Market Size of United States Mobile Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 13.40 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Mobile Payments Market Analysis
The United States mobile payments market is expected to register a CAGR of 13.4% during the period 2022-2027. Some of the primary factors driving the growth of this market in the region are the rise of the prevalence of mobile devices, open banking, and digital currency. Some changes in digital adoption in 2020 and 2021 appear to be linked to the COVID-19 epidemic and may be temporary.
- In recent times, there has been a tremendous change in the payment processing environment in the United States. The use of digital payment methods for physical payments due to the increased need for contactless payments has fueled the adoption of mobile payments.
- An increase in the adoption of smartphones in the country has enabled the development and usage of mobile apps for various needs. The development of payment apps with technologies such as mobile payments provided users with an easy and seamless way to make payments for online and in-store purchases, bill payments, money transfers, and many more.
- Further, Mobile payments offer an easy and secure way to make payments for purchases. Mobile wallets can be used by individuals to store credit and debit card information on their smartphones using tokenization. This replaces card numbers rendering the information to be useless to hackers.
- Usage of technologies such as near-field communication (NFC) technologies and mobile payment solutions can provide a more secure and faster payment service compared to traditional payment methods as it enables individuals to hold their phone near Point of sale device for processing the payment.
- Due to the outbreak of the Covid-19 pandemic, the demand for contactless payments in retail shops such as grocery stores and restaurants has increased to curb the virus's spread. Contactless payment solutions offered by mobile wallets provide a safe alternative to handling cash and traditional plastic credit cards as there is no touch included in the payment process.
