Market Size of North America Mobile Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 22.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Mobile Payments Market Analysis
The North American mobile payment market is growing due to the benefits offered; it is seeking the attention of customers, businesses, financial institutions, and the government. Online shopping has exploded, and mobile payments have become the preferred payment method. Furthermore, the Carrier Billing ecosystem is undergoing an absolute revolution due to rapid and massive changes in the economy, social conditions, regulatory landscape, and technology-related. Furthermore, as mobile payment apps grow in popularity, tech companies, payments technology brands, banks, retailers, and others are all looking for ways to secure a part of this expanding market.
- In the United States, progress towards contemporary technologies like e-wallets is tempered by mature technology infrastructures, habits, and preferences established over generations. The region has the highest ARPU among all countries, about 13 times that of China, the world leader in mobile payments. It is expected to decline as people switch to contactless cards for amounts instead of mobile payments.
- Payment mode requires certain details such as card details and card PIN. Transacting online payment mode requires certain information such as card details or card PIN; however, most users are hesitant to switch to such platforms, which may hinder the industry's growth. Data security remains a major concern for all mobile payment providers, as a robust and resilient system is required to ensure that their customers' data is not misused. As a strong and resilient system, providers must ensure that no unauthorized use of their customer data occurs.
- Social media is integral to daily life and will likely play an even more important role in the foreseeable future. For instance, such platforms are predicted to offer adjacent financial services. In December 2021, for example, WhatsApp is currently testing an instant payment feature using Pax Dollars (USDP) on a trial basis for some US users. WhatsApp works with Novi, a digital wallet owned by Meta, formerly Facebook. WhatsApp has over 2.5 billion users in over 100 countries around the world.
- The pandemic has boosted digital payments across North America, encouraging people to use cashless transactions to avoid physical contact and maintain social distance. As a result, the demand for financial tools is increasing, contributing to the market's growth.
