Mobile Payment Market to Register Stunning CAGR of 29.1% – GlobeNewswire

Science & Technology

| Source: Fortune Business Insights Fortune Business Insights
Pune, India, Jan. 12, 2022 (GLOBE NEWSWIRE) — The global mobile payment market size was USD 1.54 trillion in 2020. The market is projected to grow from USD 1.97 trillion in 2021 to USD 11.83 trillion in 2028 at a CAGR of 29.1% in the 2021-2028 period.
According to the expert analysts at Fortune Business Insights™, the digitalization of payment services and rising e-commerce businesses are responsible for the increasing market developments. This information is presented to you in the report, titled, “Mobile Payment Market, 2021-2028.”
Moreover, the company’s existing in the market are providing recompenses, cash points, and loyalty points among others to entice the customer for paying through mobile devices. This is amplifying the utilization of these payment means, thereby surging demand.
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COVID-19 Impact
Approval of Zero-Contact Payment to Rise during COVID-19 Pandemic
The coronavirus disease has influenced the global economy and human life considerably. It has dramatically modified the channels and means of dealings conducted by consumers and merchants. Nowadays, people are more vigilant regarding cash transactions during shopping in public places. This has activated an abrupt surge in demand for contactless payment processes such as mobile wallets, QR code, NFC, and many more.
Report Coverage
We provide our reports which are directed with a comprehensive examination approach that largely accentuates on providing precise material. Our scholars have applied a data triangulation method which further aids us to provide dependable approximations and test the general market dynamics precisely. Further, our analysts have attained admission to various international as well as regional funded records for offering up-to-date information so that the shareholders and business experts invest only in crucial zones.
On the basis of payment type, the market is classified into proximity payment and remote payment.
In terms of industry, the market is segregated into media & entertainment, retail, BFSI, automotive, medical & healthcare, transportation, consumer electronics, and others. BFSI to gain rapid growth and maximum revenue share during the forecast period.
Geographically, the market is bifurcated into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into leading nations.
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Drivers and Restraints
Cash-Back and Prize Approaches to Reinforce Market Growth
Numerous mobile payment service suppliers are capitalizing in their businesses, thus forming ferocious competition in the consumer market. To uphold a loyal customer base and generate fresh customers, the payment application corporations such as Google Pay, Amazon Pay, Alipay, and others are enforcing novel tactics. For example, Google Pay offers scratch cards comprising a specific sum that can be gained over marginal transactions.
Such strategies are aiding in upholding customer loyalty with the users paying through smartphones. This is boosting the mobile payment market growth.
Report Scope and Segmentation:
Regional Insights
Asia Pacific is probable to hold the majority of mobile payment market share market during the forecast period. In India, the implementation of digital wallets and QR code services has suddenly augmented post the government’s demonetization procedure.
North America is projected to be responsible for the second-highest market share. The U.S. has well-developed payment modes and a substantial amount of crucial players have their head offices in this country.
Europe provides several digital mobile payment resolutions, in which, most of the people possess bank accounts as well as payment cards. The presentation of groundbreaking payment solutions through smartphones is thrusting the implementation of mobile payment services in the region.
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Competitive Landscape
Prominence on Unveiling Novel Payment Platforms to Navigate Market Growth
The indispensable companies present in the market are financing in the development of exclusive mobile device payment solutions. Numerous network operators and mobile payment suppliers are teaming up to make an entrance in the market. Vital players across the industries are utilizing these payment solutions to offer value-added services and to boost the customer experience.
Industry Development
List of Key Players Covered in this Market Report
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