Mobile Payment Market Analysis, Share, Size, Trends and Industry Statistics 2023-2028

The latest report published by IMARC Group, titled "Mobile Payment Market Report by Mode of Transaction, Application and Region 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

How Big is the Mobile Payment Market?

The global mobile payment market size reached US$ 2,127.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6,132.5 Billion by 2028, exhibiting a growth rate (CAGR) of 19.6% during 2023-2028.

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Mobile Payment Market Trends:

The widespread adoption of smartphones globally is creating a ready user base for mobile payment solutions. As more people own smartphones, the potential user base for mobile payment apps expands. Mobile payments offer unparalleled convenience. Users can make payments, transfer funds, and manage their finances on the go, eliminating the need for physical cash or cards. Transactions are also completed quickly, which enhances the overall payment experience. Mobile payment platforms are investing heavily in security measures, including biometric authentication (like fingerprint or facial recognition), tokenization, and encryption. These features instill confidence in users and reduce the risk of fraud. The rise of digital wallets, such as Apple Pay, Google Pay, and Samsung Pay, is making mobile payments accessible to a broad audience. These wallets often integrate seamlessly with users' existing payment methods and are widely accepted by merchants. The growth of online shopping, spurred by the expansion of e-commerce platforms, is fueling the demand for mobile payments.

Key Market Segmentation:

The report has segmented the global mobile payment market based on mode of transaction, application and region.

Breakup by Mode of Transaction:

• WAP (Wireless Application Protocol)
• NFC (Near field communications)
• SMS (Short Message Service)
• USSD (Unstructured Supplementary Service Data)
• Others

Breakup by Application:

• Entertainment
• Energy and Utilities
• Healthcare
• Retail
• Hospitality and Transportation
• Others

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape with Key Players:

The competitive landscape of the mobile payment market has been studied in the report with the detailed profiles of the key players.

• FIS
• Gemalto (Thales Group)
• MasterCard
• Alipay (Ant Group)
• Visa
• Apple
• Google
• Samsung Electronics
• Bharti Airtel
• American Express
• Bank of America
• Citrus Payment Solutions
• LevelUp (Grubhub Inc.)
• MobiKwik
• One97 Communication
• Orange
• Oxigen
• Square
• Venmo (PayPal, Inc.)
• ZipCash Card Services

Ask Analyst for 10% Free Customized Report: https://www.imarcgroup.com/request?type=report&id=1106&flag=C

Industry Definition and Application:

Mobile payment, often referred to as mobile wallet or mobile money, is a digital financial transaction method that enables individuals to make payments using their mobile devices, such as smartphones or tablets, instead of traditional cash or physical payment methods like credit cards or checks. Mobile payment systems typically work through dedicated mobile apps or integrated features within existing banking apps. Users link their mobile wallets to their bank accounts, and credit cards, or load money into the wallet itself. Users download a mobile payment app and link it to their preferred payment method. To make a purchase, users simply open the app, select the recipient or merchant, and enter the payment amount. Users confirm the payment with their preferred authentication method, such as a PIN, biometric data (like fingerprints or facial recognition), or a one-time password (OTP). Once the transaction is authorized, both the payer and payee receive notifications confirming the payment.

Key Highlights of The Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

This release was published on openPR.