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Consumer Mobile Payments Market Trends 2024-2033
Consumer Mobile Payments Market Trends
As per the report, the consumer mobile payment market size has grown exponentially in recent years. It will grow from $63.01 billion in 2023 to $82 billion in 2024 at a compound annual growth rate (CAGR) of 30.1%. The consumer mobile payment market size is expected to see exponential growth in the next few years. It will grow to $236.53 billion in 2028 at a compound annual growth rate (CAGR) of 30.3%.
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Contactless Payment Surge Fuels Consumer Mobile Payment Market Growth
The surge in the penetration of contactless payments is expected to drive the growth of the consumer mobile payment market going forward. Contactless payment is a secure transaction method where users can tap or wave their card, smartphone, or wearable device near a compatible terminal to purchase without physically swiping or inserting the card. Contactless payment adoption offers convenience, security, and improved consumer experiences, making it a valuable trend in modern payment systems. The surge in contactless payment penetration enhances convenience and safety, driving growth in the consumer mobile payment market by encouraging the adoption of mobile payment platforms and accelerating the shift towards cashless transactions. For instance, in September 2023, according to reports published by the Consumer Financial Protection Bureau (CFPB), a US-based independent agency of the United States government, U.S. consumers spent $65.2 billion at stores using Google Pay in 2022, which is an increase from $24.8 billion in 2021. Therefore, the surge in the penetration of contactless payment is driving the growth of the consumer mobile payment market.
Tech Innovations Transforming Consumer Mobile Payments
Major companies operating in the consumer mobile payment market are focused on adopting advanced payment solutions such as microPay, to simplify digital payments. A micropayment is a small financial transaction, typically less than a dollar, conducted online for various goods or services such as online purchases, freelance work, or digital content. For instance, in March 2023, Axis Bank Ltd., an India-based multinational banking and financial services company, launched MicroPay, a Pin on Mobile' technology for accepting digital payments. It converts a merchant's smartphone into a point-of-sale (POS) terminal to simplify digital payments. It offers them a cost-effective means to accept payments through card, UPI, BQR code, etc., while maintaining the highest security standards.
The consumer mobile payment market covered in this report is segmented -
1) By Mode of Payment: Remote, Proximity
2) By Technology: Near Field Communication (NFC), Direct Mobile Billing, Mobile Web Payment, Short Message Services, Interactive Voice Response System, Mobile App, Other Technologies
3) By End-User Industry: Retail, Hospitality And Tourism, Information Technology And Telecommunication, Banking, Financial Services, and Insurance (BFSI), Media And Entertainment, Healthcare, Airline, Other End Users
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Major companies operating in the consumer mobile payment market are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Electronics Co. Ltd., Alibaba Group Holdings Limited, American Express Company, Visa Inc., PayPal Holdings Inc., MasterCard Incorporated, Thales Group, Fiserv Inc., Square Inc., Bharti Airtel Ltd., Fidelity National Information Services Inc., Orange Polska SA, Grubhub Inc., Jack Henry & Associates Inc., Block Inc., ACI Worldwide Inc., Money Gram International Inc., Dawood Hercules Corporation Limited, Oxigen S.ervices Pvt. Ltd., Mobikwik Systems Ltd., ZipCash Card Services Pvt. Ltd., Vodafone M-pesa Limited, One97 Communication India Ltd., Citrus Payment Solutions Pvt. Ltd
Contents of the report:
1. Executive Summary
2. Consumer Mobile Payment Market Report Structure
3. Consumer Mobile Payment Market Trends And Strategies
4. Consumer Mobile Payment Market - Macro Economic Scenario
5. Consumer Mobile Payment Market Size And Growth
…..
27. Consumer Mobile Payment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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