Government wants to promote cashless economy to boost mobile payment technology market at 30% growth rate until 2025
Business Research Company Global Mobile Payment Technology Market Report 2021: Growth and Change of COVID-19 to 2030
LONDON, GREATER LONDON, United Kingdom, April 22, 2021 /EINPresswire.com/ – Our reports have been revised for market size, forecast and strategies to be taken in 2021 after the impact of COVID-19: https://www.thebusinessresearchcompany.com/global-market-reports
Government initiatives to promote a cashless economy are a major driver of the growth of the mobile payment technology market. A cashless economy is one in which financial transactions do not take place with banknotes or physical currency but through digital payment methods. In this regard, governments around the world, as well as central banks, are taking several initiatives to move towards a cashless economy, which ultimately leads to the global mobile payment market growth. According to a study conducted by MasterCard in 2019, the UAE has one of the fastest growing payment ecosystems due to strong government leadership to promote electronic payments. For example, in May 2019, the Dubai Ministry of Finance launched a new digital payment wallet specifically designed to pay government fees. This digital payment wallet facilitates the smooth transfer of funds and promotes mobile payment technologies.
The Global mobile payment technology market size is expected to grow from $ 51.96 billion in 2020 to $ 60.42 billion in 2021 at a compound annual growth rate (CAGR) of 16.3%. The growth is mainly due to the resumption of business activities and adaptation to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The mobile payment technology market is expected to reach $ 174.29 billion in 2025 with a CAGR of 30.3%.
Learn more about the Global Mobile Payment Technologies Market report:
The mobile payment technologies market covered in this report is segmented by point-of-sale (PoS) solutions, in-store payments, remote payments. The mobile payment technologies market is also segmented by application in retail and e-commerce, healthcare, BFSI, enterprise, by PoS solutions in near field communication (NFC) payments, sound wave based payments, magnetic transmission payments secure (MST), by in-store payment solutions in mobile wallets, QR code payments (Quick Response) and by remote payments in Internet payments, SMS payments, direct billing by the operator , mobile banking.
The main players in the mobile payment technology industry are PayPal, Inc., MasterCard, Bharti Airtel, Google, Inc. and Apple Inc.
Global Mobile Payment Technologies Market Report 2021: COVID-19 Growth And Change To 2030 is part of a series of new reports from The Business Research Company that provides an overview of the mobile payment technologies market, forecasts the size and mobile payment technologies market growth for the whole market, mobile payment technologies market segments and geographies, mobile payment technologies market trends, mobile payment technologies market drivers, restraints, revenue, profiles and market shares of the main competitors.
Request a sample of the Global Mobile Payment Technologies Market report:
Here is a list of similar reports from the trade research company:
Global Digital Payments Market Report 2021: Growth and Change of COVID-19 through 2030
Fintech Market – By Service Type (Payments, Wealth Management, Insurance, Personal Loans, Personal Finance, Money Transfer, Others), By Technology (Mobile Commerce & Transfers, Robotic Process Automation, Data Analytics, Others), By Service Provider (Payment) Transformers, Brokers and Investment Firms, Banks, Nonbank Financial Companies and Others), and by Region, Opportunities and Strategies – Global Forecast to 2030
Cards and payments market – By product type (cards and payments), by card type (credit, debit, payment and prepaid card), by end user (B2B, B2C, C2B and C2C), by type (bank) And non-bank institutions), and by region, opportunities and strategies – Global forecasts to 2023
Interested in knowing more about The commercial research company?
Learn more about us on https://www.thebusinessresearchcompany.com/about-the-business-research-company.aspx
The Business Research Company is a market research and intelligence company that excels in business, market and consumer studies. It has more than 200 research professionals in offices in India, UK and US, as well as a network of trained researchers globally. It has consultants who specialize in a wide range of industries including manufacturing, healthcare, financial services and technology.
Call us now for personal assistance with your purchase:
Europe: +44207 1930708
Asia: +91 88972 63534
Americas: +1 315 623 0293