Mobile Payment Market Size and Forecast 2022-2032

1. Mobile Payment Market Size and Forecast 2022- 2032 Mobile payment technology refers to the transfer of money for a product or service through a portable electronic device such as a cell phone and tablet. It is used to send money to shopkeepers, family members and friends with applications like Google Pay, PhonePe, Paytm, PayPal and Venmo. The technology enables payment information encryption during transmission, the most obvious advantage of mobile payments is the elimination of physical wallets, saves the effort of maintaining change, the wallet is protected from thieves. Mobile payments offer additional privacy and security benefits compared to physical cards. Mobile payments are divided into two types on the basis of payment mode i.e. proximity payment and remote payment. The various technologies used in mobile payments are NFC, QR code, WAP and card-based, digital wallet, banking app-based, SMS-based/DCB and others. It is used in applications such as BFSI, Retail, Healthcare, Entertainment, IT & Telecom, Energy & Utilities, Hospitality & Tourism, and others. Market Overview: Mobile payments demand is expected to achieve a market value of US$42 Bn in 2022 and register a staggering double digit CAGR of 30% by accumulating a market value of US$590 Bn through the assessment period 2022-2032. have hope. Report Attributes Details Market Size Value in 2022 US$ 42 Bn Project Market Forecast Value in 2032 US$ 590 Bn Global Growth Rate (2022-2032) 30% Market Share of Asia Pacific 35% Key Companies Profiled Google (Alphabet Inc.) Samsung Electronics Co. Ltd. Visa Inc. Alibaba Group Holdings Limited PayPal Holdings Inc. WeChat (Tencent Holdings Limited) American Express Company M Pesa Money Gram International Amazon.com Inc. Apple Inc. Rise in m-commerce industry and increase in the penetration of smartphones across the globe is driving the dependency on mobile payments. Furthermore, online shopping of various goods along with businesses using mobile payments is bolstering the demand for mobile payments. Get Download Sample Report @ https://www.factmr.com/connectus/sample?flag=S&rep_id=7150

2. Competitive Landscape: • In January 2022, PayPal Holdings Inc. Launched gift wrapping facility with the help of Venmo. This feature helps in gifting money to friends and family. The company is focusing on attracting consumers to digital payments. • In 2018, Visa Inc. partnered with Allianz partners and launched "Allianz Prime" – a mobile payment and loyalty app. The company is focusing on providing its users with fast, secure and easy payment options. COVID-19 impact: Mobile Payment Market The coronavirus COVID-19 has had a profound impact on the global economy and individuals. It has significantly changed the way consumers and businesses conduct transactions and methods. People are becoming apprehensive about using cash while shopping in public places. This has resulted in an unprecedented increase in the demand for contactless payment systems such as mobile wallets, NFC, QR codes and others. The World Health Organization (WHO) suggested that people around the world use contactless payment methods in March 2020. This has contributed to the rise in mobile payment transactions as well as contactless payment mechanisms such as tap to pay using QR codes, near field payments NFC. and carrier billing payments, among others. The COVID-19 pandemic had a favorable impact on the development of the market. The rise in health concerns as a result of COVID-19 is also affecting consumer shopping habits. The pandemic has increased consumer preference for contactless payments to reduce the number of touches at the time of a transaction. According to data from EastWestBank, the use of contactless payments in the United States increased by 150 percent in 2020 compared to 2019. In addition, 87 percent of consumers preferred to make in-store purchases using contactless payment options. Scope of report: Instead of paying by cash, check or credit card, Mobile Payments automates the payment system. Smartphone technology improvements have enabled on-the-go fund transfer and POS at retail terminals. Different types of mobile payments are used for a variety of tasks, such as ordering takeout food, purchasing cinema tickets, and upgrading smartphone games, across a wide range of end-user industries. The study also discusses the factors that will affect the future position of the mobile payments market in the projected period. Research includes in-depth investigation of value chain analysis, trade execution and supply chain analysis in regional markets. This comprehensive research report has been strengthened with a list of key players operating in the mobile payments industry, their product portfolio, key strategies and SWOT analysis. Full Report Visit here https://www.factmr.com/report/mobile-payment-market Contact Info: US Sales Office 11140 Rockville Pike Suite 400 Rockville, MD 20852 United States Tel: +1 (628) 251-1583 E: sales@factmr.com