Mobile Payment Market Expected to Reach US$ 3,081 Billion by 2024
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Nowadays, many vendors are offering special discount coupons on m-commerce platforms to attract a broader consumer base. Various banks and companies are also providing mobile payment options in their apps to enable immediate transactions from the consumers’ bank accounts. Apart from this, non-bank entities have also introduced pre-payment instruments (PPI) which help in conducting interpersonal transactions. Additionally, several leading companies have recently developed applications, such as Google Pay and Apple Pay, that allow payments by scanning a unique barcode or QR code displayed on the screen of a smartphone. Moreover, governments of various nations are taking initiatives to promote digital payments which are anticipated to create opportunities in the mobile payment market. Looking forward, the market value is projected to exceed US$ 3,081 Billion by 2024, expanding at a CAGR of 23.2% during the forecast period (2019-2024).
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Global Mobile Payment Market Segmentation:
Market Segmentation by Mode of Transaction:
Based on the mode of transaction, the market has been segmented into WAP (Wireless Application Protocol), NFC (Near field communications), SMS (Short Message Service), USSD (Unstructured Supplementary Service Data) and others. Amongst these, SMS (Short Message Service) represents the most popular mode of transaction.
Market Segmentation by Application:
On the basis of the application, retail is the largest segment, accounting for the majority of the total share. Other major segments include entertainment, energy and utilities, healthcare, hospitality and transportation, and others.
Market Segmentation by Region:
Region-wise, Asia Pacific enjoys the leading position in the global mobile payment market. Asia Pacific is followed by North America, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined with some of the key players being FIS, Gemalto, MasterCard, PayPal, Alipay, Visa, Apple, Google, Samsung Electronics, Bharti Airtel, American Express, Bank of America, Citrus Payment Solutions, LevelUp, MobiKwiK, One97 Communication, Orange, Oxigen, Square, Venmo and ZipCash Card Services.
Mobile Phone Insurance Market: https://www.imarcgroup.com/mobile-phone-insurance-market
Indian Mobile Components Manufacturing and Assembly Market: https://www.imarcgroup.com/indian-mobile-components-manufacturing-assembly-market
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