At 34.2% Global CAGR of Mobile Payment Technology Market Size Worth $235,347.8 Million by 2028: Zion Market Research

NEW YORK, April 25, 2022 /PRNewswire/ -- As per Zion Market Research study, The global mobile payment technology market was worth around USD 40,289.8 million in 2021 and is estimated to grow to about USD 235,347.8 million by 2028, with a compound annual growth rate (CAGR) of approximately 34.2 percent over the forecast period. The report analyzes the mobile payment technology market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the mobile payment technology market.

Key Industry Insights & Finding of the Mobile Payment Technology Market Reports:

• As per the analysis shared by our research analyst, the Mobile Payment Technology Market is expected to grow annually at a CAGR of around 34.2% (2022-2028).
• Through the primary research, it was established that the Mobile Payment Technology Market was valued approximately USD 40,289.8 Million in 2021 and is projected to reach to roughly USD 235,347.8 Million by 2028.
• Asia Pacific region will lead the global mobile payment technology market in terms of revenue and volume share and this is expected to be majorly driven by the high proliferation of smartphones in this region and the increasing population that is adopting online payment solutions owing to rising technological proliferation.
• The market for mobile payment technology in North America is also expected to provide highly beneficial opportunities for mobile payment technology providers owing to rising technology adoption and the presence of key mobile payment technology companies in this region.

Zion Market Research published the latest report titled as "Mobile Payment Technology Market By Technology (Near Field Communication, Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App, Others), By Type (B2B, B2C, B2G, Others), By Location (Remote Payment, Proximity Payment), By End Use (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-Commerce, Transportation, Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.

Mobile Payment Technology Market: Overview

Technological proliferation across the world has increased substantially and this trend is projected to be a prominent one driving the mobile payment technology market growth over the forecast period. Increasing penetration of smartphones and rising internet infrastructure across the world will boost the mobile payment technology market potential through 2028.

Mobile payment technology enables users to make payments from anywhere in the world at the touch of their fingertips and in this ever-growing fast-paced world, this will be a majorly lucrative factor propelling mobile payment technology market growth.

However, security concerns and reluctance in adoption are expected to have a hindering effect on the global mobile payment technology market potential.

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• 2022 Updated Report Introduction, Overview, and In-depth industry analysis
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• 2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
• Includes Updated List of tables & figures
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
• Zion Market Research methodology

Industry Dynamics:

Mobile Payment Technology Market: Growth Dynamics

• Increasing Technological proliferation to Boost mobile payment technology market growth

Advancements in technology have transformed the world and this is also true with the mobile payment technology trend which is gaining popularity due to the high penetration of smartphones on a global scale. Moreover, increase in internet infrastructure, rapid urbanization, increasing demand for digitization are some other factors that drive the mobile payment technology market growth over the forecast period.

Mobile Payment Technology Market: Restraints

• Concerns about the adoption of this technology among the general population

The world has been cash operated for a while now and most of the people across the globe are used to that mode of transaction and are reluctant to adopt this new method which also has raised some major security concerns amidst the increasing prevalence of fraud and cybercrime activity that resulted in multiple payment frauds. The rising number of data breaches and other factors that risk the security of the financial and personal data of customers will also restrain market potential over the forecast period.

Mobile Payment Technology Market: Segmentation

• The global mobile payment technology market is segregated based on technology, type, end use, location, and region.

By Technology, the market is divided into near field communication, direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile app, and others. The mobile web payment segment held a dominant stance in the market in 2021 and is expected to continue this dominance over the forecast period. The security and flexibility that this payment offers is what makes it a dominant segment and is the major factor that will help this segment maintain its significant market share despite the emergence of other advanced technologies.

By payment type, the mobile payment technology market is segmented into B2B, B2C, B2G, and others. The B2B segment will emerge as the leading segment in the market over the forecast period and will be accounting for a major market share of around 60% in the global mobile payment technology industry landscape by the end of 2028.

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Recent Developments

• In May 2020 – network airlines UATP announced a collaboration with CITCON that was aimed at providing a mobile based payment solution using multiple payment gateways such as Alipay, UnionPay and WeChat Pay to customers residing in China.

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List of Key Players of Mobile Payment Technology Market:

• Google (Alphabet Inc.)
• Alibaba Group Holdings Limited
• Amazon.com Inc.
• Apple Inc.
• American Express Company
• M Pesa
• Money Gram International
• PayPal Holdings Inc.
• Samsung Electronics Co. Ltd.
• Visa Inc.
• WeChat (Tencent Holdings Limited)

Key questions answered in this report:

• What are the growth rate forecast and market size for Mobile Payment Technology Market?
• What are the key driving factors propelling the Mobile Payment Technology Market forward?
• What are the most important companies in the Mobile Payment Technology Market Industry?
• What segments does the Mobile Payment Technology Market cover?
• How can I receive a free copy of the Mobile Payment Technology Market sample report and company profiles?

Report Scope:

 Free Brochure: https://www.zionmarketresearch.com/requestbrochure/mobile-payment-technology-market

Regional Dominance:

Asia Pacific region will lead the global mobile payment technology market in terms of revenue and volume share and this is expected to be majorly driven by the high proliferation of smartphones in this region and the increasing population that is adopting online payment solutions owing to rising technological proliferation. China and India which are leading markets in this region will be driven by rapid urbanization and digitization in these nations and emerge as high lucrative markets for mobile payment technology providers through the forecast period.

The market for mobile payment technology in North America is also expected to provide highly beneficial opportunities for mobile payment technology providers owing to rising technology adoption and the presence of key mobile payment technology companies in this region. The United States and Canada will be the leading markets for mobile payment technology over the forecast period in this region.

Global Mobile Payment Technology Market is segmented as follows:

 Mobile Payment Technology Market: By Technology Outlook (2022-2028)

• Near Field Communication
• Direct Mobile Billing
• Mobile Web Payment
• SMS
• Interactive Voice Response System
• Mobile App
• Others

Mobile Payment Technology Market: By Type Outlook (2022-2028)

• B2B
• B2C
• B2G
• Others

Mobile Payment Technology Market: By Location Outlook (2022-2028)

• Remote Payment
• Proximity Payment

Mobile Payment Technology Market: By End Use Outlook (2022-2028)

• BFSI
• Healthcare
• IT & Telecom
• Media & Entertainment
• Retail & E-commerce
• Transportation
• Others

Mobile Payment Technology Market: By Region Outlook (2022-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

Press Release For Mobile Payment Technology Market: https://www.zionmarketresearch.com/news/global-mobile-payment-technology-market

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