Mobile Payment Technologies Market Size Exhibits 32+% CAGR to Reach USD 323+Bn by 2028; Report by The Insight Partners

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Mobile Payment Technologies Market 2022 Global Industry Share, Size, Growth, Demand, Revenue, Top Products and Forecast to 2028

NEW YORK, UNITED STATES, November 23, 2022 / — Insight Partners presents a global report on “Mobile Payment Technologies Market Size, Share, Growth, Industry Trends and Forecast to 2028 -COVID-19 Impact and Global Analysis – By Technology, Payment Type, Type, and End Use,” delivers valuable insights and provides a competitive advantage to clients with a detailed report. The Mobile Payment Technologies Market is expected to grow from $45.36 billion in 2021 to $323.03 billion in 2028 with an estimated CAGR of 32.8% from 2022 to 2028. , Growth, Demand, Applications, Forecast and Cost Analysis. It will help you to grow in the International Market.

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In the mobile payment technology market, mobile payments began to accelerate with the growth of e-commerce companies and the introduction of digital wallet providers. In addition, digital wallets offer attractive discounts and cashbacks to encourage customers to use the payment channel. Thanks to attractive offerings, ease of use, and increasing smartphone penetration, digital wallet firms have made inroads into consumers’ phones and pockets. In addition, in the mobile payment technology market system, in order to increase their attractiveness, digital wallets began to force customers to use digital wallets in offline POS sales such as shopping malls, supermarkets, grocery stores, restaurants and gas stations. These POS transactions will likely form the majority of digital payment platforms in the coming years. Therefore, digital wallets show rapid growth and play a unique role in the growth of the mobile payment technology market.

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The segments and sub-segments of the Mobile Payment Technology Market are shown below:

In Transaction Mode (Wireless Access Protocol (WAP), Near Field Communication (NFC), and Short Message Service (SMS))

By payment mode (Closed Payment and Remote Payment)

By End Use(Travel & Tourism Sector, BFSI, Media & Entertainment, Retail Sector, Healthcare, Education, IT & Telecom)

Top Key Players (this may not be an exhaustive list and additional companies may be added upon request):

Microsoft Corporation; Boku, Inc.; PayPal, Inc.; Alphabet Inc.; Apple, Inc.; AT&T, Inc.; MasterCard International, Inc.; Visa, Inc.; Ant Financial Services Group; and American Express, Co and others. Several other major companies were researched and analyzed during this study to get a comprehensive view of the mobile payment technology market and its ecosystem.

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Scope of Report:

The Market report lists the most important competitors and provides strategic industry insights Analysis of key factors influencing the market. This report will help you establish the industrial development environment and characteristics of the Mobile Payment Technologies market. The Global Mobile Payment Technologies market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status. Development policies and programs are discussed as well as production processes and cost structures are also analyzed. The report also states import/export consumption, supply and demand Prices, price, cost, revenue and gross margin.

The distinction between physical and digital commerce is disappearing, and the channels are increasingly converging. In-store shopping has become increasingly close to online due to the increased emphasis on contactless payments especially during the COVID-19 pandemic. Also, before the pandemic, contactless payments were already well established in several states. Contactless payments and/or biometric identification are prevalent in online shopping. A contact card is the most common form of free payment. Mobile payments, on the other hand, are gaining popularity due to ease of use and the growing acceptance of original equipment manufacturer (OEM) Pay solutions as a retail payment method, contributing to the growth of the mobile payment technology market.

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In addition, the ecosystem of the mobile payment technology market, many sellers’ contributions to online payment, such as sales and discount, encourage users to use digital payment, which drives the market demand for mobile payment technology. The market for mobile payment technology is growing due to the rapid development of e-commerce, mobile payment technology, and the growing use of mobile wallets. Many banks in several countries have increased their contactless payment limits to reduce the need for a touchpad or cash at the point of sale. Globally, several governments are taking significant steps to digitize payments, increasing the market demand for mobile payment technology. For example, in June 2021, Okay and FSS Technologies (Financial Software and Systems), a global payment technology company, announced their alliance to bring authentication security focused on consumer payments, especially transaction authentication and mobile authentication. With next-generation products, technologies, and solutions offered, FSS is already expanding its commercial potential in Europe. Such a move will boost demand for the growing mobile payment technology market.

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Financial services companies are realizing the importance of open banking systems and application planning environments. Traditional banks understand that they must improve their digital capabilities to compete in this sector and avoid being isolated by new entrants in the institutions that offer superior services. For example, many financial services companies such as PayPal, Wells Fargo, and Visa support Open Banking projects.

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According to Regional Segmentation, the Mobile Payment Technologies Market provides Information covering the following regions:

North America
South America
Asia and the Pacific
In Europe
MEA (Middle East and Africa)

Key countries in each region are also considered, such as the United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), Netherlands, Spain, Italy, Belgium, Austria , Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.

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Thanks for reading this article; you can also find a chapter wise section or regional version of the report like North America, Europe or Asia.

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