Latin America Mobile Payment Market Share, Size, Growth, Opportunity and Forecast 2020-2025

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Latin America Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025

Market Overview:

The Latin America mobile payment market is currently witnessing robust growth. Mobile payment is used to initiate, confirm and authorize financial transactions in exchange for goods and services. It is conducted through various payment instruments, such as bank accounts, debit or credit cards, gift cards and mobile wallets. It generates a code and sends it over the air (OTA), which keeps payment information encrypted. At present, mobile payment is gaining traction in the Latin America region on account of the rising utilization of smartphones and the increasing penetration of the internet.

Mobile payment is more secure, convenient and easy-to-use as compared to other forms of payments. This, along with the rising trend of cashless payment solutions, represents one of the major factors bolstering the market growth in the Latin America region. Moreover, market players are integrating mobile payment solutions with advanced technologies, such as wearables, biometrics and blockchain, to enhance security, which, in turn, is positively influencing the market growth. Furthermore, the growing number of online transactions due to the thriving e-commerce sector and the sudden spread of the coronavirus disease (COVID-19) is anticipated to strengthen the market growth. On account of these factors, the market is expected to continue its robust growth during the forecast period (2020-2025).

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Latin America mobile payment market report, along with forecasts for growth at the region level from 2020-2025. Our report has categorized the market based on region, mode of transaction and application.

Breakup by Mode of Transaction:

WAP
NFC
SMS
USSD
Others

Breakup by Application:

Entertainment
Energy and Utilities
Healthcare
Retail
Hospitality and Transportation
Others

Breakup by Country:

Brazil
Mexico
Argentina
Columbia
Chile
Peru
Others

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key Questions Answered in This Report:

How has the Latin America mobile payment market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the Latin America mobile payment market?
What are the key regional markets?
What is the breakup of the market based on the mode of transaction?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the Latin America mobile payment market and who are the key players?
What is the degree of competition in the industry?