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The global mobile payment market was valued at US$ 1,786 Billion in 2021.
We expect the global mobile payment market to exhibit a CAGR of 22.13% during 2022-2027.
The growing consumer awareness towards hassle-free transactions, secured payment gateways, and
easy mobility offered by mobile payment solutions, is primarily catalyzing the global mobile payment
The sudden outbreak of the COVID-19 pandemic has led to the rising consumer shift from conventional
cash-based transaction methods towards digital payment solutions for mitigating the risk of disease
transmission upon human interaction.
Based on the mode of transaction, the global mobile payment market has been bifurcated into WAP
(Wireless Application Protocol), NFC (Near field communications), SMS (Short Message Service), USSD
(Unstructured Supplementary Service Data), and others. Among these, WAP (Wireless Application
Protocol) holds the largest market share.
Based on the application, the global mobile payment market can be categorized into entertainment,
energy and utilities, healthcare, retail, hospitality and transportation, and others. Currently, the retail
sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into Asia Pacific, North America, Europe, Middle East
and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global mobile payment market include FIS, Gemalto (Thales Group),
MasterCard, Alipay (Ant Group), Visa, Apple, Google, Samsung Electronics, Bharti Airtel, American
Express, Bank of America, Citrus Payment Solutions, LevelUp (Grubhub Inc.), MobiKwik, One97
Communication, Orange, Oxigen, Square, Venmo (PayPal, Inc.), and ZipCash Card Services.
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