Mobile Payments Market Growing Massively by 2021-2026 Major Players: Google LLC, Samsung Group, Amazon.com Inc., Apple Inc.

Market Insights Reports delivers key insights on the Mobile Payments market in its latest report titled, “Mobile Payments Market - Growth, Trends, COVID-19 Impact, And Forecasts (2021 - 2026)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.

The mobile payments market was valued at USD 1449.56 billion in 2020 and expected to reach USD 5399.6 billion by 2026 and grow at a CAGR of 24.5% over the forecast period (2021 - 2026).

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Top Key Players in the Global Mobile Payments Market: Google LLC, Samsung Group, Amazon.com Inc., Apple Inc., PayPal Inc., MasterCard PLC, Visa Inc., American Express Co., Mahindra ComViva, Orange SA, Tencent Holdings Ltd, Alipay.com Co. Ltd.

- Apr 2019 - Orange is engaged in the digital transformation in Africa and the Middle East, and launched its first Orange Digital Centre in Tunisia.

Key Market Trends

E-commerce to Drive the Mobile Payments Market

- With the increasing number of mobile devices all over the world and high-speed cellular networks, the e-commerce industry is in a booming phase.
- The increasing number of data analysis tools and big data analytics are helping the vendors to customize their offerings increasing the possibility of a sale.
- According to the E-commerce Foundation, more than 25% of the consumers purchase weekly via mobile devices, where most of the purchases being made form retailers app or website.
- With the increasing number of omnichannel vendors all over the world and specifically in Asia-Pacific countries, such as India and China, this scenario is expected to more boost the mobile payments market.
- According to a report by Credit Suisse, the digital payments market in India is currently pegged at USD 200 billion and expected to reach USD 1 trillion by 2023. With the entry of companies like Paytm and Google Pay, the market is becoming quite attractive for other companies to establish their services.
- Moreover, the Digital India campaign led by the government is encouraging people to use the digital service and payments. With a 1.32 billion population, Indian people are slowly transforming and taking interest in digital services that pave the way for the mobile payment market.

Regional Analysis:

The report offers an in-depth assessment of the growth and other aspects of the Mobile Payments market in important countries (regions), including:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Asia-Pacific to Offer New Opportunities in the Mobile Payments Market

- The Asia-Pacific is increasingly becoming popular for the adoption of its electronic payment models. Countries, like India, Japan, China, and Australia, are providing a stable ecosystem for the growth of the mobile payment market.
- In India, the recent demonetization act has brought widespread awareness about other modes of payment other than cash (which is a major medium of the transaction all over the Asia-Pacific).
- According to Visa Inc., the company has crossed more than 20 million contactless cards in 2018 in India. The company also reveals that the contactless payment method and QR transactions make more than 25% of the transactions processed by Visa in India.
- On the other hand, countries like Australia are evolving to be the giants of the mobile payment market. According to Visa Inc., 79% of the transactions carried out in the country are carried out through electronic medium, leaving only 21% of transactions to take place in cash.

This Mobile Payments Market report addresses:

- The Market size from 2016-2021

- Expected market growth until 2026

- Forecast of how market drivers, restraints, and future opportunities will affect

- Segment and regions that will drive or lead the market growth and why

- Comprehensive mapping of the competitive landscape

- In-depth analysis of key sustainability strategies adopted by market place

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Post Covid-19 Analysis:

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