Press release
Consumer Mobile Payments Market Sales to Top US$ 27.8 Bn Value by 2026-End
Consumer Mobile Payments Market 2022
Global Market for Consumer Mobile Payments will Reach US$ 27.8 Bn Value by 2026-End
Persistence Market Research's latest report on the global market for consumer mobile payments projects that the market, which is presently worth over US$ 870 Mn, will register explosive growth at a whopping 41.4% CAGR to procure US$ 27,771.8 Mn revenues by the end of 2026.
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Mobile phones, developed to facilitate telecommunications, have now become wallets for consumers. Digital payments through mobile phones are revolutionized commercial settings across the world. Growing development of m-commerce platforms have also stepped in to promote the adoption of consumer mobile payments.
Such an exponential growth for global consumer mobile payment market is factored by rising proliferation of smartphones and advanced features added to existing payment platforms. The world is flooded with various mobile wallets, and such applications are expected to remain trending in the years to come. Increasing burden on e-commerce platforms is also expected to get divested across m-commerce platforms.
Furthermore, government initiatives prompting adoption of cashless transactions is also stipulated to boost consumer mobile payments. Less time consumed by transactions, and immediate currency conversion serve as key proponents for consumer mobile payments.
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Consumer mobile payments are also being preferred for their convenience in paying for anything, anywhere. Integrated consumer mobile payments are also becoming popular among merhcants. Consumer mobile payments are also becoming more protected through advanced security features.
Nevertheless, security breaches are observed to be top challenge faced by developers of consumer mobile payment applications. The report has outlined leading players in the global consumer mobile payment market, which include ACI Worldwide, Inc., Alphabet Inc., DH Corp, Fidelity National Information Services, Inc., Square, Inc., Fiserv Inc., Jack Henry & Associates Inc., MasterCard Incorporated, PayPal Holdings, Inc., Visa Inc., Apple Inc., and Starbucks Corporation.
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Key Questions Answered in the Consumer Mobile Payments Market Report
How is the Consumer Mobile Payments Market expected to grow over the projected period?
What direction is the Consumer Mobile Payments Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Consumer Mobile Payments Market in future?
What are the key market drivers in the Consumer Mobile Payments Market?
What are significant opportunities and improvement areas for Consumer Mobile Payments Market manufacturers?
What are the key developments and trends taking over the Consumer Mobile Payments Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Consumer Mobile Payments Market?
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