The global mobile payment technology market size is expected to reach USD 11,423.0 billion by 2030 according to a new study by Polaris Market Research. The report “Mobile Payment Technology Market Share, Size, Trends, Industry Analysis Report, By Mode of Transaction (SMS, NFC, WAP); By Type (Mobile Wallet, Bank Cards, and Mobile Money); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The integration of the internet of things (IoT) and artificial intelligence (AI) in payment technology, coupled with the rising investment in the R&D activities by the leafing companies, are stimulating the industry demand. Additionally, the growing demand for smartphones, accessibility of the internet, and growth of the e-commerce industry are also accelerating the industry demand. Furthermore, an increasing number of initiatives by the government for the adoption of cashless or digital transaction options are further bolstering the demand across the globe.
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Based on the application, the entertainment segment is dominating the global industry with the highest revenue shares and is projected to dominate in the forecasting years. The growing number of digital entertainment applications, product developments, and proliferation of smartphones are the primary factors that may contribute to the demand around the world. Whereas the transportation application segment is showing a considerable growth rate in the near future owing to the availability of the better transport facility, increasing tour & travel activities, and rising digital applications by the leading transportation companies.
The growth of the e-commerce industry is driving the industry growth as this industry has changed the way business is done across the globe. Online shopping is one of the most popular online activities in the e-commerce industry. There are numerous online shopping apps such as Paytm Mall, Myntra, Flipkart, eBay, Amazon, etc., that are gaining huge traction of every age group to shop from this different e-store, which may propel the demand for digital payment.
For instance, as per the eMarketer, the e-commerce sales were grown by 23.2% in 2017 in comparison to 2016 (nearly 17.4%). Accordingly, the increasing penetration of the internet and smartphones the emergence of 4G & 5G technology are primarily contributing towards the industry growth in the near future.
Major participants such as Orange S.A., Econet Wireless Zimbabwe Limited, Mahindra Comviva, MasterCard Incorporated, Bharti Airtel Limited, Millicom International Cellular SA, MTN Group Limited, PayPal Holdings Inc., Safaricom Limited, and Vodacom Group Limited are some of the key players operating in the global industry.
The frequent tactical movements such as mergers & acquisitions, product developments & launches, and others by the prominent industry players are supporting the global market development. For instance, in June 2021, PayU collaborated with the twid to present loyalty programs for the dealers by aggregating loyalty points and alternate currencies of numerous brands on a single platform.
Polaris Market Research has segmented the mobile payment technology market report on the basis of mode of transaction, type, application, and region:
Mobile Payment Technology, Mode of Transaction Outlook (Revenue - USD Billion, 2018 - 2030)
Mobile Payment Technology, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Mobile Payment Technology, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Mobile Payment Technology, Regional Outlook (Revenue - USD Billion, 2018 - 2030)