The global Mobile Payment Market size is expected to reach USD 273.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 31.8% from 2021 to 2028. The rising penetration rate of smartphones and the growing preference for contactless payments across the globe are expected to drive the growth of the market over the forecast period. Continued integration of biometric authentication into mobile payments also bodes well for the growth of the market. According to a study published by Biometric Update, the use of biometrics in mobile commerce, app-based purchase, and mobile device payments is expected to emerge into a market worth USD 3.0 trillion by 2025.
Solution providers are aggressively facilitating smart
parking payment solutions. For instance, in February 2021, Google announced a
new feature that allows users to pay for parking slots within Google Maps. The
feature would be available for Android users in over 400 U.S. cities and would
soon be rolled out for iPhones also. Transit companies are adopting mobile
ticking aggressively, thereby contributing to the growth of the market. For
instance, in August 2020, Saskatoon Transit, a mass transportation system
provider, announced the rollout of a new service that allows people to buy tickets
on their smartphones.
Smart speaker payments are gaining traction and are
expected to play a vital role in driving the growth of the market. Leading
developers of smart speaker payment solutions, including Amazon, Apple, and
Google, are pursuing strategic initiatives, such as mergers and acquisitions
and strategic partnerships, to promote the technology. For instance, in August
2019, NatWest, a retail banking company, announced a partnership with Google
for a pilot project that envisages the company allowing its customers to carry
out banking transactions from home using smart speakers or Google Assistant.
The outbreak of the COVID-19 pandemic is expected to have
a positive impact on the market. The restrictions imposed by various
governments across the globe on the movement of people as part of the efforts
to arrest the spread of coronavirus and the growing preference among
individuals to stay at home in the wake of the outbreak of the pandemic have
particularly triggered a paradigm shift in the consumers’ shopping behaviors.
Consumers are typically trying to avoid any physical contact while making
payments and prefer contactless payments at the point of sale. According to the
statistics provided by East West Bank, the usage of contactless payment modes in
the U.S increased 150% over the year in 2020. Moreover, 87% of the consumers
preferred using contactless payment options while shopping at stores.
Related Press
Release@ Mobile
Payment Market Report
Mobile Payment Market Report Highlights
- The
near field communication segment is anticipated to register the highest
CAGR over the forecast period owing to the growing preference for
NFC-based payment solutions among merchants and customers
- The
B2C segment is anticipated to register the highest CAGR from 2021 to 2028
owing to the growing use of mobile devices for making personal payments
- The
proximity payment segment is expected to register the highest CAGR over
the forecast period owing to the rising adoption of payment solutions
based on NFC, Wi-Fi, and Bluetooth connectivity
- The
retail and e-commerce segment is expected to emerge as the fastest-growing
segment over the forecast period owing to the increasing partnerships
between mobile payment providers and retailers
- In
Asia Pacific, the market accounted for the largest revenue share in 2020.
Increasing use of smartphones for online shopping of packaged food and
drinks is driving the market in the region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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