The global mobile payment market size is expected to hit USD 8.94 trillion by 2027 while exhibiting an impressive CAGR of 29.0% between 2020 and 2027. This is ascribable to factors such as increasing population that are facilitating the high adoption of mobile phones along with technological advancement in the mobile wallet solutions across the globe. Fortune Business Insights, publishes this information in its latest report, titled “Mobile Payment Market Size, Share & Covid-19 Impact Analysis, By Payment Type (Proximity Payment, Remote Payment), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2020-2027.” The report further mentions that the market was worth USD 1.18 trillion in 2019 and is anticipated to witness growth during the forecast period.
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Mobile payment is defined as that type of monetary transaction that involves electronic devices such as smartphones and tablets. This technology is used to transfer money from one device to another within no time by using mobile wallet options across the globe. According to a report by the Reserve Bank of India, the numbers of digital transactions are expected to rise around four times by 2021. Easy availability of banking services at the tap of the button along with safety and convenience factor is propelling the demand for this type of payment solutions globally.
List of the Companies Operating in the Market:
- com Co Ltd. (China)
- com, Inc. (US)
- American Express Co. (US)
- Boku Inc. (US)
- Google Inc. (US)
- MasterCard International Inc. (US)
- Obopay (US)
- Fidelity National Information Services, Inc.(FIS Global) (US)
- PayPal, Inc. (US)
- Visa, Inc. (US)
Integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2025. Additionally, the rising adoption of e-financial services is expected to boost the global market.
Among all the regions, the market in Asia-Pacific is expected to register the highest global market revenue during the forecast period. This is attributable to factors such as large population in the region that is driving the demand for mobile devices. Countries such as India, Japan, and China are driving the demand for high adoption of mobile devices and technology in the region. Additionally, in countries such as India, the government is promoting digitalization that will bode well for the market growth in the region. North America, on the other hand, is expected to witness significant growth for the market in the forthcoming years. The market was worth USD 297.88 billion in 2019 and is likely to rise owing to a well-developed mobile payment services in countries such as the USA.
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