Mobile Payment Market Size Is Anticipated To Reach USD 587.52 Billion By 2030


 San Francisco, 26 May 2022: The Report Mobile Payment Market Size, Share & Trends Analysis Report By Technology (Near Field Communication, Direct Mobile Billing), By Payment Type (B2B, B2C, B2G), By Location, By End Use, By Region, And Segment Forecasts, 2022 - 2030

The global mobile payment market size is expected to reach USD 587.52 billion by 2030, expanding at a CAGR of 35.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing shift toward contactless payment amid the COVID-19 pandemic. Moreover, the increasing popularity of the e-commerce industry across the globe is expected to accelerate the adoption of mobile payment over the forecast period.

The traditional payment market is witnessing a technological transformation, which is primarily disrupting legacy business models. The market for mobile payment is expected to revolutionize how customers make payments as it merges technological innovations such as biometrics, wearables, and blockchain technology. The market is expected to witness momentous shifts and provide unprecedented opportunities to the new and existing players.

The increasing popularity of smartphones and the developments in the security and technology spaces, coupled with the constantly changing preferences of the younger generation, have made mobile payments one of the most preferred payment options. Customers are increasingly using mobile wallets to make in-store payments and online purchases. Mobile wallets facilitate speedy, hassle-free, and secure payments for the purchase of goods and services. Moreover, these wallets are economical, reduce fraud, and help lower payment processing time.

The outbreak of the COVID-19 pandemic is expected to positively impact the growth of the market over the forecast period. The COVID-19 pandemic has significantly influenced people’s daily lives and their buying behavior. The increasing demand for contactless mobile payments in retail shops such as drug and grocery stores to help reduce the chances of virus transmission is expected to drive the market growth over the forecast period.

Access Research Report of Mobile Payment Market @ https://www.grandviewresearch.com/industry-analysis/mobile-payments-industry

Mobile Payment Market Report Highlights

  • The near field communication segment is anticipated to expand at the highest CAGR over the forecast period owing to the growing preference for NFC-based payment solutions among merchants and customers. Moreover, NFC-based mobile payments are easy and convenient to use
  • The B2C segment is anticipated to register the highest CAGR from 2022 to 2030 owing to the growing use of mobile payments for making personal payments. B2C mobile payment applications offer seamless online payment experiences to customers
  • The proximity payment segment is expected to witness the fastest CAGR over the forecast period owing to the rising adoption of payment solutions based on NFC, Wi-Fi, and Bluetooth connectivity. Furthermore, proximity payment offers benefits such as increased security and speed
  • The retail & e-commerce segment is expected to emerge as the fastest-growing segment over the forecast period owing to the increasing partnerships between mobile payment providers and retailers. According to the Worldpay Report 2021, 44.5% of e-commerce transactions were made using digital wallets in 2020.
  • North America accounted for the largest market share in 2021. The region is characterized by the presence of several technology providers and hence, provides immense opportunities for the adoption of mobile payments. The increasing number of mobile proximity payment users in the U.S. is expected to propel regional market growth over the forecast period

List of Key Players in the Mobile Payment Market

  • Google (Alphabet Inc.)
  • Alibaba Group Holdings Limited
  • com Inc.
  • Apple Inc.
  • American Express Company
  • M Pesa
  • Money Gram International
  • PayPal Holdings Inc.
  • Samsung Electronics Co. Ltd.
  • Visa Inc.
  • WeChat (Tencent Holdings Limited)

Access Press Release of Mobile Payment Market @ https://www.grandviewresearch.com/press-release/global-mobile-payment-market

 

Comments

Post a Comment

Popular posts from this blog

Asia Pacific PoC Diagnostics Market Growth Opportunities, Industry Analysis And Forecast: Grand View Research Inc.

Image
San Francisco, 18 March 2020 :  The Report   Asia Pacific PoC Diagnostics Market  Analysis And Segment Forecasts To 2020 The Asia Pacific point of care (PoC) diagnostics market is expected to reach USD 5,427.1 million by 2020, according to a new study by Grand View Research, Inc. Growing base of geriatric population and the ability to render immediate results and improve patient care coupled with rising market penetration of PACS (picture archiving and communication systems) and EMR (electronic medical records) are expected to drive demand over the next six years. Skilled staff shortages, especially pertaining to the field of diagnostics are also expected to accelerate the market penetration rates of PoC products, by expediting lab automation processes. Rising demand for home healthcare and other healthcare establishments catering to the elderly population and initiatives undertaken by governments to shorten hospital stays by establishing out-patient care models are also expect
Read more

U.K. Point Of Sale Software Market To Expand Industry Growth At USD 1.05 Billion By 2028

Image
  San Francisco, 21 Jan 2022:   The Report  U.K. Point Of Sale Software Market  Size, Share & Trends Analysis Report By Application (Fixed POS, Mobile POS), By Deployment, By Organization Size, By End-user, And Segment Forecasts, 2021 - 2028 The global U.K. point of sale software market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein retail stores, restaurants, and hot
Read more