In a recent published report, Kenneth Research has updated the market report for Mobile Payment Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Mobile Payment Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Global Mobile Payment Market Insights, Opportunity Analysis, Market Shares and Forecast 2018-2028. The global mobile payment market is driven by various factors which include factors such as the rigidity of banks and other inefficiencies in their services, exponential growth of mobile phone users in the world, increasing share of smart phone in the mobile phone market, micro-payments, transfers involving more than one currency, growth of e-commerce and its cost effectiveness, etc. Loyalty programs and coupons/ discounts are big motivators which are usually accessed where mobile payments are concerned.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The market is segmented on the basis of applications. Mobile person to person transfer has the highest markets share with transaction volume worth $219.3 in 2018. The market is driven by increase in number of cashless transfers using debit and credit cards and ease of use compared to normal banking processes. Mobile wallet and mobile commerce are also gaining popularity due to rise of easy to use mobile apps. The market is driven by banks developing their own apps and providing on the go services for the customers.
The report segmented enterprise mobility management market on the basis of mobile payment applications and region. The country level analysis of each geographical region is the USP of our report. The analysis of the report is based on various parameters such as growing number of smart phone users, average growth is financial transactions via mobile, growing development of mobile apps and so on. The data is collected through primary and secondary research. The report provides detailed analysis of key market players and their strategies.
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2. Google Pay
3. Apple Pay
5. Current C
6. Airtel money
15. China mobile
16. Union pay
22. Banco Bilbao Vizcaya Argentaria
23. Bank of America
24. Intuit QuickBooks (Intuit Pay)
25. MPOSWestern Union
27. We pay
28. Reliance Industries
29. Aditya Birla Group
30. Future group
31. Payment wall
This Research Report covers
1. Historical data
2. Revenue forecasts, growth rates and CAGR up to 2028
3. Industry Analysis
4. Competitive Analysis
5. Key geographic growth data
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