Mobile Payments Market 2019
A new report added to the online inventory of Wise Guys Reports (WGR) reveals that the global mobile payments market is set to increase at a compound annual growth rate (CAGR) of 32% between 2017 and 2023. The global mobile payments market projected to reach at USD 3,300 Billion by 2023.
Mobile payments market is expected to witness higher growth in today’s market. Mobile payments are basically cashless medium for the day-to-day transactions and are used by most of the people across the world. An immediate cashless payment by using smartphones is one of the most important benefits of mobile payments which is thus increasing its market size.
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Also, advancement in technology like near field communications (NFC) is making mobile payments more popular. NFC feature allows the users to establish a connection between two electronic devices such as smartphones by bringing them closer to each other.
The cost benefits offered by mobile payments are also viewed as a prominent market driver. They are the easiest and safest way of transactions; mobile payments are extremely secure and most of the mobile payment applications are tokenized which means no information related to customer’s credit card is stored or sent somewhere else.
Global Mobile Payments Market: Segmental Analysis
The segmental analysis of the market has been conducted based on type, application and region.
Some of the companies that are covered in the report include
CardPayment Solutions (US),
PayPal (US) etc.
By type, the market has been segmented into NFC Technology, Smartphone App and others.
Based on application, the market has been divided into Cash On Delivery, Instant Payment and others.
Global Mobile Payments Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Rest of the World (RoW). In North America, countries such as the U.S. and Canada are covered. In Europe, countries such as the UK and Germany are covered. In APAC, countries such as Japan, China and India are covered. In Latin America, countries such as Brazil and Mexico are covered. In terms of revenue, North America holds a significant share of the global mobile payments market. Enhanced technology and rising trend of online shopping in the region are some of the factors growing the market in North America. APAC region also emerges as an attractive market for mobile payments. Growing awareness of mobile banking and mobile wallets is driving the market share in Asia Pacific in addition to improved technologies like NFC and wearable devices which are partly responsible for the growth. Due to much technological advancement, Europe will also dominate the mobile payments market during the forecasted period.
The rise in demand for easy and hassle-free purchase of goods and services have resulted in increased preference of customers toward digital and cashless payments which results in expansion of global mobile payments market.
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