Global Remote Mobile Payment Market was valued US$ XX Bn in 2019 and is expected to reach US$ 4.3 Bn by 2027, at a CAGR of 45.10 % during a forecast period.
Global Remote Mobile Payment Market
(The report study has analyzed revenue impact of the COVID-19 pandemic on the sales revenue of the market leader, market followers and market disrupters in the report and same id reflected in our analysis).
Remote mobile payment or m-payment is used to carry out a transaction for a good or service. There are a different ways that remote m-payment can be carried out. The widespread adoption of mobile phones across the globe has a significant social and economic impact that is expected to increase the adoption of the remote mobile payment. The modern consumers are widely using Smartphone to bolster every part of their shopping experiences.
Global Remote Mobile Payment Market, Dynamics:
Contactless card payments are already well established in the global market and the adoption of contactless technology for mobile payments is progressing at exponential rate across the globe. The remote mobile payment offers an ideal channel to spread the use of payment applications for credit transfers and cards. The smartphones are becoming the center of most consumers’ social and digital lives and every retailer is expected to take that into account for the formation of business strategies. An increase in the penetration of the mobile devices is one of the key drivers in the global remote mobile payment market growth.
However, in several countries there is already a regulatory framework for e-money and mobile payments, which is expected to limit the market growth. Despite the mobile payments will become increasingly important during the forecast period, it can pose a number of challenges like rapid introduction of new technologies, the complexity of mobile devices and ecosystems, and security.
Global Remote Mobile Payment Market, Segment Analysis:
Consumers are increasingly embracing app-based commerce and in-app payments and retailers are ramping up investments in mobile apps with innovative use cases to deliver omnichannel shopping experiences for customers. Artificial Intelligence (AI) and chat bots are some of the latest technical integrations are witnessed in the mobile phone, which gives the better experience. The m-commerce is one of the major business growth influencers. The number of mobile users is increasing at a rapid rate and users are expected to select mobile for online shopping instead of laptops and desktops.
The future of m-commerce is very much brighter and some of the technological innovations are expected to drive the m-commerce growth. Currently innovative technologies like augmentation reality and wearable devices are witnessing rare implementations in the market scenario. The m-commerce will be highly impacted during the forecast period. Mobile commerce segment includes in-app payments and mobile browser payments, which are driving strong digital commerce growth. Also, rise in Smartphone adoption, a shift of consumers towards online shopping, and development in network bandwidth are expected to boost the market growth.
The banking institutes have embraced m-commerce, which allows customers to access information on the accounts and make quick and easy transactions and payments. Banks are focusing to safeguard their client relationships, expand advisory services, and strengthen margins by developing new strategies to address digital disruption.
Global Remote Mobile Payment Market, Regional Analysis:
The Asia Paciifc region is expected to contribute XX% growth in the global remote mobile payment market during the forecast period. The growth in the market is attributed to the strong mobile phone penetration rates and pressence of the large populations. The role of younger generations in the adoption of the new technologies like m-payments is expected to boost the regional growth. The Japan m-payment market is unique in the several aspects because of the domianance of the NTT Docomo. The DoCoMo offers iMode mobile service model to built the supply side by offering attractive commerical terms to the banks, card companies. Additionally, Smartphones are getting to general audiences at a rapid rate and the government in the developing countries like China and India are pushing for cashless processes to keep track of the transactions are expected to propel the market growth.
Global Remote Mobile Payment Market, Competitive Analysis:
The smart phone sector is contributing maximum share in the global market because of the innovation and technological advancements. Some of the prominent key players are running its own competition to form their footprint in the global market. The traditional approach of competing with innovative technology for any functionality has been now shifted towards thinking out of the box and delivering something unconventional to the consumers. Across a wide range of the commercial sector, the mobile network operator, handset manufacturers, and payment platform providers are investing highly in the remote mobile payment sector as a way to reach and retain new customers.
The objective of the report is to present a comprehensive analysis of the Global Remote Mobile Payment Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Remote Mobile Payment Market dynamics, structure by analyzing the market segments and projects the Global Remote Mobile Payment Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Remote Mobile Payment Market make the report investor’s guide.
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Scope of the Global Remote Mobile Payment Market
Global Remote Mobile Payment Market, By Mode of Payment
• Peer-to-peer
• M-commerce
Global Remote Mobile Payment Market, By Devices
• Smart Devices
• Feature Phones
Global Remote Mobile Payment Market, By End-Use Industry
• Retail
• Hospitality and Tourism
• IT and Telecommunication
• BFSI
• Media and Entertainment
• Healthcare
• Airline
Global Remote Mobile Payment Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Remote Mobile Payment Market
• DH Corporation
• Apple Inc.
• Visa Inc.
• Square, Inc.
• PayPal Holdings, Inc.
• Samsung Electronics Co Ltd
• ACI Worldwide, Inc.
• Alphabet Inc.
• Mastercard Incorporated.
• Fidelity National Information Services, Inc.
• Fiserv, Inc.
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