Mobile payments are the transactions that are enabled with mobile telecommunications network that is done with a monetary value with diverse mobile user’s devices, such as mobile terminals, cellular telephones, and smartphones. Mobile payment enables transferring of funds in return for goods or services that require a mobile device for confirming and executing the payment.

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Introduction of mobile payment technology and e-commerce market for smartphones is the key trend observed in the growth of mobile payment technologies market. With the help of mobile payment technology, purchasing of goods and service have become quiet easy and hassle-free. In the present scenario, there are ample of products and services that are available through online channels and require cashless transactions that further emphasize upon increasing adoption of mobile payment technology.

Increase in adoption of cashless transactions, increasing demand for easy and hassle-free purchase of goods and services, improved communication networks, increasing adoption of smartphone technology and increasing acknowledgment for the need of clean transactions are some of the key factors that are driving the growth of mobile payment technologies market exponentially.

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Asia-Pacific dominates the mobile payment technologies market followed by North America. The increasing revenue of mobile payment technology in Asia-Pacific is attributed towards large population in the region.

The key players in the mobile payment technologies market are Alipay.com, General Motors Company, MasterCard Incorporated, Samsung Group, Amazon.com, Inc., Apple Inc., Starbucks Corporation, PayPal holdings, Inc., Paytm and Square, Inc.

Source: VynZ Research