The report published on Consumer Mobile Payments Market is a comprehensive analysis that includes the key parameters and indicators critical in understanding the market. The data from the years 2022 to 2030 has been used to present the market status and size. The study also covers the overall market valuation along with the CAGR for the forecast period. The introductory chapter presents an overview of Consumer Mobile Payments Market along with the product definition and market scope. The report also analyzes consumer trends regarding the products along with the industry development trends.
Mobile phones, developed to facilitate telecommunications, have now become wallets for consumers. Digital payments through mobile phones are revolutionized commercial settings across the world. Growing development of m-commerce platforms have also stepped in to promote the adoption of consumer mobile payments. Persistence Market Research’s latest report on the global market for consumer mobile payments projects that the market, which is presently worth over US$ 870 Mn, will register explosive growth at a whopping 41.4% CAGR to procure US$ 27,771.8 Mn revenues by the end of 2026.
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Such an exponential growth for global consumer mobile payment market is factored by rising proliferation of smartphones and advanced features added to existing payment platforms. The world is flooded with various mobile wallets, and such applications are expected to remain trending in the years to come. Increasing burden on e-commerce platforms is also expected to get divested across m-commerce platforms.
Furthermore, government initiatives prompting adoption of cashless transactions is also stipulated to boost consumer mobile payments. Less time consumed by transactions, and immediate currency conversion serve as key proponents for consumer mobile payments.
Consumer mobile payments are also being preferred for their convenience in paying for anything, anywhere. Integrated consumer mobile payments are also becoming popular among merhcants. Consumer mobile payments are also becoming more protected through advanced security features.
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Key findings of the report, titled “Consumer Mobile Payments: Global Industry Analysis and Forecast, 2016 – 2026,” include:
- Through 2026, over 90% of consumer mobile payments will be directed through remote mode of payments
- Proximity mode of payment, however, will gain traction and showcase a gain of +140 BPS by 2026-end
- Among the remote mode of consumer mobile payments, m-commerce will remain a dominant segment registering 40.8% CAGR
- During the forecast period, global consumer mobile payments taking place through NFC modes will register revenue growth at nearly 50% CAGR
- Throughout the forecast period, retail will remain the largest end-user industry for consumer mobile payments, while verticals such as hospitality & tourism and IT & telecommunications are expected to bring over US$ 11 Bn revenues by 2026-end
- Asia-Pacific excluding Japan (APEJ) region is expected to register fastest revenue growth at 44.3% CAGR, while North America and Middle East & Africa will be observed as leading regions for growth of consumer mobile payments market
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