Mobile payment market expected to generate $15.69 trillion in revenue by 2028, globally at a CAGR of 41.10%: Verified Market Research®
Growing penetration of smartphones, increasing digitalization, increasing efficiency of merchants and rising popularity of mobile payment with assured flexibility and convenience are expected to drive the mobile payment market over the forecasted years.
/EIN News/ — Jersey City, New Jersey, Sept. 13, 2022 (GLOBE NEWSWIRE) — Verified Market Research recently released a report, “Mobile payment market” By Payment Method (Proximity Payment and Remote Payment), By Technology (NFC, QR Code, WAP & Card-Based, Digital Wallet), By Application (BFSI, Retail, Healthcare, Entertainment), and By Geography.
The Mobile Payment Market size was valued at USD 0.98 Trillion in 2020 and is projected to reach USD 15.69 Trillion by 2028, growing at a CAGR of 41.10% from 2021 to 2028, according to the study. latest from Verified Market Research.
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Browse the table of contents in depth on “Mobile payment market”
202 – Pages
126 – Tables
37 – Numbers
Overview of the global mobile payment market
Mobile payment technology refers to a transfer of money for a product or service through a portable electronic device such as a cell phone or tablet. It is used to send money to merchant, family members and friends with app such as Google Pay, Phone Pay, Paytm, PayPal and Venmo. The technology allows encryption of payment information during transmission, the most obvious benefit of mobile payments is the elimination of a physical wallet, which saves effort to hold change and is safe wallet thieves. Mobile payments offer additional privacy and security benefits over physical cards.
Many banks have adopted technology in their banking apps that allows customers to send money directly from their bank accounts. Mobile payment by simply scanning a barcode on an app in convenience stores of major multinational retailers is all the rage these days. Mobile payments have become increasingly popular due to the flexibility and convenience provided. Market players are actively collaborating with banks to bring new applications, and the degree of entry is estimated to be high during the forecast period.
Some constraints and difficulties encountered may hamper the growth of the market. The payment method stores personal information including card PIN, purchase pattern, location, amount balance, etc. This increases safety concerns among consumers which are likely to act as a market restriction.
Partnerships, collaborations and agreements
- In 2019, Wirecard and Sisal Group agreed to collaborate on contactless payment solutions under the SisalPay brand.
Mergers and Acquisitions
- In April 2019, MasterCard International Inc. acquired Vyze, a point-of-sale financing company that provides retailers with access to the creditor network, allowing customers to receive various financing options upon purchase.
Product launches and product extensions
- In February 2019, Visa and Planeta Informatica announced the release of a new technology that allows operators of modes of transport around the world to make contactless payments easily and quickly than before, and at a much cheaper price.
The main market players are Samsung Group, Google LLC, Amazon.com Inc., Visa Inc., Paypal Inc., Orange SA, Alipay.com Co. Ltd, American Express Co., Apple Inc. and Mahindra ComViva.
Based on their research, Verified Market Research has segmented the global mobile payments market.
Mobile payment market, by payment method
- Proximity payment
- Remote payment
Mobile payment market, by technology
- QR Code
- WAP and by card
- Digital Wallet
- Based on a banking application
- SMS/DCB based
Mobile Payment Market, By Application
- Health care
- IT and Telecom
- Energy and Utilities
- Hospitality & Tourism
Mobile payment market, by geography
- North America
- The rest of Europe
- Rest of Asia-Pacific
- Middle East and Africa
- Latin America
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Top 10 mobile payment companies carry out local and cross-border transactions
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