers is the assurance of safety that it provides in the transactions. With mobile PoS systems, the data of the customer’s credit card is not saved on the merchant’s PoS terminal. During the transaction a code is generated that can be sent over OTA (over the air) or manually by the consumer. These transactions can easily be made with a smartphone and an internet connection. Rising penetration of smart phones, increasing internet accessibility, convenience, safety, rising awareness levels, etc. are some of the key factors that are driving the global mobile payment market. As per the estimates by the IMARC Group, the market value is projected to reach US$ 3,783 Billion by 2025, expanding at a CAGR of 23.1% during the forecast period (2020-2025).
Market Drivers:
- Mobile payment makes it easier and more convenient for consumers to pay for products compared to credit card or cash payments. Payment from mobile phones is contactless without having customers to pull out their credit cards, cash, or write out a check.
- A major factor driving the mobile payment market is that they can be easily integrated with loyalty and incentive programs. The consumers are not required to keep cards or cash as all the necessary information gets stored in the app with every purchase they make.
- Valuable customer data can also be accessed through mobile payments, such as how often they shop, what they buy, and their preferred mode of payment. This information can be used by vendors to target their customers based on their shopping behavior, patterns, demands, etc.
- Mobile payments are extremely secure. Most mobile payment applications are tokenized, this means that they don't store or send a customer’s credit card information. When a customer enters his/her card information, the application verifies it with their bank and subsequently, uses a "token" as a stand-in for the customers personal information. Each transaction is made using that token integrated with a one-time-use security pin. Even if a hacker gets the card details of a customer, it will be extremely difficult for them to misuse their account without having an access to the customers mobile phone.
- Mobile payments provide security even in a case where the mobile phone is stolen as the payment information remains secured behind a passcode or biometric authentication (or both).
Market Summary:
- On the basis of the mode of transaction, the market has been segmented as WAP (Wireless Application Protocol), NFC (Near field communications), SMS (Short Message Service), USSD (Unstructured Supplementary Service Data) and others.
- Based on the application, the market has been segmented into entertainment, food and beverage, energy and utilities, healthcare, retail, hospitality and transportation, and others.
- Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined with some of the key players being FIS, Gemalto, MasterCard, PayPal, Alipay, Visa, Apple, Google, Samsung Electronics, Bharti Airtel, American Express, Bank of America, Citrus Payment Solutions, LevelUp, MobiKwik, One97 Communication, Orange, Oxigen, Square, Venmo and ZipCash Card Services.
This report provides a deep insight into the global mobile payment market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the mobile payment indusytry in any manner.
Key Questions Answered in This Report:
- How has the global mobile payment market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global mobile payment industry?
- What is the breakup of the global mobile payment market on the basis of mode of transaction?
- What is the breakup of the global mobile payment market on the basis of application?
- What are the various stages in the value chain of the global mobile payment market?
- What are the key driving factors and challenges in the global mobile payment market?
- What is the structure of the global mobile payment market and who are the key players?
- What is the degree of competition in the global mobile payment market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Mobile Payment Market
5.1 Market Overview
5.2 Market Performance
5.3 Market Breakup by Mode of Transaction
5.4 Market Breakup by Application
5.5 Market Breakup by Region
5.6 Market Forecast
5.7 SWOT Analysis
5.7.1 Overview
5.7.2 Strengths
5.7.3 Weaknesses
5.7.4 Opportunities
5.7.5 Threats
5.8 Value Chain Analysis
5.8.1 Overview
5.8.2 Research and Development
5.8.3 Inputs
5.8.4 Product and Services
5.8.5 Marketing and Distribution
5.8.6 End Users
5.8.7 Post Sales Service
5.9 Porters Five Forces Analysis
5.9.1 Overview
5.9.2 Bargaining Power of Buyers
5.9.3 Bargaining Power of Suppliers
5.9.4 Degree of Competition
5.9.5 Threat of New Entrants
5.9.6 Threat of Substitutes
5.10 Price Analysis
6 Market Breakup by Mode of Transaction
6.1 WAP
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 NFC
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 SMS
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 USSD
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Others
6.5.1 Market Trends
6.5.2 Market Forecast
7 Market Breakup by Application
7.1 Entertainment
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Energy and Utilities
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Healthcare
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Retail
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Hospitality and Transportation
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Others
7.6.1 Market Trends
7.6.2 Market Forecast
8 Market Breakup by Region
8.1 Asia Pacific
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 North America
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Europe
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Middle East and Africa
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Latin America
8.5.1 Market Trends
8.5.2 Market Forecast
9 Competitive Landscape
9.1 Market Structure
9.2 Key Players
9.3 Profiles of Key Players
9.3.1 FIS
9.3.2 Gemalto
9.3.3 MasterCard
9.3.4 PayPal
9.3.5 Alipay
9.3.6 Visa
9.3.7 Apple
9.3.8 Google
9.3.9 Samsung Electronics
9.3.10 Bharti Airtel
9.3.11 American Express
9.3.12 Bank of America
9.3.13 Citrus Payment Solutions
9.3.14 LevelUp
9.3.15 MobiKwiK
9.3.16 One97 Communication
9.3.17 Orange
9.3.18 Oxigen
9.3.19 Square
9.3.20 Venmo
9.3.21 ZipCash Card Services
List of Figures
Figure 1: Global: Mobile Payment Market: Major Drivers and Challenges
Figure 2: Global: Mobile Payment Market: Sales Value (in Billion US$), 2014-2019
Figure 3: Global: Mobile Payment Market: Breakup by Mode of Transaction (in %), 2019
Figure 4: Global: Mobile Payment Market: Breakup by Application (in %), 2019
Figure 5: Global: Mobile Payment Market: Breakup by Region (in %), 2019
Figure 6: Global: Mobile Payment Market Forecast: Sales Value (in Billion US$), 2020-2025
Figure 7: Global: Mobile Payment Industry: SWOT Analysis
Figure 8: Global: Mobile Payment Industry: Value Chain Analysis
Figure 9: Global: Mobile Payment Industry: Porter’s Five Forces Analysis
Figure 10: Global: Mobile Payment (WAP) Market: Sales Value (in Million US$), 2014 & 2019
Figure 11: Global: Mobile Payment (WAP) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 12: Global: Mobile Payment (NFC) Market: Sales Value (in Million US$), 2014 & 2019
Figure 13: Global: Mobile Payment (NFC) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 14: Global: Mobile Payment (SMS) Market: Sales Value (in Million US$), 2014 & 2019
Figure 15: Global: Mobile Payment (SMS) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 16: Global: Mobile Payment (USSD) Market: Sales Value (in Million US$), 2014 & 2019
Figure 17: Global: Mobile Payment (USSD) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 18: Global: Mobile Payment (Other Types) Market: Sales Value (in Million US$), 2014 & 2019
Figure 19: Global: Mobile Payment (Other Types) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 20: Global: Mobile Payment (Entertainment) Market: Sales Value (in Million US$), 2014 & 2019
Figure 21: Global: Mobile Payment (Entertainment) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 22: Global: Mobile Payment (Food and Beverage) Market: Sales Value (in Million US$), 2014 & 2019
Figure 23: Global: Mobile Payment (Food and Beverage) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 24: Global: Mobile Payment (Energy and Utilities) Market: Sales Value (in Million US$), 2014 & 2019
Figure 25: Global: Mobile Payment (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 26: Global: Mobile Payment (Healthcare) Market: Sales Value (in Million US$), 2014 & 2019
Figure 27: Global: Mobile Payment (Healthcare) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 28: Global: Mobile Payment (Retail) Market: Sales Value (in Million US$), 2014 & 2019
Figure 29: Global: Mobile Payment (Retail) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 30: Global: Mobile Payment (Hospitality and Transportation) Market: Sales Value (in Million US$), 2014 & 2019
Figure 31: Global: Mobile Payment (Hospitality and Transportation) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 32: Global: Mobile Payment (Other Applications) Market: Sales Value (in Million US$), 2014 & 2019
Figure 33: Global: Mobile Payment (Other Applications) Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 34: Asia Pacific: Mobile Payment Market: Sales Value (in Million US$), 2014 & 2019
Figure 35: Asia Pacific: Mobile Payment Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 36: North America: Mobile Payment Market: Sales Value (in Million US$), 2014 & 2019
Figure 37: North America: Mobile Payment Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 38: Europe: Mobile Payment Market: Sales Value (in Million US$), 2014 & 2019
Figure 39: Europe: Mobile Payment Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 40: Middle East and Africa: Mobile Payment Market: Sales Value (in Million US$), 2014 & 2019
Figure 41: Middle East and Africa: Mobile Payment Market Forecast: Sales Value (in Million US$), 2020-2025
Figure 42: Latin America: Mobile Payment Market: Sales Value (in Million US$), 2014 & 2019
Figure 43: Latin America: Mobile Payment Market Forecast: Sales Value (in Million US$), 2020-2025
List of Tables
Table 1: Global: Mobile Payment Market: Key Industry Highlights, 2019 and 2025
Table 2: Global: Mobile Payment Market Forecast: Breakup by Mode of Transaction (in Million US$), 2020-2025
Table 3: Global: Mobile Payment Market Forecast: Breakup by Application (in Million US$), 2020-2025
Table 4: Global: Mobile Payment Market Forecast: Breakup by Region (in Million US$), 2020-2025
Table 5: Global: Mobile Payment Market Structure
Table 6: Global: Mobile Payment Market: Key Players