The Global Mobile payments Market have gained popularity due to their convenience, speed, and ease of use. With the rise of e-commerce, more consumers are turning to mobile payments to complete their transactions. Additionally, mobile payments provide a secure and contactless payment method, which has become increasingly important during the COVID-19 pandemic.

The growth of the mobile payments market is also fueled by the increasing adoption of digital wallets, which allow users to store multiple payment methods in one place and make transactions with just a few clicks. Many technology firms are entering the market with their own digital wallet offerings, which is further driving competition and innovation in the market.

However, the mobile payments market also faces challenges such as security concerns, regulatory issues, and interoperability challenges. As the market continues to grow, it will be important for companies to address these challenges to ensure continued adoption and growth.

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Market Overview:

The dominance of proximity payment in the global mobile payments market can be attributed to the growing preference for contactless payment methods among consumers. Proximity payment methods such as NFC, QR code, and BLE offer fast and convenient payment options, which are especially important in high-traffic areas such as retail stores, restaurants, and public transportation.

Near Field Communication (NFC) payment is widely used for contactless payment as it allows for fast and secure transactions by simply tapping a mobile device on a payment terminal. Many smartphones today come equipped with NFC technology, which has made it easier for consumers to make contactless payments.

Quick Response (QR) code payment, on the other hand, uses a unique code that is scanned by a mobile device to complete a payment transaction. QR code payment is gaining popularity in emerging economies due to its ease of implementation and low cost.

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Competitive landscape: 

global mobile payments market due to the convenience it offers to consumers and merchants alike. The different types of proximity payment methods each have their own strengths and will likely continue to coexist and cater to different user preferences and needs.

• Apple Inc.
• Google LLC
• Samsung Electronics Co. Ltd.
• Alipay (Ant Group Co. Ltd.)
• Tencent Holdings Limited
• PayPal Holdings, Inc.
• Square, Inc.
• Visa Inc.
• Mastercard Incorporated
• American Express Company

Global Mobile Payments market segmentation:

By Type Outlook            

·       Proximity Payment

·       Remote Payment

By Mode of Transaction Outlook            

·       Short Message Service (SMS)

·       Near Field Communication (NFC)

·       Wireless Application Protocol (WAP)

By Application Outlook

·       Retail

·       Entertainment

·       Healthcare

·       Hospitality

·       Others

Regional Outlook:

·       North America

o   U.S.

o   Canada

o   Mexico

·       Europe

o   Germany

o   Italy

o   U.K.

o   Rest of EU

·       Asia Pacific

o   India

o   China

o   Japan

o   South Korea

o   Rest of APAC

·       Latin America

o   Brazil

o   Argentina

o   Rest of Latin America

·       Middle East & Africa

o   Saudi Arabia

o   South Africa

o   U.A.E

o   Rest of MEA

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Overall, the mobile payments market is poised for significant growth in the coming years, driven by changing consumer preferences and the increasing adoption of mobile devices and digital wallets. Companies that are able to innovate and address the challenges facing the market are likely to see success and capture a share of the growing market revenue.

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