Mobile Payments Market Size to grow by USD 143852.4 million between 2024-2028
Technavio, a leading provider of market research reports, has released its latest study on Mobile Payments Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
The market size is estimated to grow by USD 143852.4 million, at a CAGR of 28.22% during the forecast period. The shift towards mobile commerce has gained significant traction, with an increasing number of online transactions taking place via mobile apps rather than websites. This trend is primarily driven by the widespread adoption of smart devices and the convenience they offer. In developing countries like India, mobile payments have experienced exponential growth as consumers and businesses have embraced digital transactions during the pandemic. However, for e-commerce providers in such markets, transitioning to app-only services could be a risky move, as challenges with Internet connectivity persist in many regions, limiting customers' ability to make online purchases. For instance, in countries like Indonesia and Thailand, ensuring seamless connectivity and reliable mobile networks is crucial for the success of app-based business models.
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The APAC mobile payments market is poised for significant expansion during the forecast period, driven by the region's high growth potential. Factors such as rapid urbanization and increasing Internet penetration are fueling market growth. The adoption of various mobile payment methods, including semi-closed wallets like Airtel Money and PayU, is propelling market expansion. These wallets, which are linked to bank accounts and facilitate transactions via payment gateways, are gaining popularity in APAC at an unprecedented rate. The region's rapid adoption of payment gateway technology is a key driver of market growth, surpassing that of other regions.
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