North America Mobile Payments Market By Type (Mobile Wallets/Bank Cards, Mobile Money), Mode of Transaction (NFC, WAP, SMS), Application (Retail, Entertainment, Hospitality & Transportation, Healthcare, Energy & Utilities)
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Market Report Description
The North America Mobile Payments Market Size is poised to grow at a growth rate of 29.5% CAGR during the forecast period (2016-2022).
Mobile payment is a process of paying for goods or services or transfer of money through mobile/smartphones. The mobile payment industry has evolved significantly over the years with big brands entering the market and developing advanced technologies that provide ease of payment using mobile/smartphones. Countries such as Singapore, Australia, and Canada are some of the major markets with a strong inclination to become a cashless market. Mobile wallet comes with tremendous potential, as it is hassle free and a cashless medium of payment. Nevertheless, it is a nascent market yet, as customers are either not aware of its benefits or are reluctant to adopt the technology widely. Attractive offers such as cash back or discounts will have a huge impact on the customer; thus, driving the market growth.
Based on type, the market is segmented into Mobile Wallets/Bank Cards and Mobile Money. Based on Mode of Transaction, market is segmented into Near Field Communication (NFC), Wireless Access Protocol (WAP), and Short Message Service (SMS). Based on Application, the market is segmented into Retail, Entertainment, Hospitality & Transportation, Healthcare, Energy & Utilities, and Others.Based on country, North America Mobile Payments market is segmented into US, Canada, Mexico, and Rest of North America. US remained the dominant region in the North America Mobile Payments market in 2015. Canada and Mexico would witness promising CAGR during the forecast period (2016-2022).
The report covers the analysis of key stake holders of the Mobile Payments market. Key companies profiled in the report include Orange S.A., MasterCard Incorporated, Bharti Airtel, MTN Group Limited, Safaricom Limited, Ebay, Mahindra Comviva and Vodafone Group Plc.