Global Mobile Payment Market Outlook to 2024: A $3,081 Billion Opportunity – IMARCGroup.com

by IVO Smith Business Analyst

Mobile payment, also known as m-payment, refers to an e-payment method which utilizes mobile devices to authorize, initiate and confirm an exchange of money. These payments are facilitated by the availability of point-of-sale (POS) terminals that process transactions using nearfield communications. Nowadays, mobile payments are gaining popularity as they offer enhanced security features and convenience to users. Moreover, the growing penetration of smartphones and easy access to the internet have encouraged tech-savvy consumers to prefer mobile-based payments. Besides this, many payment networks are collaborating with mobile operators to provide advanced mobile payment solutions, especially in emerging markets.

IMARC Group’s latest market research report, the global mobile payment market reached a value of US$ 881 Billion in 2018.

Market Trends:

Nowadays, many vendors are offering special discount coupons on m-commerce platforms to attract a broader consumer base. Various banks and companies are also providing mobile payment options in their apps to enable immediate transactions from the consumers’ bank accounts. Apart from this, non-bank entities have also introduced pre-payment instruments (PPI) which help in conducting interpersonal transactions.

Additionally, several leading companies have recently developed applications, such as Google Pay and Apple Pay, that allow payments by scanning a unique barcode or QR code displayed on the screen of a smartphone. Moreover, governments of various nations are taking initiatives to promote digital payments which are anticipated to create opportunities in the mobile payment market. Looking forward, the market value is projected to exceed US$ 3,081 Billion by 2024, expanding at a CAGR of 23.2% during the forecast period (2019-2024).

Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/mobile-payment-market

Market Segmentation:

Market Breakup by Mode of Transaction

1. WAP

2. NFC

3. SMS

4. USSD

5. Others

Market Breakup by Application

1. Entertainment

2. Energy and Utilities

3. Healthcare

4. Retail

5. Hospitality and Transportation

6. Others

Market Breakup by Region

1. Asia Pacific

2. North America

3. Europe

4. Middle East and Africa

5. Latin America

Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/mobile-payment-market/requestsample

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