Mobile Payment Technology Market to Record an Impressive Growth By 2024

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Global Mobile Payment Technology Market: Overview

Mobile payment technology is also known as near field communication technology. It enables transfer of data between two gadgets that are NFC-enabled. This data transfer can consist of device control or cash payments.

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Global Mobile Payment Technology Market: Growth Factors

The global mobile payment technology market is likely to have a drastic growth in the coming future. Increase use of mobile payments in industrial as well as commercial sectors is the main reason that has boosted the growth of the global market. Additionally, growing digitalization is also driving the growth of the global mobile payment technology market. In addition to this, government norms and current situations in some countries is also powering the growth of the global mobile payment technology market. Besides, use of advanced technology is also one of the significant reasons that are driving the global market. Moving on, increased use of smartphones is also playing an important role in the growth of the global market.

On the other hand, rising cases of fraud and online thefts are the main reason hampering the growth of the global mobile payment technology market. In addition to this, unawareness among the people is also one of the significant reasons that are restraining the growth of the global market. Furthermore, lack of job opportunities is also one of the reasons that are decreasing the growth of the global mobile payment technology market. Furthermore, the hefty cost of transportation is hindering the growth of the global market. High charge of payment gateways is also decreasing the growth of the global market to some extent.

Global Mobile Payment Technology Market: Segmentation

Based on operating modes, the global mobile payment technology market is mainly classified as reader emulation, card emulation, and peer-to-peer modes.

On the basis of products and software, the global market is segmented into auxiliary and non-auxiliary.

Based on industry, the global market for mobile payment technology is segmented into transportation, retail, residential & commercial, automotive, consumer electronics, medical & healthcare, and others.

On the basis of the region, the global market is bifurcated as North America, South America, Latin America, Europe, Asia-Pacific, and Rest of the World.

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Global Mobile Payment Technology Market: Regional Analysis

Regionally, the global mobile payment technology market is mainly bifurcated as North America, Asia-Pacific, and Rest of the World. Increase use of mobile payments in industrial as well as commercial has boosted the global market in North America. Government norms and current situations in India is one of the main factors that are lowering the global market. The Rest of the World will also show a high growth in the global market.

Global Mobile Payment Technology Market: Competitive Players

Some of the key players in the global market for mobile payment technology are Hewlett-Packard Enterprise, IBM Corporation, Veracode, WhiteHat Security, Checkmarx, Qualys, Acunetix, Rapid7, Accenture, Cigital, Ernst & Young, and Deloitte.

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