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The Mobile Payments Market was at US$ 43.11 Billion in 2021 and is growing to approx US$ 587.52 Billion by 2030, with a CAGR of 29.1% between 2022 and 2030.
The Global Mobile Payments Market was estimated at USD 43.11 Billion in 2021 and is anticipated to reach around USD 587.52 Billion by 2030, growing at a CAGR of roughly 29.1% between 2022 and 2030.
” — Custom Market InsightsSANDY, UTAH, UNITED STATES, September 11, 2022 /EINPresswire.com / -- According to the study, The Global Mobile Payments Market was estimated at USD 43.11 Billion in 2021 and is anticipated to reach around USD 587.52 Billion by 2030, growing at a CAGR of roughly 29.1% between 2022 and 2030.
Mobile Payments Market: Overview
The availability of Internet connectivity across developed as well as developing economies is expected to drive market growth. Various organizations across the world are concentrating on providing modes for payment that are compatible with mobile phones or smartphones. This shall provide good opportunities for the growth of the market in the coming years.
The demands for these solutions which assist in making mobile payments are extremely convenient and fast. Various purchasers or consumers around the world have adopted this technology due to the availability of tablets as well as smartphones. The use of this technology for paying for various products and services that are bought from organizations will play an instrumental role in the growth of the mobile payment market during the forecast period. Increased use of e-commerce platforms is another reason why the market is expected to grow in the coming years. There has been an adoption of this technology even in traditional businesses across the globe as consumers seek this option for making payments.
Mobile Payments Market: Growth Drivers
The availability of payment through mobile phones is extremely hassling-free. Features available on the platform will help in the growth of the market in the coming years. Improvisation of the existing technologies will lead to acquiring a larger consumer base. The population across the globe is growing dependent on advanced technology and devices. All of these factors shall play an extremely important role in the growth of the market. Other factors that will be instrumental in the growth of the market our reliability, security and quick services provided by the technology.
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Key Insights:
A) As per the analysis shared by our research analyst, the Mobile Payments Market is estimated to grow annually at a CAGR of around 29.1% over the forecast period (2022-2030).
B) In terms of revenue, the Mobile Payments Market size was valued at around USD 43.11 billion in 2021 and is projected to reach USD 587.52 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) As many businesses had a negative impact due to the outbreak of the COVID-19 pandemic the functioning of these businesses was also affected on a large scale.
D)Rapid digitization in various nations across the globe has increased the adoption of mobile payments. This market is expected to see exponential growth in the coming years due to the increased use of these platforms for many transactions.
E) There are a few limitations to the growth of the market. Increased cases of cyber-attacks on the payment option will hamper the growth of the market in the coming year.
Press Release For Mobile Payments Market:
Regional Landscape
The Asia Pacific region is expected to have the largest market share in the coming year. This region has dominated the mobile payments market in the past with a share of about 34% in terms of revenue. Rapid urbanization and industrialization have changed the lifestyle of the population. Increased use of e-commerce platforms in developing as well as developed nations shall be instrumental in the growth of the market.
The increased use of smartphones in the Asia Pacific region will also help in the growth of the market. Initiatives taken by various governments of the countries in the Asia Pacific region will promote the use of cashless payments in the coming years and it will help in providing better opportunities for growth in this region. There has been an increase in the adoption of the technology in many emerging countries as the banking sector is also engaged in providing solutions on the online platform for consumers to have access to their services.
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Key Players
Money Gram International
PayPal Holdings Inc.
Samsung Electronics Co. Ltd.
Visa Inc.
WeChat (Tencent Holdings Limited)
Google (Alphabet Inc.)
Alibaba Group Holdings Limited
com Inc.
Apple Inc.
American Express Company
M Pesa
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The Mobile Payments Market is segmented as follows:
By Technology Outlook
Near Field Communication
Direct Mobile Billing
Interactive Voice Response System
Mobile Web Payment
SMS
Mobile App
Others
By Payment Type Outlook
B2B
B2C
B2G
Others
By Location Outlook
Remote Payment
Proximity Payment
By Geography
North America
The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa
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