Global Mobile Payments Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The mobile payment market was valued at USD 43.11 billion in the year 2021 and USD 55.34 billion in the year 2022 it is expected to grow to USD 587.52 billion by the year 2030 growing at a compound annual growth rate of 37.1% during the forecast period. There are many factors that have been instrumental in the growth of the market in recent years. An increase in the adoption of M-commerce and the increased use of smartphones in the developed as well as the developing nations of the world are some of the factors which led to the growth of the market in the past and it shall continue to grow in the coming years.

The availability of Internet connectivity across developed as well as developing economies is expected to drive market growth. Various organizations across the world are concentrating on providing modes for payment that are compatible with mobile phones or smartphones. This shall provide good opportunities for the growth of the market in the coming years.

Get a sample of the report: https://www.custommarketinsights.com/request-for-free-sample/?reportid=17975

The Mobile Payments Market: Overview

The growing demand for cashless payments has played an important role in the growth of the market. After the outbreak of the COVID-19 pandemic, the restrictions and social distancing norms have played instrumental roles in the growth of this industry in the past.

The demands for these solutions which assist in making mobile payments are extremely convenient and fast. Various purchasers or consumers around the world have adopted this technology due to the availability of tablets as well as smartphones.

The use of this technology for paying for various products and services that are bought from organizations will play an instrumental role in the growth of the mobile payment market during the forecast period. Increased use of e-commerce platforms is another reason why the market is expected to grow in the coming years. There has been an adoption of this technology even in traditional businesses across the globe as consumers seek this option for making payments.

The Mobile Payments Market: Growth Factors

Various organizations that deal in payment services are constantly focusing on providing innovative platforms for the business. There has been an increase in competition as service providers are enhancing their services. In order to have a large consumer base and to create a new base of customers these organizations are concentrating on providing payment applications with different strategies.

Directly Purchase a Copy of the Report @ https://www.custommarketinsights.com/report/mobile-payments-market/

Amazon pay and Google Pay is constantly engaging in Activities that will help them gain a larger consumer base. Some of the lucrative offers provided by these service providers are in the form of scratch cards that provides some amount for performing a few transactions through the use of the application.

There are many such strategic decisions taken by the organization in order to have a competitive edge in the market. It helps in improving the loyalty of the consumers over a period of time. Offers like cashback and rewards on various transactions will continue to engage consumers in using these platforms.

The Mobile Payments Market: Recent Developments

a) Amex pay was launched in the year 2021 by American Express in the form of a webpage and a mobile application. This application will be used for various payments and will offer benefits to consumers in the form of rewards and offers.
b) A mobile application and a web page were launched by American Express in the year 2021 for paying taxes. Amex Pay can be used for making payments for cable bills, insurance, Internet bills, and other payments. In order to increase the customer base, promotional offers, and rewards are provided to the consumers.

Press Release For Mobile Payments Market: https://www.custommarketinsights.com/press-releases/mobile-payments-market/

The Mobile Payments Market: Regional Insights

The Asia Pacific region is expected to have the largest market share in the coming year. This region has dominated the mobile payments market in the past with a share of about 34% in terms of revenue. Rapid urbanization and industrialization have changed the lifestyle of the population. Increased use of e-commerce platforms in developing as well as developed nations shall be instrumental in the growth of the market.

The increased use of smartphones in the Asia Pacific region will also help in the growth of the market. Initiatives taken by various governments of the countries in the Asia Pacific region will promote the use of cashless payments in the coming years and it will help in providing better opportunities for growth in this region. There has been an increase in the adoption of the technology in many emerging countries as the banking sector is also engaged in providing solutions on the online platform for consumers to have access to their services.

Enquire for Customization in Report @ https://www.custommarketinsights.com/request-for-customization/?reportid=17975

The Mobile Payments Market: Prominent Players

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

The Mobile Payments Market: Segments

By Technology Outlook

Near Field Communication
Direct Mobile Billing
Interactive Voice Response System
Mobile Web Payment
SMS
Mobile App
Others

By Payment Type Outlook

B2B
B2C
B2G
Others

By Location Outlook

Remote Payment
Proximity Payment

By End-use Outlook

BFSI
Media & Entertainment
Retail & E-commerce
Healthcare
IT & Telecom
Transportation
Others

The Mobile Payments Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

Take a Look at our other Reports:

Global Website Builder Software Market: https://www.custommarketinsights.com/report/website-builder-software/
Global Artificial Intelligence (AI) in Oil and Gas Market: https://www.custommarketinsights.com/report/ai-in-oil-and-gas-market/
Global Smart Eyewear Technology Market: https://www.custommarketinsights.com/report/smart-eyewear-technology-market/
Global Cloud-Based Contact Center Market: https://www.custommarketinsights.com/report/cloud-based-contact-center-market/
Global Data Center Colocation Market: https://www.custommarketinsights.com/report/data-center-colocation-market/

CMI Consulting LLC
1333, 701 Tillery Street Unit 12, Austin, TX, Travis, US, 78702
Sales & Support +1 801 639 9061

Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.

Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.

This release was published on openPR.