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).
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:
Breakup by Application:
Breakup by Country:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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