According to the latest report by IMARC Group, titled “Latin America Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the Latin America mobile payment market size reached US$ 207.1 Billion in 2022. Mobile payment refers to a financial transaction made through smartphones, tablets, and personal computers (PCs), using various technologies and applications. It allows users to make payments for goods and services conveniently and securely. It employs various security measures, such as encryption and tokenization, to ensure the safety of personal and financial information. It also aids in reducing waiting times as compared to traditional payment methods. It provides real-time transaction notifications to customers, monitors their spending, and identifies any unauthorized activity promptly. Besides this, as it allows users to pay their utility bills, subscriptions, and other recurring expenses through dedicated apps and mobile banking platforms, the demand for mobile payment facility is rising across Latin America.
Latin America Mobile Payment Market Trends:
The launch of technologically advanced smartphones and other connected devices and the availability of high-speed internet connectivity represents one of the key factors driving the market in Latin America. Additionally, the increasing awareness among individuals about the advantages offered by mobile payment services is favoring the market growth in the region. Besides this, these services assist businesses in expanding customer reach, streamlining operations, and enhancing customer engagement. The increasing adoption of mobile payment facilities by companies is also enabling them to cater to tech-savvy consumers who prefer digital transactions. Besides this, it offers additional features like inventory management, loyalty programs, and customer analytics and assists businesses in expanding customer reach, streamlining operations, and enhancing customer engagement. Furthermore, governing agencies in the region are actively supporting digital payment initiatives and implementing regulations that promote financial technology (fintech) innovation. They are also collaborating with mobile payment providers to establish interoperable systems and infrastructure, thereby offering a conducive ecosystem for mobile payments. Looking forward, the market value is projected to reach US$ 721.1 Billion by 2028, expanding at a CAGR of 22.6% during 2023-2028.
- On the basis of the mode of transaction, the market has been segmented into WAP, NFC, SMS, USSD, and others. WAP currently represents the largest market segment.
- Based on the application, the market has been segregated into entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others. At present, retail holds the largest market share.
- Country-wise, the market has been divided into Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others. Amongst these, Brazil enjoys the leading position in the market.
- The competitive landscape of the market has also been examined along with some of the key players operating in the industry.
|Base Year of the Analysis
||Mode of Transaction, Application, Country
||Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others
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