Mobile Payments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The mobile payments market was valued at USD 1449.56 billion in 2020 and expected to reach USD 5399.6 billion by 2026 and grow at a CAGR of 24.5% over the forecast period (2021 - 2026). The stores and services across the world are rapidly adopting and integrating mobile payment applications, such as PayPal, Samsung Pay, Apple Pay, AliPay, and WeChat Pay, to accept payments. Owing to changing lifestyle, daily commerce, and rapid growth in online retailing, this trend is expected to continue over for subsequent many years.

• With the rapidly increasing global economy, mobile phones (especially smartphones) have become an essential commodity for an individual. Similarly, the internet has also become part and parcel of life for many people. This has increased the penetration of smartphones and internet users all over the world driving the growth of the mobile payment market.
• The companies are rigorously investing in mobile payment technology, owing to significant growth in the industry. For instance, in the Indian market, WhatsApp is working with ICICI bank to introduce mobile payment feature through UPI(unified payments interface).
• Many governments are also encouraging banks to build infrastructure to enable safe and secure mobile payments in rural areas, which is a massive opportunity for vendors.
• Closing the gap between the awareness and adoption of this technology is considered as a major challenge for this industry.

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Key Market Trends

E-commerce to Drive the Mobile Payments Market

• With the increasing number of mobile devices all over the world and high-speed cellular networks, e-commerce industry is in a booming phase.
• The increasing number of data analysis tools and big data analytics are helping the vendors to customize their offerings increasing the possibility of a sale.
• According to the E-commerce Foundation, more than 25% of the consumers purchase weekly via mobile devices, where most of the purchases being made form retailer’s app or website.
• With the increasing number of omni-channel vendors all over the world and specifically in Asia-Pacific countries, such as India and China, this scenario is expected to more boost to the mobile payments market.
• According to a report by Credit Suisse, the digital payments market in India is currently pegged at USD 200 billion and expected to reach USD 1 trillion by 2023. With the entry of companies like Paytm and Google Pay, the market is becoming quite attractive for other companies to establish their services.
• Moreover, Digital India campaign led by the government is encouraging the people to use the digital service and payments. With 1.32 billion population, Indian people are slowly transforming and taking interest in digital services that pave the way for mobile payment market.

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