According to IMARC Group’s recently published report titled “Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market reached a value of US$ 1,146 Billion in 2019. Looking forward, the market is expected to witness strong growth during the forecast period (2020-2025).
Also known as m-payment, mobile payment is the most popular e-payment method, which is widely utilized for initiating and transferring funds via a mobile device with internet connectivity. The payment is facilitated by the availability of point-of-sale (POS) terminals, which aid in processing transactions by employing nearfield communications.
A mobile payment provides convenience and offers improved security features to users as the merchant and mobile payment service provider shares responsibilities for safeguarding users’ data.
Mobile Payment Market Trends:
There is an increase in mobile payment transactions on account of the boosting sales of smartphones, easy availability of high-speed cellular networks and the flourishing e-commerce industry. Moreover, several vendors are offering discount coupons on m-commerce platforms to expand their consumer base. Some of the leading players operating in the industry are also developing applications that enable users to make payments through a QR code.
Furthermore, governments of various economies are undertaking initiatives to encourage the adoption of digital payments, which is anticipated to offer lucrative opportunities to the mobile payment market in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Mobile Payment Market 2020-2025 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the major players operating in the industry include FIS (NYSE: FIS), Gemalto, MasterCard (NYSE: MA), PayPal (NASDAQ: PYPL), Alipay, Visa, Apple (NASDAQ: AAPL), Google, Samsung Electronics, Bharti Airtel, American Express, Bank of America, Citrus Payment Solutions, LevelUp, MobiKwik, One97 Communication, Orange, Oxigen, Square, Venmo and ZipCash Card Services.
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The report has segmented the market on the basis of Mode of Transaction, Application, and Region.
Market Breakup by Mode of Transaction
Market Breakup by Application
Energy and Utilities
Hospitality and Transportation
Market Breakup by Region
Middle East and Africa
View Report TOC, Figures and Tables: https://www.imarcgroup.com/mobile-payment-market
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