The global mobile payment technologies market is foreseen to grow manifolds in coming times. Rising interest for cutting edge payment innovation and expanding center around making cashless economy has prompted the solid emergence of mobile payment innovation suppliers in the market. A portion of the significant players in worldwide mobile payment technologies market are Visa, Inc., Boku, Inc., PayPal, Inc., Vodafone Ltd., AT and T, Inc., Apple, Inc., Microsoft Corporation, MasterCard International Inc., American Express, Co., Fortumo, Bharti Airtel Ltd., and Google, Inc.
According to a recent research report by Transparency Market Research (TMR) the global mobile payment technologies market is anticipated to flourish with a tremendously strong CAGR of 20.5% within its forecast period from 2016 to 2024. In year 2015 the overall mobile payment technologies market was evaluated to be worth US$ 338.72 bn. This value is expected to reach around worth US$ 1,773.17 bn by the end of year 2024. Based on type, near field communication (NFC) segment is expected to dominate the other segments because of advancement in technologies in mobile payment sector all over the world. Geographically, Asia Pacific will stand out in the coming time as it is slated to represent an offer of 42.5% in the worldwide market before the finish of 2024.
Integration of IoT with Payment Application to Boost the Global Market Demand
Mobile payment is an innovation which enables buyers to make quick payments for items and administrations by utilizing a versatile electronic gadget, for example, tablets, smartphones, and cell phones which are worked as a payment vehicles. Developing selection of cutting edge technologies, for example, wearable gadgets, near field communication, and mobile point-of-sale are relied upon to lift the interest for mobile payment technologies in anticipated years. The appropriation of prompt payment technologies are persistently expanding in developing districts, for example, Middle East and Africa and Asia Pacific. This is likewise a central point which is relied upon to help the mobile payment technologies market in the coming years.
Aside from this, fast advancements in the mobile payment answers for give better payment administration to the end-clients are additionally foreseen to fuel the development of the mobile payment technologies market. What's more, developing government drove activities and expanding appropriation of shrewd machines are expected to drive the market. Besides, combination of IoT with payment applications gives real chances to expand payment arrangement offerings and create upgraded payment technologies. Thusly, it is foreseen that the Internet of Things will support more payments through advanced wallets amid the figured time frame.
Lack of Engagement among the Users to Hamper the Mobile Payment Technologies Market
In any case, low consumer demand for picking new innovation is a major aspect controlling the development of the mobile payment technologies market. On the other side, there are a lot of chances in market to help up the development. Top-end security highlights, speedier and more secure exchanges, joining of traditional exchange strategies in the present working framework will draw in more clients.
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Despite the fact that the mobile payment innovation market is thriving, there is a lack of engagement among clients about tolerating the new innovation. It is one of the enormous limiting elements for the development of the market. Shoppers are likewise put off by the deferrals in exchange some still like to direct the exchange in the antiquated ways. Both the clients and shippers are not completely mindful of the working framework of the mobile payment innovation and that is a reason for worry for the general development of the market.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Mobile Payment Technologies Market (Type - Proximity Payment (Near Field Communication and QR Code Payment) and Remote Payment (SMS-based, USSD/STK, Direct Operator Billing (Credit/Debit Card-based), and Digital Wallet); Purchase Type - Airtime Transfers & Top-ups, Money Transfers & Payments, Merchandise and Coupons, and Travel and Ticketing); End-use Application - Hospitality & Tourism, BFSI, Media & Entertainment, Retail, Healthcare, IT and Telecommunication, and Education) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations