The ubiquitous adoption of smartphones has driven the worldwide adoption of mobile payments, but ten companies have been identified as leading the charge in the multi-trillion dollar sector.
American Express, Apple, Google, JPMorgan Chase & Co, Mastercard, One97 Communications Limited, PayPal, PayU, Samsung and Visa have been identified as the key market drivers in a new report from MarketsAndResearch.com.
The report also noted that the development of mobile payments solutions has provided insights into how banks and other financial institutions have been adopting the technology to provide convenient services for their customers.
“The rise in penetration of smartphones across the globe and growth in the m-commerce industry in emerging countries are the major factors driving the growth of the market,” the researchers wrote. “In addition, upsurge in adoption of mobile payment services in emerging countries fuels the growth of the market.”
However, the researchers also noted that further adoption may be held back due to a rising number of data breaches and security issues in mobile payments hampers the growth of the market.
In a separate study, Valuates Reports estimated that the mobile payments market will be worth $4.57trn by 2023, after enjoying a compound annual growth rate of 33.8% between 2017 and 2023.
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