Mobile Payment Market Size & Share ( 2022-27) | Industry Analysis

 

Market Overview:

Over the forecast period, the market for mobile payments is anticipated to grow at a CAGR of 29.5%. (2022–2027). Globally, businesses and services are quickly implementing mobile payment systems like PayPal, Samsung Pay, Apple Pay, AliPay, and WeChat Pay for accepting and transferring payments. This trend is anticipated to persist over the forecast period due to rising internet usage and the rapid expansion of online retailing.

Cash is increasingly being used for small-ticket payments, but for the majority of large-ticket payments, consumers are choosing either card payments, net banking, or mobile payments. A survey by payment processor TSYS of 1,222 consumers found that 54% of respondents preferred using debit cards for payment, 26% preferred using credit cards, and 14% preferred using cash. Accepting mobile payments is now becoming more and more popular, even for modest purchases.

Scope of the Report:

By providing an alternative payment method using a portable electronic device like a mobile or tablet, mobile payments automate payment systems. In addition, mobile payments can be used to make digital fund transfers in place of paying with a check or cash. Applications for mobile payment technology can be found in a variety of end-user sectors, including retail, food, and movie tickets.

The mobile payments market is divided into two categories: geography and payment type (NFC, QR-based, online digital payments, text-based).

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