Mobile Payment Revolution: Market Size to Surge to $12.06 Trillion by 2027 with 30.1% CAGR

NEW CASTLE, WILMINGTON, UNITED STATES, May 9, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global mobile payment market was estimated at $1.48 trillion in 2019 and is expected to hit $12.06 trillion by 2027, registering a CAGR of 30.1% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/1778

Increase in penetration of smartphones across the globe and rise in the m-commerce industry in emerging countries are the major factors driving the growth of the mobile payment market. On the other hand, rising data breaches and security issues in mobile payment restrains the growth to some extent. However, growth in usage of NFC, RFID, and host card emulation technology in mobile payment and surge in demand for fast and hassle-free transaction services are projected to create multiple opportunities in the industry.

The main purpose of mobile payment is to eliminate the need to carry cash, credit cards, and debit cards for doing any kind of transaction. In addition, numerous benefits provided by Mobile Payment include, high security, hassle free transaction, faster transaction processing speed and others.

Covid-19 scenario-
High demand for contactless payments in retail shops, during the pandemic, has boosted the global market for mobile payment to a significant extent.
Also, the growing drift of social distancing has propped up the incorporation of electronic payment system among consumers.
The mobile payment market is analyzed across payment type, transaction mode, end user, purchase type, application, and region. Based on payment type, the remote segment accounted for nearly two-thirds of the total market revenue in 2019 and in expected to lead the trail by 2027. The proximity segment, on the other hand, would grow at the fastest CAGR of 31.4% till 2027.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/request-for-customization/1778

Get detailed COVID-19 impact analysis on the Mobile Payment Market
Based on transaction mode, the mobile web payments segment contributed to more than half of the total market share in 2019 and is projected to rule the roost by 2027. Simultaneously, the near field communication segment would portray the fastest CAGR of 33.4% from 2020 to 2027.

Based on region, Asia-Pacific held the major share in 2019, garnering more than half of the global market. The same region would also register the fastest CAGR of 31.2% by 2027. The other regions studied through the report include North America, Europe, and LAMEA.

The key market players analyzed in the global mobile payment market report include Apple Inc., One97 Communications Limited, Google, LLC, PayPal Holdings, Inc., PayU, American express company, Samsung, Visa Inc., Mastercard, and JPMorgan Chase & Co. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.

➡️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.alliedmarketresearch.com/checkout-final/652c00398132e7cf65f36e17ab3e0ad9?utm_source=AMR&utm_medium=research&utm_campaign=P19623

Key Findings Of The Study
By payment type, the remote segment accounted for the highest Mobile Payment market share in 2019.
Region wise, Asia-Pacific generated the highest revenue in 2019.
Based on end user, the personal segment accounted for the highest Mobile Payment market share in 2019.
By purchase type, money transfers & bill payments generated the highest revenue in 2019.

➡️𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞:

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