The mobile payment technology market is expected to grow by 34.2% from 2022-2028 in new findings carried out by Zion Market Research.
The market was recently valued at around $40,289 million in 2021, projected to rise to $235,347 million by 2028. The Asia-Pacific region has been a leader of the market due to its “high proliferation of smartphones” whilst also higher adaptation to online payment solutions.
The research also outlines North America as a key area as it identifies its “highly beneficial opportunities for mobile payment technology providers”, mainly due to the increasing presence of online payment methods within the region.
Zion Market Research attributes the major dependence and use of smartphones globally as a key factor to the rise of mobile payment technology. With increased internet infrastructure, increasing demand for digitisation and other contributing factors has ramped up growth within the market.
When noting recent developments, the research company highlighted the network airlines firm UATP announced a collaboration with CITCON back in May 2020. This partnership provides multiple payment methods such as WeChat Pay and UnionPay as an online option for customers in China.
In an extract of the research findings, Zion Market Research spoke on segregated aspects of the mobile technology market, stating: “By Technology, the market is divided into near field communication, direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile app, and others.
“The mobile web payment segment held a dominant stance in the market in 2021 and is expected to continue this dominance over the forecast period. The security and flexibility that this payment offers is what makes it a dominant segment and is the major factor that will help this segment maintain its significant market share despite the emergence of other advanced technologies.”
In terms of the payment aspect to the market, Zion Market Research broke the categories down to B2B, B2G and other various payment types. Findings indicated that B2B services will emerge as the leading payment method during the forecast period, making up a market share of 60% of the global mobile payment industry.
Despite the rise and growth of the market, Zion Market Research does highlight that some people still have concerns about the security measures of online payment methods. Cyber crimes such as fraud, breaches of personal and financial data and money laundering could hamper the potential growth of the market.
Some of the key players highlighted in the research outlines Apple, Amazon, American Express, PayPal, Samsung and Visa as some of the key players in the mobile payment technology market.