The growth of the United States mobile payment market is driven by the surge in smartphone use, the rising trend of contactless payments, the push for secure and efficient digital transactions, and increased government initiatives and regulatory support. Mobile payments enable financial transactions via smartphones, using tools like mobile browsers and virtual wallets. Types include proximity and remote payments, employing technologies like NFC, QR codes, and mobile apps. This innovation offers convenience, speed, and security, linking bank accounts or credit cards for seamless transactions in retail, online shopping, peer-to-peer transfers, and public transport fare payments.
Fig.: Individuals using the Internet (% of population) in the United States, 2000-2021
The U.S. mobile payment market benefits from the rising popularity of mobile wallets, valued for their ease of use, convenience, and security. Open mobile wallets enhance flexibility by enabling users to store various payment methods not restricted to a single company.
Government initiatives and regulatory support have significantly boosted mobile payments in the U.S. By promoting secure, efficient digital transactions and encouraging the adoption of modern payment technologies, policies have fostered a favourable environment for the growth of mobile payments.
The rise of contactless payments is transforming the mobile payment landscape. With growing hygiene and convenience concerns, consumers seek safer, seamless transaction methods. Mobile payment platforms provide a compelling solution, enabling secure payments with a simple phone tap on contactless terminals. This meets modern consumers' preferences for speed, efficiency, and minimal physical contact during financial interactions.
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Market Breakup by Technology, Payment Type, Location, End Use, and Region:
- The market is segmented based on technology into direct mobile billing, near field communication, mobile web payment, SMS, and mobile application, among others.
- Based on the payment type, the market is segregated into B2B, B2C, and B2G.
- On the basis of location, the market can be categorised into remote payment and proximity payment.
- The market is further divided based on end use into BFSI, healthcare, IT and telecom, media and entertainment, retail and e-commerce, and transportation, among others.
- By region, the market is categorised into New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
Key Findings of the Report:
- Remote payments maintain a substantial portion of the mobile payment market in the United States, primarily due to the implementation of strong security measures such as biometrics, two-factor authentication, and OTPs. The escalating requirement for recurring payment solutions, propelled by the ascent of subscription-based services, serves to further bolster the growth of this segment.
- The retail and e-commerce sectors are poised for substantial expansion, propelled by the integration of mobile payment systems that enhance both speed and convenience. Retailers' introduction of rewards and loyalty programs for mobile payment use further boosts U.S. mobile payment market demand.
- The proliferation of smartphones and the widespread accessibility of the internet have enabled users to conduct financial transactions without being bound by physical locations. Mobile payments enable anytime, anywhere purchases, fund transfers, and bill settlements, reducing cash reliance. Apps and platforms allow storing multiple payment methods, including credit cards, debit cards, and digital wallets, in one application.
- With online shopping booming, consumers demand seamless, secure payment options. Mobile payment platforms meet this need by storing payment credentials and enabling swift transactions, eliminating the need to manually enter details for each purchase.
Key Offerings of the Report:
- The EMR report gives an overview of the mobile payment market in the United States for the periods (2018-2023) and (2024-2032).
- The report also offers historical (2018-2023) and forecast (2024-2032) market information for the technology, payment type, location, end use, and region of the United States mobile payment market.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the United States mobile payment market are PayPal Holdings Inc., Apple Inc., Alphabet Inc., Block, Inc., Samsung Electronics Co. Ltd., Microsoft Corp., Mastercard Inc., Amazon.com Inc., MoneyGram International, Inc., and Visa 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.
Key Highlights of the Report
| REPORT FEATURES |
DETAILS |
| Base Year |
2023 |
| Historical Period |
2018-2023 |
| Forecast Period |
2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
- Technology
- Payment Type
- Location
- End Use
- Region
|
| Breakup by Technology |
- Direct Mobile Billing
- Near Field Communication
- Mobile Web Payment
- SMS
- Mobile Application
- Others
|
| Breakup by Payment Type |
|
| Breakup by Location |
- Remote Payment
- Proximity Payment
|
| Breakup by End Use |
- BFSI
- Healthcare
- IT and Telecom
- Media and Entertainment
- Retail and E-Commerce
- Transportation
- Others
|
| Breakup by Region |
- New England
- Mideast
- Great Lakes
- Plains
- Southeast
- Southwest
- Rocky Mountain
- Far West
|
| Market Dynamics |
- SWOT Analysis
- Porter's Five Forces Analysis
- Key Indicators for Demand
- Key Indicators for Price
|
| Competitive Landscape |
- Market Structure
- Company Profiles
- Company Overview
- Product Portfolio
- Demographic Reach and Achievements
- Certifications
|
| Companies Covered |
- PayPal Holdings Inc.
- Apple Inc.
- Alphabet Inc.
- Block, Inc.
- Samsung Electronics Co. Ltd.
- Microsoft Corp.
- Mastercard Inc.
- Amazon.com Inc.
- MoneyGram International, Inc.
- Visa Inc.
- Others
|
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