Press Release-Mobile Payments Market to Reach Valuation of USD 6,317.5 Billion by 2028 - The Increasing Demand for Smartphones Universally, and the Growing E-commerce Industry in the Evolving Countries are Driving the Market Growth
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Mobile Payments Market to Reach Valuation of USD 6,317.5 Billion by 2028 - The Increasing Demand for Smartphones Universally, and the Growing E-commerce Industry in the Evolving Countries are Driving the Market Growth
In terms of revenue, the global Mobile Payments Market is expected to reach USD 6,317.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 24.10% from 2022 to 2028.
The surge in the adoption of Mobile Payments Market services in developing and developed countries is expected to fuel the growth of the market in the coming years. Whereas, the rising penetration of online shopping is projected to propel the Mobile Payments Market growth during the forecast period.
Key Highlights from the Report:
Market Dynamics:
The increasing penetration of high-speed internet associated with advanced internet infrastructure globally is considered to be the primary factor driving the growth of the market during the forecast period. Furthermore, the incorporation of biometric verification methods with Mobile Payments Market applications to reduce the chances of fraud by safeguarding the payment gateway is increasing the demand for Mobile Payments Market systems during the forecast period.
The introduction of pre-payment instruments by the non-bank units to allow interpersonal transactions, cashback offers by the key players in the market, and offerings of discount coupons are the other major factors driving the growth of the Mobile Payments Market during the forecast period. Furthermore, increasing use of RFID, NFC, and host card simulation technology in Mobile Payments Market and increasing demand for fast and fraud-free transaction services are expected to provide growth opportunities for the Mobile Payments Market in the upcoming future.
Asia Pacific is the largest market. The universal adoption of mobile technology in the countries from Asia Pacific region provides a new way to offer mobile banking solutions for market players and bankers to underserved consumers in the remote areas of the region. Furthermore, the increase in government initiatives such as digitalization is expected to boost the growth of the Mobile Payments Market in the region.
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Mobile Payments Market to Reach Valuation of USD 6,317.5 Billion by 2028 - The Increasing Demand for Smartphones Universally, and the Growing E-commerce Industry in the Evolving Countries are Driving the Market Growth
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