Global mobile payment technology market size is expected to reach US$ 50.56 Bn by 2026

Global mobile payment technology market size is expected to reach US$ 50.56 Bn by 2026, expanding at a CAGR of 39.8% from 2018 to 2026, according to new research.

NFC segment is anticipated to boost mobile payment technology market on account of NFC enabled smartphones. Various applications pertaining to mobile payment technology are BFSI, retail, healthcare, entertainment, IT and telecom, energy & utilities, hospitality & tourism, and others. Increasing adoption of mobile payments in the banking sector is expected to boost BFSI’s share in the estimated timeframe.

Mobile wallets dominated the mobile payment technology market. Increasing penetration of digitalization. Mobile wallets are a relatively new payment option that can offer some serious benefits. Apple Pay, Samsung Pay and Android Pal works across all major devices. Mobile wallet reduces fraud and reduces content in the wallet. Other popular wallet apps are retailer or brand specific, such as Wal-Mart stores, Walmart pay, capital one financial corporation’s (COF) Capital One Wallet and the ubiquitous Starbucks wallet app from Starbucks Corporation (SBUX).