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Government wants to promote cashless economy to boost mobile payment technology market at 30% growth rate until 2025

By on April 22, 2021 0

Global Mobile Payment Technology Market Report 2021: Growth and Change of COVID-19 to 2030

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%.

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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.

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