Mobile Payment Market Revenue, Key Players, Supply-Demand, Investment Feasibility and Forecast

The report focuses on the growth prospects, restraints, and trends of the Mobile Payment market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Mobile Payment market.

According to a recent report published by Allied Market Research, titled, “ Mobile Payment Market by Payment Type, Transaction Mode, End User, Purchase Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global Mobile Payment market size was valued at $1.48 trillion in 2019, and is projected to reach $12.06 trillion by 2027, growing at a CAGR of 30.1% from 2020 to 2027.

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The main purpose of mobile payment is to eliminate the need to carry cash, credit cards, and debit cards for doing any kind of transaction.  In addition, numerous benefits provided by Mobile Payment include, high security, hassle free transaction, faster transaction processing speed and others. Furthermore, rise in penetration of smartphones across the globe and growth in the m-commerce industry in emerging countries are the major factors driving the mobile payment market growth. 

COVID-19 Impact Analysis:

Though COVID-19 crisis continues to disrupt many industries, it has opened opportunities for high adoption of digital transformation approaches among which wearable payments services have gained high importance and adoption. When state-and country-wide lockdowns initiated at the beginning of 2020, demand for contactless payments and Mobile Payment increased due to rise in cases of coronavirus patients across the globe. Furthermore, various key players of the market are introducing new strategies to enhance the customer experience and to improve their market share in the pandemic situation.

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The key players profiled in the Mobile Payment market analysis are American express company, Apple Inc., Google, LLC, JPMorgan Chase & Co, Mastercard, One97 Communications Limited, PayPal Holdings, Inc., PayU, Samsung and Visa Inc.

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