Pune, India -- (SBWIRE) -- 06/14/2019 -- The rising preference of consumers towards cashless payments is likely to drive the global mobile payment technology market. Fortune Business Insights in a report, titled "Mobile Payment Technology Market Size, Share and Global Trend By Payment Mode (Proximity Payment & Remote Payment), By Industry Vertical (Retail Sector, Health care and others) and Geography Forecast till 2025" predicts that the market's growth is backed by the rising adoption of mobile apps offering convenient shopping experience. widespread internet connectivity and penetration. Mobile payment technology is used to transfer money from anywhere and anytime via mobile devices. The technology also confirms and authorizes transactions made through any device. In addition to this, it is extensively used in banks to pay bills, transfer funds, internet banking, among others.
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Asia Pacific Holds Maximum Share with the Rising Adoption of Smart Appliances
Among regions, Asia Pacific is anticipated to cover maximum share as per revenue in the global mobile payment technology market. This is primarily on account of rising adoption of smart appliances such as tablets, smart phones, and mobile phones. Another factor driving for the robust growth of mobile payment technologies is the rising number of e-commerce platforms such as Amazon, Flipkart, Alibaba, and others. Also, government initiatives led by India and China to promote digitization is further expected to create growth opportunities in the market by 2025. The market in North America is expected to register considerable growth owing to rapidly changing trends. The mobile payment technology market in Brazil, Germany, South Africa, and France is anticipated to expand in the forecast years.
Rising Number of Tech-savvy Customers in Emerging Economies to Propel Growth
"The rising adoption of smart wearable devices across the globe is expected to drive the market," stated a lead analyst at Fortune Business Insights. "Modifications in Artificial Intelligence (AI) in smart devices is further encouraging growth in the mobile payment technology market," he added. In addition to this, recent integration of Internet of Things (IoT) in mobile banking or m-banking is a potential growth trigger for mobile payment technologies. The emergence of e-wallet technology is minimizing the need for physical cards, which in turn, is expected to fuel demand for mobile payment apps.
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Mobile payment technology helps people to make hassle-free payments for services and products. This is further expected to increase the adoption of mobile payment solutions in emerging economies. People across the world are installing mobile payment apps to make payments at their own convenience. For instance, with the advent of car rental apps, transportation sector is likely to register substantial growth, which will enable growth in the mobile payment technology market.
Financial Risks Associate with Mobile Payments May Hamper the Growth
As the number of smartphone users are increasing and finding online payments as the convenient option, some issues related to mobile payment technology may restrict the market's growth. Connection failure or network issue in mobiles are expected to act as a hindrance while making mobile payments. In addition to this, the risk of financial fraud while processing transactions via mobile may pose a serious threat to the market's growth. Nonetheless, governments across the globe are planning to conduct initiatives which is likely to promote growth in the market by 2025.
Companies Launch Innovative Products to Expand their Global Reach
Some of the leading players operating in the global mobile payment technology market are continuously focussing to expand their product portfolio and geographical presence. Also, some of the companies are expected to introduce user-friendly mobile payment platforms that can be easily installed on smart phones and mobiles. This can become one of the important trends in the mobile payment industry at a global level.
Some of the leading companies include
MasterCard International Inc.,
AT&T Inc., Google Inc.,
American Express, Co.,
Boku, Inc., Visa, Inc.,
Bharti Airtel Ltd.,
Ant Financial Services Group Vodafone Ltd.,
Amazon launched Alexa – a voice assistant smart device in June 2018. This smart device has the capability to play music, online shopping, setting alarms, and provide real-time information such as weather, traffic, and others.
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