Mobile Payment Market to gain from rising focus on providing Enhanced Consumer Experience

The global mobile payment market size is projected to reach a transaction value of USD 6,884.24 billion by 2026, thereby exhibiting a CAGR of 28.7% during the forecast period. Whilst, it stood at USD 925.69 billion in 2018. This information is provided in a recently published study by Fortune Business Insights™, titled, "Mobile Payment Market Size, Share & Industry Analysis, By Payment Type (Proximity Payment, Remote Payment), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2019-2026."

The study further states that the market is likely to gain momentum from the expansion of e-commerce businesses and increasing digitalization of payment services. Also, several companies present in the market are persistently launching value-added services, such as reward cards to encourage consumers to use mobile payment features. It is done because of the rising competition amongst the key players to widen their consumer bases by offering them an enhanced experience. This factor would affect the market positively in the coming years.

Usage of AI to Identify Consumer Purchasing Behavior Will Fuel Growth

Nowadays, key companies can analyze consumer preferences through mobile payment transactions. Additionally, artificial intelligence (AI) is being rapidly used by these companies to help them in processing the data and identifying the patterns. AI utilizes this data to recognize the buying behavior of the consumers. It allows businesses to plan their future business strategies appropriately. Besides, daily interaction with consumers can be easily done with the help of AI-enabled tools, such as chatbots. These chatbots can construct and enforce transaction processes as per the users’ requirements. As technological advancement upsurges, there is a rise in the number of fraudulent online activities. AI helps in detecting such acts through persistent scanning. These factors would accelerate the mobile payment market growth in the coming years.

Asia Pacific to Remain in the Forefront Backed by Rising Adoption of Smartphones

In terms of region, the market is fragmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Out of these, Asia Pacific (APAC) had generated a transaction value of USD 445.17 billion from mobile payments in 2018 and is expected to sustain its dominant position during the forthcoming period. This growth is attributable to the rising adoption of smartphones in emerging countries, such as China, India, and Japan. Among these emerging countries, India is set to experience a high growth of the market owing to the rising adoption of mobile payment since demonetization. Apart from that, the launch of new mobile payment solutions, surge in online shopping, and introduction to new e-commerce channels would also impact the market growth in this region positively. The Middle East and Africa are likely to exhibit considerable growth stoked by the rising usage of smartphones and less adoption of credit cards.

Europe and North America are anticipated to hold the next highest market share after APAC. It would occur in North America because of the ongoing technological developments in the U.S. The country also houses one of the best financial systems in the world. Major players in Canada and the U.S. are implementing strategies, such as reward systems and paybacks, to attract more consumers. Europe, on the other hand, is projected to exhibit significant growth owing to the introduction of various state-of-the-art mobile payment solutions by the established companies.

Paytm Unveils 'All-in-One QR’ While Starbucks Launches Contest for Loyalty Members

The organizations present in the market are constantly striving to launch new products to help consumers in adopting the latest technologies. Such initiatives would also help them in earning more mobile payment market revenue. Below are two of the most recent industry developments:

• January 2020: Paytm, an e-commerce payment system and financial technology company, based in Noida, launched it's All-in-One QR' code for the merchants. The QR code is capable of helping the merchants to accept unlimited payments through Rupay cards, UPI based payment apps, and Paytm Wallet directly in their bank account for a zero percent fee.
• December 2019: Starbucks, an American coffee company and coffeehouse chain, launched a contest named ‘Starbucks for Life,’ offering its rewards loyalty program members an opportunity to win a food item or beverage every day for a month, a year, or even for the rest of their lives. As per the company, such loyalty programs aid the company in marketing directly to consumers and learn more information about them.

Fortune Business Insights™ profiles some of the most prominent companies operating in the mobile payment market. They are as follows:

• Obopay
• Google Inc.
• Alipay.com Co Ltd.
• Microsoft Corporation
• Boku Inc.
• MasterCard International Inc.
• Visa Inc.
• Amazon.com Inc.
• PayPal Inc.
• American Express Co.
• Other key market players

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