New York, United States, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The Global Mobile Payments Market Size is to Grow from USD 942.3 Billion in 2022 to USD 2983.9 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 12.22% during the projected period.
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Any financial transaction made to purchase a good or service using a portable electronic device—such as a tablet or cell phone is referred to as a mobile payment. Mobile payment technology can also be used to send money to friends and family using apps like Venmo and PayPal. Consumers can use mobile payment apps or their credit card to check out on mobile e-commerce websites. It is much more convenient to use a smartphone or tablet for payment than cash or a credit card because most people have these devices with them at all times. Payment software companies, such as Google Pay, Alipay, Amazon Pay, and others, are using creative strategies to draw in new users and hold onto their current clientele. Scratch cards with a maximum value that can be collected with a few transactions, for instance, are offered by Google Pay. People who have been using the traditional payment method for a number of years are reluctant to adopt new technology. Customers feel more at ease using the usual payment method for significant purchases because of their routines. The widespread use of mobile payment technology is dependent on the existence of a robust and stable telecommunications network. The growth of mobile payments might not be as rapid in places with slow internet or inadequate network coverage.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Mobile Payments Market Size, Share, and COVID-19 Impact Analysis, By Technology (NFC, Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App, Others), By Type (B2B, B2C, and B2G), By Location (Remote, and Proximity), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The mobile web payment segment is anticipated to have the biggest market share for global mobile payment market over the projected period.
The global mobile payments market is divided into segments based on technology: NFC, direct mobile billing, mobile web payment, SMS, interactive voice response systems, mobile apps, and others. The mobile web payment segment is projected to expand at the fastest rate in the global mobile payments market throughout the forecast period. The growing acceptance of m-commerce fosters the segment's growth as well. The mobile web payment platforms' URLs and accurate bookmarking make it easier for users to visit or recommend the website.
The B2B segment is predicted to expand at the fastest rate possible in the global mobile payment market throughout the course of the forecast.
The global mobile payments market is classified into B2B, B2C, and B2G. B2B segment are projected to expand at the fastest rate in the global mobile payments market during the forecast period. This is because there is room for growth, as seen by the large investments that venture capital and investment firms are making in B2B payments. Rupifi, a provider of business-to-business payment applications, raised $25 million in January 2022 through a series-A funding round led by Bessemer Venture Partners and Tiger Global Management, LLC.
The remote segment is anticipated to own the greatest portion of the global mobile payment market throughout the projection period.
The global mobile payments market is divided into remote, and proximity segments based on location. The remote segment is projected to account for the majority share of the global mobile payments market throughout the forecast period. This is because the flexibility to pay and transact at any time and from any location satisfies customers' desire for convenient financial transactions.
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Asia-Pacific is expected to have the biggest market share for global mobile payment market over the estimated period of time.
Asia-Pacific expected to hold the greatest share of the global mobile payments market in the coming years. The increasing number of government initiatives in the Asia Pacific region to implement cashless payment systems is expected to create opportunities for local market growth. Due to the growing use of mobile technology in developing countries, banks and fintech companies now have a new way to provide mobile banking products to underserved and unbanked customers in rural areas.
North America is anticipated to expand at the fastest rate in the global mobile payments market throughout the forecast period. The increase in unmanned retail establishments in the US is another factor driving the acceptability of mobile payments. Due to the growth of the e-commerce industry, mobile payment systems are widely used in North America.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Mobile Payments Market include Google (Alphabet Inc.), Samsung Electronics Co. Ltd., Visa Inc., WeChat (Tencent Holdings Limited), Apple Inc., Alibaba Group Holdings Limited, Amazon.com Inc., American Express Company, M Pesa, Money Gram International, PayPal Holdings Inc., and others.
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Recent Developments
- In January 2023, For Asian tourists visiting mainland China, Alipay.com Co., Ltd. has offered QR code payment options to enable cashless purchases.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Mobile Payments Market based on the below-mentioned segments:
Global Mobile Payments Market, By Technology
- NFC
- Direct Mobile Billing
- Mobile Web Payment
- SMS
- Interactive Voice Response System
- Mobile App
- others
Global Mobile Payments Market, By Type
- B2B
- B2C
- B2G
Global Mobile Payments Market, By Location
- Remote
- Proximity
Global Mobile Payments Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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