Skip to main content

NETWORKING Demand For Mobile Payments Is Likely To Garner A Market Value Of US$ 42 Bn In 2023

 The mobile payment market is the rapidly-growing segment of the electronic payment industry that allows consumers to make payments for goods and services through their mobile device, such as a smartphone, tablet, or smartwatch. Mobile payments have become increasingly popular as they offer convenience, speed, and security to users.

The mobile payment market is expected to reach $3,073 billion by 2027, growing at a CAGR of 28.9% during the forecast period. This growth is attributed to the increasing adoption of mobile payments by consumers and businesses, as well as the availability of advanced technologies, such as near-field communication (NFC), contactless payments, and secure sockets layer (SSL), among others.

The different types of mobile payments include app-based payments, SMS payments, contactless payments, and web payments. App-based payments are the most commonly used type of mobile payment. This type of payment enables users to make payments directly from their mobile device using an app. These payments are typically made through a third-party payment provider, such as Apple Pay, Google Pay, or PayPal.

SMS payments are also commonly used for mobile payments. This type of payment enables users to make payments directly from their mobile device

 

Trends of Mobile Payment Industry

  • Increased Adoption: Mobile payments are becoming increasingly popular as more consumers and businesses are embracing mobile payments for their convenience.
  • Security Enhancements: Security has been a major concern in the industry, and companies are developing more advanced security measures to ensure the safety of mobile payments.
  • Expansion into Alternative Markets: Mobile payments are expanding into other markets such as healthcare, transportation, entertainment, and retail.
  • Growth of Mobile Wallets: Mobile wallets are becoming increasingly popular as they offer a secure and convenient way to make payments.
  • Rise of Contactless Payments: Contactless payments are becoming more prevalent as they provide users with a more convenient way to pay.
  • Growth of Peer-to-Peer Payments: Peer-to-peer payments are becoming more popular as users can easily transfer money from one person to another.
  • Increased Use of Wearable Devices: Wearable devices are becoming more popular and are being used for contactless payments.
  • Emergence of Blockchain Technology: Blockchain technology is being used in the mobile payments industry for enhanced security and transparency.

 

What Drive the Mobile Payment Industry?

  • Increasing Penetration of Smartphones: Smartphones have become ubiquitous and are now owned by the majority of people across the world. This has enabled individuals to make payments wherever they are, and whenever they want, with the help of their mobile phones.
  • Growing Online Shopping: The growth of online shopping has made mobile payments even more popular and convenient. With the ability to pay for items quickly and securely on the go, consumers are increasingly turning to mobile payments for their online shopping needs.
  • Growing Adoption of Contactless Payments: Contactless payments are becoming increasingly popular due to their convenience, security and speed. The use of NFC technology to enable contactless payments has made it even easier for consumers to pay for goods and services.
  • Growing Digital Ecosystem: The growth of digital ecosystems, including services such as Apple Pay, Google Pay, PayPal, and Venmo, has made it easier for consumers to use mobile payments. These digital ecosystems offer a seamless and secure payment experience, making it easy for users to pay for goods and services with their mobile devices.
  • Government Initiatives: Governments are increasingly supporting the mobile payment industry by offering incentives and subsidies to help businesses adopt mobile payment solutions. This is helping

Get More Insights: https://www.factmr.com/report/mobile-payment-market

Comments

Post a Comment

Popular posts from this blog

Global Artificial Intelligence (AI) Chips Market - Segment Analysis, Opportunity Assessment, Competitive Intelligence, Industry Outlook 2016-2023

 The global  Artificial Intelligence (AI) Chips Market  is expected to grow at a CAGR of 44.6% during the forecast period. An Artificial Intelligence (ARTIFICIAL INTELLIGENCE (AI)) chip is a chip designed to perform Artificial Intelligence (AI) tasks using the technologies related to Artificial Intelligence (AI). With the rise in quantum computation and the need for solving mathematical and computational problems in organizations, the use of Artificial Intelligence (AI) chips is increasing. There are large volumes of data generated due to digitization and the integration of technologies. Monitoring and analysis of such huge data is difficult and can be simplified by making the use of Artificial Intelligence (AI) chips. Moreover, data centres have multiple central processing units that consume high energy and do not provide the accuracy and efficiency. The use of Artificial Intelligence (AI) chips in data centres helps in improving efficiency and accuracy, and it also redu...
Post a Comment
Read more

Does inflation affect Share Market?

 does Inflation affects the      Stock Market?  What is stock market and stock exchange? “Stock market is a place where people who want to invest their money in stocks come together and perform the buying and selling of such stocks over the stock market.” Trading in stock markets refers to the transfer of securities or stocks between sellers and buyers on an agreed price. The various instruments which can be traded in the stock market are equities, bonds, etc. and the investors could be an individual, large investment companies, banks, pension funds, insurance companies, etc. Trading of these stocks happens in stock exchange with the help of brokers who act as intermediaries between buyers and sellers. NSE and BSE are India’s famous stock exchanges. What is Inflation? Inflation refers to a rise in the prices of goods and services in the economy over a period. It indicates the loss of purchasing power of people in the economy due to expan...
Post a Comment
Read more

Radar Absorbing Materials Coating Industry Is Projected To Reach US$ 80.5 Mn By 2032

  The global Radar Absorbing Materials Coating market is valued at $42.9 million in 2022 and is expected to reach $80.5 million by 2032, increasing at a 6.6% CAGR during the forecast period of 2022-2032. The market for Radar Absorbing Materials Coatings is estimated to approach USD 42.9 million by 2022, owing to increased product demand in aerospace and defence, automotive, military weaponry, and submarines, as well as rising need for UV protection coatings in the automotive industry. Download a Sample Copy of This Report:  https://www.factmr.com/connectus/sample?flag=S&rep_id=7435?PS The growing use of Radar Absorbing Materials Coating in sectors such as aerospace and defence, electronics, and automotive, particularly in countries such as the United States, China, Spain, and Russia, is expected to drive the global Radar Absorbing Materials Coating market. Furthermore, future industrial development will be driven by the increased demand for stealth technologies in the aero...
Post a Comment
Read more