The global [FURL=https://industryarc.com/]Click Here[/FURL] Mobile Payments Market is estimated to surpass $17.7 billion mark by 2026 growing at an estimated CAGR of more than 24.9% during the forecast period 2021 to 2026. Increased use of technology in financial transaction and rise in various e-commerce platforms are expected to accelerate the mobile payment market during forecast period. In 2019, according to report given by Government of India, India has over 16 mobile wallet or e-wallet companies out of which 14 are Indian based mobile wallet companies. Digital payments in India are witnessing thriving growth with a compound annual growth rate of 12.7% in the number of non-cash transactions. Similarly, China mobile wallets are growing at rate of 22% with the total transaction volume of $41.1 trillion in 2019. Increasing adoption of non-cash transaction will likely to create the demand for Mobile payment market.Key Takeaways
The increasing omnipresence of mobile phones is a driving factor in increasing the number of users of mobile money and changing the dynamics of digital finance solutions.
Efficiency in money exchange is one of the major determinants of mobile money technology development. Increasing the efficiency of mobile money transactions can result in an increase in overall expenditure which can encourage companies to work towards the development of this technology.
Use of transaction modes such as NFC / smart cards has speeded up the transaction process. In addition, the development of e-commerce websites has led to an increase in the number of online transactions that can be considered an attraction for the mobile money market.
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Mobile Payments Market Drivers
Increased Adoption of Mobile POS
Mobile point of sale has really taken advantage of the smartphone's ability to accept payment on the spot. mPOS is the technology that frees all businesses from their brick-and-mortar and in-store transactions.
Shift to Contactless payments due to Covid-19 Pandemic
The COVID-19 pandemic has had a significant impact on the mobile money market, as consumers and businesses are forced to change their buying habits. There has been an incredible spike in the adoption of mobile wallets, as contactless payments have become vital for purchases. Avoiding cash and card transactions to keep COVID-19 from spreading has prompted many subscribers to try out mobile wallets. Since the COVID-19 crisis complicates every day, consumers become accustomed to digital payments, making mobile money important for each transaction.
Mobile Payments Market top 10 companies are Apple, PayPal, Samsung, JP Morgan Chase, Amazon, Tencent, Google, Ant Financial, One97 Communications Limited, Vodafone, Skrill, American Express, Sprint Corporation, Well Fargo, Mastercard, Visa, First Data, and AT&T.
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