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Global Mobile Payment Market to Grow at a CAGR of 30% During 2022-2027, Aided by Artificial Intelligence

According to a new report by EMR titled, ‘Global Mobile Payment Market Report and Forecast 2022-2027’, the global mobile payment industry attained a value of around USD 1,910 billion in 2020. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 30%.

The e-commerce sector is flourishing because of the growing number of mobile devices throughout the world and high-speed cellular networks. The growing availability of data analysis tools and big data analytics is assisting businesses in customising their products, therefore improving the likelihood of a sale. In recent years, the quantity of internet business has increased tremendously. The development of internet commerce has led to the usage of mobile phones and other untethered devices to conduct business. The great majority of these transactions rely on account settlement, which often entails credit or debit cards, checking/ACH, or bank money transfers, aiding the mobile payment industry.

In June 2021, American Express (NYSE: AXP), one of the leading players in the industry, announced the start of its new "Let's Go Shop Small" campaign, which will invest more than USD 100 million to encourage consumers to support small businesses across the world. The new effort, which is part of the year-round Shop Small initiative, expands on the company's promise made last year to urge more Americans to Shop Small to support small companies as they recover. In order to encourage consumers to Shop Small with Shop Small discounts, American Express is collaborating with Pinterest to promote small companies online, while the Coalition to Back Black Businesses is continuing to assist Black-owned small businesses in their recovery.

Market Analysis by Transaction Mode, End User, Purchase Type, Application, and Region:

  • The market on the basis of transaction mode can be divided into mobile web payments and near field communication, SMS direct carrier billing, among others.
  • Based on end-users, the industry can be divided into personal and business.
  • The purchase type for mobile payment includes airtime transfer, money transfer, and bill payments, merchandise and coupons, travel and ticketing, among others.
  • Based on applications, the industry can be divided into media and entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others.
  • The regional markets for mobile payments include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • Demand for contactless payment during the pandemic has been raising the demand for mobile payment.
  • Rising use and dependence on internet services have added to the growth of the mobile payment industry.
  • Growth in the e-commerce and m-commerce sectors has provided a boost to the demand for mobile payment.
  • The rising use of smartphones is likely to boost the growth in the mobile payment industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global mobile payment market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for transaction mode, end-users, purchase type, applications, and regions of mobile payments.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for mobile payments are American Express Co, Apple Inc, Google LLC, JPMorgan Chase & Co., Mastercard Incorporated, One97 Communications Ltd, and PayPal Holdings, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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