$1.3 Trillion Mobile Payment Services Market, 2022.
By Cision Newswire
DUBLIN, June 27, 2019 /PRNewswire/ -- The "Mobile Payment Services 2019 - A Survey of the Development of Global Mobile Payments in both Emerging and Developed Markets" report has been added to ResearchAndMarkets.com offering.
The report forecasts global usage of mobile payments to expand from US$ 348 billion to just under US$ 1.3 trillion by 2022.
The Telecoms Pricing Mobile Payments - 2019 report provides a survey of the development of global Mobile Payments in both emerging and developed markets and the role of the MNO (Mobile Network Operator) in the Mobile Payment arena.
Mobile Payments are being adopted increasingly rapidly in both emerging and developed markets. MNOs (Mobile Network Operators) are also becoming increasingly active in providing services mobile payments, for retailers and merchants, but the market for Mobile Payments is being catered for by a variety of other players including smartphone providers, e-commerce providers, digital content providers, banks and FinTech start ups as well. Into 2019 the worldwide Mobile Payments market is set to become increasingly dynamic and disruptive with a range of new business models and entrants being developed.
The Mobile Payment Services 2019 report examines the growing ecosystem developing around global Mobile Payments - including NFC (Near Field Communications), QR codes, digital wallets, SMS-based money transfer, remittances & alternatives to cash & digital payments (including in-store or remote payments).
Telecomspricing considers the wide range of different players that operate in the Mobile Payments ecosystem. These include digital content players such as Amazon, WhatsApp, Google and Facebook, and smartphone providers including Samsung, Apple, Huawei and Xiaomi. The launch of Samsung Pay, Apple Pay, Huawei Pay & Xiaomi Mi Pay is now enabling the spread of Mobile Payments worldwide.
The Mobile Payment Services - 2019 report focuses on the Mobile Network Operator's role in the ecosystem, with selected MNOs such as T-Mobile (USA), Telenor Serbia and Telekom Romania - typically entering the market in alliance with a banking partner. But in some cases, the MNO has also become a fully-fledged banking provider itself, with Orange Bank (France) launching its own digital banking service serving 248,000 customers by the end of 2018.
In emerging markets MNOs are also providing an enabling role in serving under-banked communities with mobile money, such as M-Pesa and Orange Money now becoming established across Africa. Mobile money is allowing digital transactions to be made as an alternative to cash and also allows remittances to be made worldwide - with services such as Wave (Myanmar) boosting remittances among the poorest sections of society.
The report examines the status of Mobile Payments on a regional basis in the largest international remittance countries (including China, India, Philippines, Nigeria, Mexico & Egypt), and finds that local Mobile Payment providers, global e-commerce firms and selected MNOs are all competing to offer payment services.
Finally, Telecoms Pricing provides a forecast for global Mobile Payments for the 3 year period from the beginning of 2019 to the beginning of 2022 - and predicts that revenues are due to increase from USD $348 billion up to almost USD $1.3 trillion worldwide - a projected increase of 272% over the period.
The report underlines the growing importance of Mobile Payments in both the developed and developing market. It identifies the key role being played by both the MNO and the smartphone device in providing access to digital financial services as a low-cost alternative to a traditional payment and bank infrastructure.