Global Mobile Payment Market Enhanced Security and Convenience Catalyzing Growth

According to the latest report by IMARC Group, titled “Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global mobile payment market size reached US$ 1,786 Billion in 2021. Mobile payment, also called m-payment, refers to an automated e-payment method that uses mobile devices to initiate, authorize and process monetary transactions. These payments are performed under the financial supervision of regulatory bodies and facilitated by the availability of point-of-sale (POS) terminals and nearfield communications. Nowadays, various banks and companies offer mobile payment options within their applications to facilitate instant transactions directly from users’ bank accounts. In recent years, mobile payments have gained traction as they offer improved security and convenience to the users than traditional payment methods like cheques and cash.

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. 

Global Mobile Payment Market Trends:

The increasing penetration of smartphones and high-speed internet, coupled with the improving network infrastructure across the globe, represent the primary factors driving the market. Additionally, the integration of biometric authentication methods with mobile payment applications to minimize the chances of security thefts or frauds by securing the payment gateway is accelerating the demand for mobile payment systems. Besides this, the shifting consumer preferences toward contactless payments to maintain social distancing amid the recent coronavirus disease (COVID-19) outbreak has augmented the product demand. Furthermore, the introduction of pre-payment instruments (PPIs) by non-bank entities to enable interpersonal transactions and the launch of numerous incentive programs, discount coupons, and cashback offers by key players are other major growth-inducing factors. Moreover, the implementation of several favorable government initiatives promoting the usage of digital payments and the development of easy payment options using QR codes and scans are creating a favorable market outlook. Besides this, the changing purchasing patterns of consumers and utilization of e-payments due to the rapid expansion of e-commerce platforms have bolstered the market growth. Looking forward, the market is projected to grow at a CAGR of 22.13% during 2022-2027. 

Market Summary:

• On the basis of the mode of transaction, the market has been divided into WAP (Wireless Application Protocol), NFC (Near Field Communications), SMS (Short Message Service), USSD (Unstructured Supplementary Service Data) and others. Amongst these, WAP currently dominates the market. 
• Based on the application, the market has been categorized into entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others. Amongst these, retail represents the largest segment, accounting for the majority of the market share. 
• Region-wise, the market has segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. At present, Asia Pacific holds the leading position in the market. 
• The competitive landscape of the market has also been examined, with some of the key players being FIS, Gemalto (Thales Group), Mastercard Inc., Alipay (Ant Group), Visa Inc., Apple Inc., Google LLC, Samsung Electronics Co., Ltd., Bharti Airtel Limited, American Express Company, Bank of America Corporation, Citrus Payment Solutions Pvt. Ltd., LevelUp (Grubhub Inc.), One MobiKwik Systems Limited, One97 Communications Limited, Orange S.A., Oxigen Services India Pvt. Ltd., Square, Inc., Venmo (PayPal, Inc.), and ZipCash Card Services Pvt. Ltd.

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