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United States Mobile Payment Market to Reach US$ 1,547 Billion by 2027, Impelled by Expanding E-commerce Industry

Published on Nov 23, 2022

The latest report by IMARC Group, titled “United States Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the United States mobile payment market size reached US$ 387 Billion in 2021. Mobile payment, also called m-payment, refers to an automated e-payment method that uses mobile devices to initiate, confirm and authorize financial value in exchange for goods and services. It is more secure, convenient, and easy to use compared to other forms of payment and is performed under the financial supervision of regulatory bodies and facilitated by the availability of point-of-sale (POS) terminals. At present, key players are combining advanced technologies, such as wearables, biometrics, and blockchain, with mobile payment solutions, which are escalating their demand across the country.

United States Mobile Payment Market Trends:

The market is primarily driven by the expanding e-commerce sector and the growing reliance on the internet. In addition, mobile payment services are easily integrated with loyalty and incentive programs, which represents another major growth-inducing factor.  Besides this, mobile payments are widely adopted in the healthcare industry to ensure easy payment of medical bills. This, coupled with the introduction of smart payment programs that include the overall costs of healthcare services, is positively influencing market growth. Moreover, the expanding travel and tourism sector is also accelerating the product adoption rate. Furthermore, the sudden outbreak of the coronavirus disease (COVID-19) and the consequent utilization of contactless payments, the launch of numerous incentive programs, discount coupons, and cashback offers by key players, and the integration of biometric authentication methods with mobile payment applications are some of the other factors creating a favorable market outlook across the country. Looking forward, IMARC Group expects the market value to reach US$ 1,547 Billion by 2027, exhibiting a CAGR of 25.68% during 2022-2027. 

Market Summary:

  • Based on the mode of transaction, the market has been segmented into WAP, NFC, SMS, USSD, and others.
  • On the basis of the application, the market has been classified into entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others.
  • On the geographical front, the market has been divided into Northeast, Midwest, South, and West
  • The competitive landscape of the market has been examined in the report, with detailed profiles of the key players operating in the industry.
     

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