Request FREE sample PDF ![PDF](https://www.businessresearchinsights.com/assets/img/popup-form/PDF.svg)
Pharmacy benefit management market
Remote Mobile Payment Market REPORT OVERVIEW
The global remote mobile payment market size was USD 2714500 million in 2022 and market is projected to touch USD 8263713 million by 2032, at a CAGR of 11.8% during the forecast period.
Customers can use remote mobile payment to send money instantly and as a safe alternative to cash-based transactions. The use of mobile-based payment solutions is growing as high-speed mobile networks become more widely available and smartphones become more widely used. The emergence of e-commerce and the digitization of payment services are driving the expansion of market trends. The payment sector is projected to experience tremendous growth thanks to the digital generation, or generation Z. To entice customers to use mobile devices for payment, businesses are providing incentives like awards, redeemable points, and loyalty points. For instance, PayU launched a pay with rewards program in June 2021 in partnership with twid to allow users to make purchases using rewards and loyalty points.
COVID-19 Impact: Increased Contactless Transaction Boosted the Market During the Lockdown Period
The COVID-19 coronavirus has had a significant impact on both humans and the global economy. The channels and modes of transactions between consumers and businesses have been significantly altered. People these days are more cautious when using cash to make purchases while out in public. The demand for contactless payment methods, including mobile wallets, NFC, QR codes, and others, has suddenly increased as a result of this. The World Health Organization (WHO) advised consumers worldwide to switch to contactless payments in March 2020. This has increased the number of mobile payment transactions and boosted contactless payment methods like carrier billing, tap-to-pay NFC, and QR code, among others.
A sizeable portion of customers worldwide are utilizing contactless payment to preserve safety and hygiene, according to a poll by MasterCard. Following the epidemic, these customers are likely to keep using remote mobile payments. The volume of transactions and cross-border payments have decreased as a result of the temporary closure of manufacturing and industrial facilities. However, there has been a substantial increase in the use of mobile transaction modes. As a result, it is anticipated that during and after the pandemic, the mobile-based payment option would see substantial development.
LATEST TRENDS
"Use of Artificial Intelligence to Push the Growth of the Market"
The market for remote mobile payments is predicted to have strong growth thanks to artificial intelligence (AI). Businesses may examine their data and spot trends with the help of Al. Furthermore, it aids in identifying and tracking consumers' purchasing patterns. Customers of Starbucks, for instance, can order and pay for items using their mobile devices through the My Starbucks Barista app. The designated amount is immediately taken from the user's account with the aid of Al technology when the customer's location is close to the store.
Al's ability to recognize patterns makes it a valuable tool for spotting fraud in these mobile payments made remotely. Al is capable of spotting fraudulent activities in real time using use-cases and previous data trends. For improved consumer experiences and safe mobile transactions, artificial intelligence is increasingly being used, which is fueling industry expansion. For instance, Visa Inc. introduced Visa Net +Al in February 2021 to solve the problems and challenges associated with daily settlement faced by financial institutions, merchants, banks, and customers. Al assists service providers in providing safe, clear, dependable, and immediate payments.
Remote Mobile Payment Market Segmentation
- By Type Analysis
By type, market is segmented into m- commerce and peer-to-peer. The m- commerce segment will dominate the market in the coming years.
- By Application Analysis
Based on applications, the market is classified into IT & telecommunication, BFSI, retail, media & entertainment, healthcare, hospitality, tourism and airline. The IT & telecommunication use segment will lead the global share through forecast period.
DRIVING FACTORS
"Incentives Facilities to Augment the Market "
There is intense rivalry in the consumer market as a result of several payment service providers investing in their companies. The firms that make payment apps, like Google Pay, Alipay, Amazon Pay, and others, are utilizing innovative tactics to keep their existing client base and get new ones. For instance, Google Pay provides scratch cards that may be obtained through a small number of transactions and contain a particular amount. Such initiatives are assisting in preserving client loyalty among those who use cellphones to make payments. Additionally, businesses have begun to compensate customers who choose to do purchases through mobile channels with perks and rebates. Customers now frequently utilize remote mobile payment applications to complete every transaction as a result of the installation of such incentive facilities.
"Implementation of Rewards and Coupons to Boost the Market"
To help users keep track of their points, the companies are providing an app. For instance, Samsung Pay rewards users of its smartphones with points for each purchase they make. You can buy Samsung products with the reward points from the company. Many customer-focused industries, including travel and tourism, dining establishments, retail shops, and the hospitality sector, have started implementing remote mobile payment apps with rewards and coupons. For instance, in order to increase customer engagement, Hilton Worldwide started accepting payments and accepting reservations through their own app, Honors. The market share for remote mobile payments worldwide is anticipated to increase as a result.
RESTRAINING FACTORS
"Consistent Habit of Using Traditional Paying Methods to Hamper the Market"
Although remote mobile payment solutions offer a number of advantages like improved operability, reliability, and flexibility, the majority of end users are still totally reliant on cash for their daily activities. Since most people have been using the traditional payment method for some time, they are hesitant to adopt new technologies. Customers prefer the traditional method of payment when the transaction amount is large because it is consistent with their habits. Along with other information, the payment method also saves personal data like location, balance, buying habits, and card PINs. Due to this, there is a higher chance that this personal data will be used without authorization, which makes customers more concerned about security. The market's growth is probably going to be hindered by this.
Remote Mobile Payment Market REGIONAL INSIGHTS
"Asia Pacific to Grow Exponentially with the Forecasted Period"
During the projection period, Asia Pacific is most expected to maintain the largest market share. Following the government's demonetization initiative, digital wallet uses and services for QR codes have skyrocketed in India. Government programs like digitization are also anticipated to help the Indian market grow even further. Due to the dominance of important players like Alipay.com Co. Ltd., China is anticipated to receive the largest revenue share. During the forecast period, the growth in Asia Pacific is anticipated to be aided by the emergence of new e-commerce channels, an increase in online shopping, and new payment solutions.
It is expected that North America would have the second-largest market share. A large number of major players have their headquarters in the United States, which also has well-developed payment mechanisms. By utilizing tactics like payback and incentive systems, among others, the gamers are luring customers from the United States and Canada.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Samsung Electronics Co Ltd. (South Korea)
- Apple Inc. (U.S.)
- ACI Worldwide, Inc. (U.S.)
- Alphabet Inc. (U.S.)
- DH Corporation (Canada)
- Visa Inc. (U.S.)
- Square, Inc. (U.S.)
- Mastercard Incorporated (U.S.)
- PayPal Holdings, Inc. (U.S.)
- Fidelity National Information Services, Inc. (U.S.)
- Fiserv, Inc. (U.S.)
REPORT COVERAGE
The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or types, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 2714500 Million in 2022 |
Market Size Value By |
US$ 8263713 Million by 2032 |
Growth Rate |
CAGR of 11.8% from 2022 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
|
|
By Application
|
Frequently Asked Questions
-
What value is the remote mobile payment market expected to touch by 2032?
Over the research period, remote mobile payment market will be reaching USD 8263713 million by 2032.
-
What CAGR is the remote mobile payment market expected to exhibit by 2032?
The remote mobile payment market is expected to exhibit a CAGR of 11.8% by 2032.
-
Which are the driving factors of the remote mobile payment market?
Incentives facilities and implementation of rewards and coupons are the driving factors of the remote mobile payment market.
-
Which are the top companies operating in the remote mobile payment market?
Apple Inc., Visa Inc., Square Inc. and Fiserv, Inc. are the top companies operating the remote mobile payment market.