The global mobile payments market size was USD 6.0 Trillion in 2022 and is expected to register a revenue CAGR of 20% over the forecast period, according to the latest report by Reports and Data.
The market is experiencing revenue growth due to the rapid advancement of digitization and the increasing utilization of mobile devices. Traditional payment methods are being gradually replaced by mobile payment alternatives as a result of the growing favorability of these payment modes. Consequently, payment processors, banks, and technology firms are among the growing numbers of competitors vying for market share and driving market revenue growth.
In addition, the popularity of mobile wallets, which are secure and easy to use, is fueling the mobile payments market’s revenue growth. Customers may complete purchases without using physical credit or debit cards by saving their payment information securely on their mobile devices thanks to mobile wallets. The availability of loyalty programs, special deals, and cashback promotions, which entice users to utilize mobile payment solutions, also plays a role in the growth of mobile wallet usage.
Another driver boosting the mobile payments market’s revenue growth is the need for mobile point-of-sale (mPOS) systems, which enable companies to accept mobile payments. The growing adoption of mPOS devices is being driven by the need for ease in financial transactions and the availability of inexpensive, user-friendly equipment. Another reason influencing the deployment of mPOS devices is the growing popularity of mobile-based companies like food delivery and ride-hailing services.
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- Popularity of Mobile Wallets: Mobile wallets offer a safe and simple way for customers to conduct transactions without using physical payment cards. By securely storing payment information on mobile devices, customers can make payments easily. The rising popularity of mobile wallets contributes to the growth of the mobile payments market.
- Loyalty Programs and Incentives: Mobile wallets often provide access to loyalty programs, discounts, and cashback offers, which incentivize customers to use mobile payment solutions. These benefits encourage users to adopt mobile wallets, leading to increased usage and revenue growth.
- Demand for Mobile Point-of-Sale (mPOS) Systems: The growing demand for convenient financial transactions has boosted the use of mobile point-of-sale systems. These systems enable businesses to accept mobile payments, providing flexibility and convenience to both merchants and customers. The availability of affordable and user-friendly mPOS devices further drives their adoption, contributing to the revenue growth of the mobile payments market.
- Rise of Mobile-Based Businesses: The increasing popularity of mobile-based businesses such as food delivery and ride-hailing services has created a greater need for mobile payment solutions. These businesses heavily rely on mPOS systems to facilitate quick and secure transactions, driving the growth of the mobile payments market.
- Quick and Secure Payment Options: Mobile payment solutions incorporate advanced security technologies like biometric authentication and tokenization to ensure secure transactions. These features instill confidence in users and enhance the trustworthiness of mobile payments. Additionally, mobile payments offer quick and convenient transaction processes, further fueling the revenue growth of the market.
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global mobile payments market due to the convenience it offers to consumers and merchants alike. The different types of proximity payment methods each have their own strengths and will likely continue to coexist and cater to different user preferences and needs.
- Apple Inc.
- Google LLC
- Samsung Electronics Co. Ltd.
- Alipay (Ant Group Co. Ltd.)
- Tencent Holdings Limited
- PayPal Holdings, Inc.
- Square, Inc.
- Visa Inc.
- Mastercard Incorporated
- American Express Company
Global Mobile Payments market segmentation:
By Type Outlook
- Proximity Payment
- Remote Payment
By Mode of Transaction Outlook
- Short Message Service (SMS)
- Near Field Communication (NFC)
- Wireless Application Protocol (WAP)
By Application Outlook
- North America
- Rest of EU
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Overall, the mobile payments market is poised for significant growth in the coming years, driven by changing consumer preferences and the increasing adoption of mobile devices and digital wallets. Companies that are able to innovate and address the challenges facing the market are likely to see success and capture a share of the growing market revenue.
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