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(MENAFN – EIN Presswire Mobile Payment Technologies MarketAsia Pacific is expected to hold the dominant revenue portion in mobile payment technology market, expanding at an annual CAGR of over 30% during 2018-2026ALBANY, NY, US, January 4, 2020 /EINPresswire.com/ — According to a report by Transparency Market Research (TMR), “Mobile Payment Technologies Market – Global Industry Analysis, Share, Growth Trends and Forecast, 2018-2026” (Mobile Payment Technologies Market – Mobile Payment Technologies Market -Global Industry Analysis, Market -Global Industry Analysis, Market, Market -Mobile Payment Technologies Market -Mobile Payment Technologies Market -Mobile Payment Technologies Market – Asia Pacific is expected to have the largest revenue share with the region growing at a CAGR above 30%. The market for mobile payment technologies is driven by increasing adoption of smart devices and growing mobile data usage. Mobile payment systems allow consumers to pay immediately using their smartphones. This market is expected to grow due to the growing use of smartphones and tablets, as well as the increasing number of mobile users. Emerging economies are adopting mobile payment solutions more frequently. The market for mobile payment technologies will continue to grow during the forecast period due to the growing adoption of smart devices and increased mobile data usage. This is due to the ease of communication, and the growing demand for easy transactions by consumers all over the globe. Mobile payment technology is based on the use of smart devices such as smartphones and tablets with associated apps. This allows payment to be made without having to use traditional financial transaction channels. The demand for digital payment solutions continues to grow around the world. Digital payment systems enable consumers to pay immediately using their smartphone. In developing regions like Asia Pacific and MEA, the adoption of instant payment technologies is increasing. This is a major driver of the mobile payment technologies market. These are all driving the mobile payments technology market. Request a sample of the Mobile Payment Technologies Market.
The market is expanding because of the increasing adoption of advanced payment technology. The type segment can further be divided into remote payment and proximity payment types. Remote payment is very popular with users. The most popular type of remote payment is money transfers & payment. This segment has the largest market share in terms of revenues. Several verticals of the end-use sector, including the retail sector, are looking for mobile payment technology to facilitate payment transactions. It is expected to grow at an even higher CAGR over the forecast period. This is due to major factors like urbanization, income growth and favorable government policies and the changes in tastes and preferences of consumers around the world. The retail industry is expected to experience an exponential growth over the next few years. Asia Pacific is expected hold a significant share of the market in terms of revenue by 2026. The strong growth in Asia Pacific’s mobile payment technologies market is due to the increasing use of smart devices such as smartphones, tablets, and mobile phones. The market is also being impacted by government initiatives in China and India to promote digitalization. These players are focusing on acquisitions and new strategic collaborations in order to increase their market share in the global mobile payment technologies market.Remote payment segment to expand rapidly during the forecast periodThe mobile payment technologies market can be segmented based on type, purchase type, end-use applications,end-user, and geography. The market for mobile payment technologies has been divided into two types based on type: proximity payment and remote payments. The growing popularity of mobile wallets for payment purposes at retailers and e-commerce is responsible for the remote payment segment’s growth. The market for proximity payment technology is further segmented into near-field communication (NFC), QR code payments and money transfers & payment. Based on purchase type, the mobile payment technologies market can be divided into airtime transfers & top ups, money transfers & payment, merchandise & coupon, travel & ticketing, and healthcare. The market for mobile payment technologies has been segmented by end-user into the hospitality and tourism sector (BFSI), media and entertainment, retail, healthcare, IT & Telecommunication and others. Our unique blend of trends analysis and quantitative forecasting provides forward-looking insights for thousands of decision-makers. Our team of experienced Analysts, Researchers, and Consultants uses proprietary data sources and various techniques to gather, analyse, and analyze information. Flexible Research Subscriptions are now available. Access Research multi-format via downloadable databooks, infographics and charts. Interactive playbooks for data visualization, full reports and full reports are also available through MarketNgage. Register for a 7-day free trial!Rohit Bhhisey
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