Mobile Payment Market To Expand At A Significant CAGR Of Over 30% Between 2016 And 2023

Global Mobile Payment Market To Expand At A Significant CAGR Of Over 30% Between 2016 And 2023

According to a new market report published by Credence Research, Inc. “Mobile Payment Market By Technology (WAP/WEB-based, SMS, USSD, NFC), By Application (Merchandise Purchase, Money Transfer, Ticketing, Bill Payment, Other Applications), By User Base (North America, Europe, Asia Pacific, Rest of the World) – Growth, Share, Opportunities & Competitive Analysis, 2016 -2023”, the global mobile payment market is expected to witness a steady growth, expanding at a CAGR of over 30% from 2016 to 2023.

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Market Insights

The Mobile Payment market is primarily driven by proliferation of smartphones and tablets across the globe and increasing government initiatives and support to deploy mobile payment technologies. Further, increasing uptake of mobile payment solutions across major financial institutes and growing mobile broadband penetration in both developed and developing regions is expected to fuel growth of the mobile payment market throughout the forecast period. However, lack of awareness in developing regions and data privacy and security threats are anticipated to hinder adoption of mobile payment solutions during the forecast period.

Competitive Insights:

The global mobile payment market ecosystem consists of platform providers, solution providers, and service providers. Introduction of advanced mobile payment services and platforms has become a major strategy followed by key players to stay ahead in the competition. Also, prominent players operating in the global mobile payment market are emphasizing on entering strategic partnership and collaboration to develop advanced solutions and enhance technological expertise sustain market competition. The major players operating in the global mobile payment market are MasterCard Inc., Google Inc., Apple Inc., LevelUp, Skrill Limited, Paypal Inc., Visa Inc., WorldPay, Samsung Electronics Co. Ltd., and TIO Networks Corp.

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Key Trends:

Introduction of cloud-based mobile payment solutions and services has become an emerging trend in the market

Surge in acquisition and mergers

Introduction of advanced mobile payment platforms and services

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