According to the global mobile payments market report by IMARC Group, the market reached a value of USD 1,146 Billion in 2019. Looking forward, the market is expected to continue its moderate growth during the next five years.
Also known as m-payment, mobile payment is the most popular e-payment method, which is widely utilized for initiating and transferring funds via a mobile device with internet connectivity. The payment is facilitated by the availability of point-of-sale (POS) terminals, which aid in processing transactions by employing nearfield communications. A mobile payment provides convenience and offers improved security features to users as the merchant and mobile payment service provider shares responsibilities for safeguarding users’ data.
There is an increase in mobile payment transactions on account of the boosting sales of smartphones, easy availability of high-speed cellular networks and the flourishing e-commerce industry. Moreover, several vendors are offering discount coupons on m-commerce platforms to expand their consumer base. Some of the leading players operating in the industry are also developing applications that enable users to make payments through a QR code. Furthermore, governments of various economies are undertaking initiatives to encourage the adoption of digital payments, which is anticipated to offer lucrative opportunities to the mobile payment market in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Mobile Payment Market Segmentation:
Market Breakup by Mode of Transaction
WAP
NFC
SMS
USSD
Others
Market Breakup by Application
Entertainment
Energy and Utilities
Healthcare
Retail
Hospitality and Transportation
Others
Market Breakup by Region
Asia Pacific
North America
Europe
Middle East and Africa
Latin America
For more information about this report: https://www.imarcgroup.com/mobile-payment-market
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