According to IMARC Group’s latest report, titled “Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 1,786 Billion in 2021. Mobile payment is an e-payment method that involves the use of mobile devices for authorizing, initiating and confirming monetary transactions. These payments are facilitated by mobile applications that are directly linked to the financial credentials of individuals. The use of these solutions ensures enhanced safety while making a payment due to the improved data security offered by these e-payment solutions. Consequently, it finds extensive applications across the retail, food, e-commerce and entertainment sectors.
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The market is majorly driven by the widespread penetration of smartphones and continual improvements in the network infrastructure. This has contributed to the escalating requirement for mobile-based payments among individuals. Additionally, the increasing awareness regarding the improved safety of these transactions and the rising integration of mobile payment services with two-factor authentication are also creating a positive outlook for the market. Some of the other factors contributing to the market growth include the widespread preference for contactless payment methods among the masses and the numerous initiatives undertaken by governing bodies to promote digital payments. Looking forward, IMARC Group expects the global mobile payment market to reach US$ 6,007 Billion by 2027, exhibiting at a CAGR of 22.13% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
Bank of America
Citrus Payment Solutions
ZipCash Card Services
Breakup by Mode of Transaction:
WAP (Wireless Application Protocol)
NFC (Near field communications)
SMS (Short Message Service)
USSD (Unstructured Supplementary Service Data)
Breakup by Application:
Energy and Utilities
Hospitality and Transportation
Breakup by Region:
Middle East and Africa
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Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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