Who are the major players in the mobile payment market?

Major players in the mobile payment technologies market are PayPal, Inc., MasterCard, Bharti Airtel, Google, Inc. and Apple Inc. The mobile payment technologies market consists of sales of mobile payment technologies and related services.

What are mobile payment methods?

A mobile payment is a money payment made for a product or service through a portable electronic device such as a tablet or cell phone. Mobile payment technology can also be used to send money to friends or family members, such as with the applications PayPal and Venmo.

Which country has the largest market for mobile payment services?

China
As of 2019, China was the global leader in terms of proximity mobile payment adoption. Over 81 percent of smartphone users in the country had made a proximity mobile payment in the past six months. In 2018, the most popular third-party mobile payment providers in China were Alipay and Tenpay.

Is mobile payment industry attractive?

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.

What is mobile payment method?

What are mobile payment systems?

Mobile pay, or mobile payment systems, is a general term that describes purchase transactions that you make using your mobile phone. It’s an alternative payment system to cash that’s similar to a credit card in that there’s a whole technology behind it.

What is the size of the global mobile payment market?

The global mobile payment market size stood at USD 1.18 trillion in 2019 and is projected to reach USD 8.94 trillion by 2027, exhibiting a CAGR of 29.0\% during the forecast period. Mobile payment services offer the customers an instant money transfer and a secured substitute for the cash-based transaction.

Why companies are investing in mobile payment technology?

The companies are rigorously investing in mobile payment technology, owing to significant growth in the industry. For instance, in the Indian market, WhatsApp is working with ICICI bank to introduce mobile payment feature through UPI (unified payments interface).

Why is the mobile payments market moving toward a fragmented state?

The mobile payments market is moving toward a fragmented state due to the increasing prominence and ease of use of mobile payments and entry of new players in this prospering market.

What are the current market trends in the payment industry?

The digitalization of payment services and growing e-commerce businesses are contributing to the growing market trends. The digital generation, i.e. generation Z, is likely to create vast opportunities for the payment industry.