The majority market share in the mobile payment technologies market is reserved with a chunk of well-established players, observes Transparency Market Research (TMR) in a new report. Despite being technology intensive, the vast growth opportunities is attracting new companies to foray in the market and thus escalate the degree of competition. For now, the vendor landscape is foreseen to remain moderately consolidated among a few vendors that are broadly categorized as merchants, API providers, MNOs, and OTT Providers.
Visa Inc., MasterCard International Inc., American Express Co., Boku Inc., PayPal Inc., Fortumo, Bharti Airtel Ltd., Vodafone Ltd., AT & T Inc., Google Inc., Apple Inc., and Microsoft Corporation are to name leading companies currently operating in the mobile payment technologies market.
As per the TMR report, the global mobile payment technologies market is expected to clock a phenomenal 20.9% CAGR between 2017 and 2024. Rising at this rate, the opportunities in the market are likely to translate into a revenue of US$1,773.17 bn by 2024 end from US$469.59 bn in 2017. Proximity segment, in terms of type, is expected to surpass on the basis of growth rate as near field communication is widely used for mobile payment. By end-use application, retail segment is predicted to contribute the leading revenue to the mobile payment technologies market over the 2017-2024 forecast timeframe. Geography-wise, Asia Pacific is expected to emerge as a lucrative market because of outstanding growth of telecom industry in recent years.
Host of Advantages Drives Adoption among New-age Consumers
First and foremost, growing adoption of smart devices and increasing mobile data usage is fuelling the mobile payment technologies market. This is mainly because of ease of communication and growing demand for convenient mode of transaction. The ceaseless adoption of mobile devices and digitization wave has been instrumental for the mounting use of mobile transaction especially among new-age consumers.
For example, according to statistics of the Groupe Speciale Mobile Association (GSMA) Mobile Economy Report 2016, smartphone penetration globally is predicted to increase from 63% in 2015 to 72% by 2020. For instance, in emerging economies of Asia Pacific, large swaths of consumers have skipped the credit card culture switching straight from cash to mobile payment apps such as We Chat and LINE.
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Increasing adoption of immediate payment practices is a key factor boosting the mobile payment technologies market. The proliferation of digital payment solutions has been a welcome move among new-age consumers. With Internet-enable smart devices increasingly becoming common among the middle-class population, the adoption of immediate payment technologies via mobile applications and mobile wallets is rising at an unprecedented pace. This is attracting cashless technology corporations to serve the digital payment space. Mobile payment technologies are increasingly becoming de facto among B2B and C2B to complete transactions.
Lastly, rapid development in payment technology has radically changed expectations of consumers and businesses for completing transactions. The adoption of wireless technology such as near-field communication (NFC) and mobile point of sale (mPOS) are expected to lift the demand for mobile payment technologies in the coming years.
Risk of Loss of Critical Data Slows Adoption
However, factors such as unwillingness of consumers to adopt new technology is slowing the growth of this market. Security concerns and risk of loss of critical data using mobile wallets is limiting adoption of mobile payment solutions. Therefore, traditional payment systems continue to remain popular predominantly among senior citizens.
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Lack of awareness among consumers regarding specific mobile payment solutions available for particular smartphones is also a bottleneck to the growth of this market.
The review presented is based on the findings of a TMR report, 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 2017 – 2024.”
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