Increasing integration and implementation of artificial intelligence in mobile payment for better customer experience and secured mobile transactions is expected to increase the mobile payment market size.
- India serves as one of the major markets for expansion as half of India’s population is yet to come online. As per government’s data, around 31.1 billion transactions were done digitally in 2018-19.
- Despite higher growth predicted in the industry in the near future, major market players struggle to survive owning to consistent losses borne by them. The prime facie reason for such losses is the cashbacks offered by them in a bid to attract customers and increase customer retention on their platforms forcing them to look for other avenues to overcome their losses and fund their expansion.
- Apart from India, other countries such as Japan, China are also heading to wider adoption of digital platforms for payments owning to the convenience offered and increasing use of smartphones in the country.
- Ultimately, the goal of “Cashless is King” requires consistent efforts on the part of all the participants in the industry such as customers, corporate and government to create a globalized and digital payment world.
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- Technology is likely to spur demand in the industry. However, bridging the gap between awareness and adoption of mobile payments is a major challenge that requires an active involvement of all the participants to achieve the goal of a globalized digital world.
- The Asia-Pacific region is expected to offer new opportunities for the industry as it is increasingly heading towards adoption of newer electronic payment models. Countries like India, Japan, China and Australia provide a stable ecosystem for the growth of mobile payments market. Estimates indicate that by 2028, Asia would account for around 40% of total global payment revenues.
- Security of users data still remains as a stumbling block for all the service providers as a robust and resilient system is required to ensure that no unauthorized usage of their customer data is made
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COMPANIES PROFILED
- Apple Pay
- Google Pay
- Paytm
- Paypal
- Alipay
- Wechat Pay
- Payoneer
THIS GLOBAL MOBILE PAYMENTS MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS
- Mobile Payments Market size and Forecast (Subscribers and $Million), by region, by application
- Average B-2-B price for Mobile Payments Market, by region, per user
- Technology trends and related opportunity for new Mobile Payments Market suppliers
- Market share of leading vendors, by region,
- Coronavirus impact on Mobile Payments Market earnings
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