Mobile Payment Market Size Worth US$ 3,081Billion by 2024 | CAGR 23.2%

Global Mobile Payment Market Research Report and Forecast 2024

Report Edition: 2019 © 2019 IMARC All Rights Reserved

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Global Mobile Payment Market Overview: IMARC Group’s latest market research report, titled “ Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2 024 ”, finds that the global mobile payment market reached a value of US$ 881 Billion in 2018. Mobile payment, also known as m-payment, refers to an e-payment method which utilizes mobile devices to authorize, initiate and confirm an exchange of money. These payments are facilitated by the availability of point-of-sale (POS) terminals that process transactions using nearfield communications. Nowadays, mobile payments are gaining popularity as they offer enhanced security features and convenience to users. Moreover, the growing penetration of smartphones and easy access to the internet have encouraged tech-savvy consumers to prefer mobile-based payments. Besides this, many payment networks are collaborating with mobile operators to provide advanced mobile payment solutions, especially in emerging markets.

Mobile Payment Market Trends Nowadays, many vendors are offering special discount coupons on m-commerce platforms to attract a broader consumer base. Various banks and companies are also providing mobile payment options in their apps to enable immediate transactions from the consumers’ bank accounts.

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157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

120.2 2011

2012

2013

2014

2015

2016

2017

2018

In Billion US$

In Billion US$

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180 160 140 120 100 80 60 40 20 0

160.0 2019

175.9

181.2

186.5

165.3

170.6

2020

2021

2022

2023

2024

Moreover, governments of various nations are taking initiatives to promote digital payments which are anticipated to create opportunities in the mobile payment market. Looking forward, the market value is projected to exceed US$ 3,081 Billion by 2024, expanding at a CAGR of 23.2% during the forecast period (2019-2024).

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Apart from this, non-bank entities have also introduced pre-payment instruments (PPI) which help in conducting interpersonal transactions. Additionally, several leading companies have recently developed applications, such as Google Pay and Apple Pay, that allow payments by scanning a unique barcode or QR code displayed on the screen of a smartphone.

Key Market Segmentation: Market Segmentation by Mode of Transaction • • • • •

WAP NFC SMS USSD Others

Based on the mode of transaction, the market has been segmented into WAP (Wireless Application Protocol), NFC (Near field communications), SMS (Short Message Service), USSD (Unstructured Supplementary Service Data) and others. Amongst these, SMS (Short Message Service) represents the most popular mode of transaction.

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For more information, click here: https://www.imarcgroup.com/mobile-payment-market Market Segmentation by Application • • • • • •

Entertainment Energy and Utilities Healthcare Retail Hospitality and Transportation Others

On the basis of the application, retail is the largest segment, accounting for the majority of the market share. Other major segments include entertainment, energy and utilities, healthcare, hospitality and transportation, and others.

Market Segmentation by Region • •

North America Europe

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Asia Pacific Latin America Middle East and Africa

Region-wise, Asia Pacific enjoys the leading position in the global mobile payment market. Asia Pacific is followed by North America, Europe, Middle East and Africa, and Latin America.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

• • • • • • •

FIS Gemalto MasterCard PayPal Visa Apple Google

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Samsung Electronics Bharti Airtel American Express Bank of America Citrus Payment Solutions MobiKwiK One97 Communication Orange Oxigen Square Venmo ZipCash Card Services

Browse Related Report Payment Gateways Market Report: https://www.imarcgroup.com/payment-gateways-market Kenya Mobile Money Market Report: https://www.imarcgroup.com/kenya-mobile-money-market

A partial List of

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Clients world's leading corporates, governments, and ourPartial ClientsList of institutions

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We are the trusted business partners to the

of Clients leading corporates, governments, and ourPartial ClientsListworld's institutions

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