Market Overview:

The United States mobile payment market size reached US$ 387 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,547 Billion by 2027, exhibiting a growth rate (CAGR) of 25.68% during 2022-2027.

Mobile payment refers to a process wherein a smartphone is utilized to initiate, confirm and authorize financial value in exchange for goods and services. As it is more secure, convenient and easy to use compared to other forms of payment, its demand is escalating in the United States. At present, key players in the country are combining advanced technologies, such as wearables, biometrics and blockchain, with mobile payment solutions to improve security.

The well-established e-commerce sector, along with the increasing reliance on the internet, is escalating the demand for mobile payment solutions in the US. Apart from this, mobile payment services can be easily integrated with loyalty and incentive programs, which is contributing to the market growth. Furthermore, these solutions are gaining traction in the healthcare industry to ensure easy payment of medical bills in the country. Additionally, market players are introducing smart payment programs that include the overall costs of healthcare services. Moreover, the thriving travel and tourism sector is creating opportunities for these players to introduce innovative mobile payment options. Besides this, the mass spread of the coronavirus disease (COVID-19) and the consequently rising utilization of contactless payments are positively influencing the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the United States mobile payment market report, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on 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 Region:

• Northeast
• Midwest
• South
• West
   

Competitive Landscape:

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

Report Coverage:

Key Questions Answered in This Report:

• How has the United States 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 United States 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 United States mobile payment market and who are the key players?
• What is the degree of competition in the industry?