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Mobile payment market to reach USD 4,574 bln by 2023 – Valuates Reports

Monday 13 July 2020 15:09 CET | News

Valuates Reports’ data has revealed that the mobile payment market is projected to reach USD 4,574 billion by 2023.

According to the press release, the research analyses the mobile payments industry to understand the impact of various factors such as bargaining power of suppliers, competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.

Accordingly, the increase in demand for hassle-free purchase of goods and services leads to increased consumer preference over digital and cashless payments. Besides, most governments encourage banks to develop infrastructure in rural areas to allow safe and secure mobile payments. These facts are expected to increase the mobile payment market size during the forecast period.

Moreover, the growth of the ecommerce industry might increase the mobile payment market size. With the rising number of omnichannel vendors worldwide, especially in APAC-based countries such as India and China, the mobile payment market is expected to proliferate. However, closing the gap between awareness and adoption of this technology is a major challenge for this industry.

Overall, the mobile wallet market is expected to reach USD 7,580.1 billion by 2027, as mobile devices facilitate the payments process for consumers by acting as a new channel for dealers and financial institutions to connect with their customers. 

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Keywords: Valuates Reports, research, mobile payments, mobile payments market, mobile wallet, digital payments, cashless payments, ecommerce, omnichannel, APAC
Categories: Payments & Commerce | Mobile Payments
Countries: World
This article is part of category

Payments & Commerce