In This Article:
Global Mobile Payment Market
Dublin, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The "Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global mobile payment market has achieved remarkable growth, surging to an impressive $2,127.1 billion in 2022. Looking ahead, experts anticipate the market to expand further, reaching a substantial $6,132.5 billion by 2028, at an impressive Compound Annual Growth Rate (CAGR) of 19.6% during 2023-2028.
Mobile Payment Revolutionizes Financial Transactions
Mobile payment, a cutting-edge automated payment method under strict financial regulatory oversight, harnesses the power of mobile devices to initiate and authorize transactions securely. This form of electronic payment relies on mobile applications linked to users' financial credentials and employs point-of-sale (POS) terminals and near-field communications for seamless money exchange. Unlike traditional payment methods, mobile POS systems do not store users' data, ensuring enhanced safety during transactions. The adoption of mobile payments has streamlined financial transactions, offering convenience and robust data security. Consequently, they are widely embraced across various industries, including food service, retail, and entertainment.
Driving Forces Behind Market Growth
The global mobile payment market is primarily propelled by the widespread availability of smartphones and advancements in network infrastructure worldwide. High-speed internet connectivity empowers numerous retail outlets to offer mobile-based payment options, driven by growing awareness of their enhanced security. These payments are highly secure as they do not store users' account details or sensitive information. Instead, they generate tokens as substitutes for personal details, enhancing security. The integration of mobile payment applications with passcodes and biometric authentication further fortifies the payment gateway and personal data, minimizing the risk of security breaches or fraud.
Integration with Innovative Technologies Fuels Growth
To attract a broader consumer base, numerous vendors offer attractive loyalty programs, discount coupons, and cashback offers for mobile commerce (m-commerce) platform usage. Additionally, the introduction of pre-payment instruments (PPI) facilitates interpersonal transactions, spurring mobile payment adoption. Key players have introduced easy payment options through unique barcodes or QR codes, enabling secure bank-to-bank transfers with reduced transaction time. The integration of artificial intelligence with these payment solutions allows retailers to identify customer buying patterns, offering tailored services. Governments worldwide are promoting digital payment methods, creating substantial growth prospects. Leading global players are expanding their businesses into untapped regions, especially in developing nations, to drive digital transformation and foster market growth.