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Mobile Payments Market Drivers Increased Adoption of Mobile POS

HYDERABAD, TELANGANA, INDIA, December 27, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Mobile Payments Market is estimated to surpass $17.7 billion mark by 2026 growing at an estimated CAGR of more than 24.9% during the forecast period 2021 to 2026. Increased use of technology in financial transaction and rise in various e-commerce platforms are expected to accelerate the mobile payment market during forecast period. In 2019, according to report given by Government of India, India has over 16 mobile wallet or e-wallet companies out of which 14 are Indian based mobile wallet companies. Digital payments in India are witnessing thriving growth with a compound annual growth rate of 12.7% in the number of non-cash transactions. Similarly, China mobile wallets are growing at rate of 22% with the total transaction volume of $41.1 trillion in 2019. Increasing adoption of non-cash transaction will likely to create the demand for Mobile payment market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways:

1. The increasing omnipresence of mobile phones is a driving factor in increasing the number of users of mobile money and changing the dynamics of digital finance solutions.

2. Efficiency in money exchange is one of the major determinants of mobile money technology development. Increasing the efficiency of mobile money transactions can result in an increase in overall expenditure which can encourage companies to work towards the development of this technology.

3. Use of transaction modes such as NFC / smart cards has speeded up the transaction process. In addition, the development of e-commerce websites has led to an increase in the number of online transactions that can be considered an attraction for the mobile money market.

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Segmental Analysis:

1. During the forecast period, Proximity Payments segment is expected to grow at a CAGR of 35.7%. Mobile phones and POS devices are used to make the proximity payments. A number of companies currently offer applications allowing proximity payments.

2. Further analysis of each segment indicates banking and travel and hospitality to be the fastest-growing application segment for the mobile payments market, which are projected to grow at a CAGR of 30.2% and 34.8%.

3. A study by India Brand Equity Foundation (IBEF) found that 81% of existing digital payment users in India favour the digital and mobile mediums for banking over other non-cash payment procedures such as demand drafts or cheques.

4. North America, which has displayed affinity over the years in adopting newer technologies, is the most lucrative region for the mobile payments market, generating a global demand share of 34.3% in 2020.

Competitive Landscape:

The top 5 players in the Mobile Payments industry are -

1. Apple

2. PayPal

3. Samsung

4. JP Morgan Chase

5. Amazon

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Related Reports:

A. NFC Payment Market
https://www.industryarc.com/Report/19627/nfc-payment-market.html

B. Contactless Payment Market
https://www.industryarc.com/Report/16196/contactless-payment-market.html

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