Global Consumer Mobile Payments Market Size, Status and Forecast 2021-2027

E-commerce is well and truly here to stay and has revolutionized the retail industry. E-commerce has essentially transformed the world into one big global village, allowing companies to reach customers in far-flung areas. The developing world in particular is predicted to be ‘mobile-first’ or even ‘mobile-only’, and smartphone sales have already eclipsed that of traditional PCs. The comfort and convenience provided by mobile e-commerce is unparalleled and it aims to cater to the demand for niche products as well as traditional ones. Any company that chooses to ignore the mobile e-commerce movement does so at its own peril. The smartphone explosion has led to mobile wallets and contactless payments being adopted slowly but surely. Developing countries are leading the way when it comes to becoming cashless and they have taken to the mobile phone to transfer funds like no other device. A few of the factors responsible for widespread adoption of mobile payments include efficiency, cost-effectiveness, usability, transaction security and interoperability. Even though credit and debit cards currently enjoy a higher rate of usage, the advent of mobile payment Apps and other contactless payments should ensure that they become the go-to-solution for all kinds of payment needs in the future.
As retailers install new payment terminals to enable contactless payment, this will go a long way in solving logistical constraints. With the introduction of Apple Pay, Samsung Pay and Android Pay, the millennial generation is at the forefront of adopting new technology by embracing mobile payments. With this seismic shift in payment methods, it is logical to assume that even older generations will follow millennials and take to mobile payments in retail. Adopting and enabling mobile payments allows companies to invest in newer technology that is far more user-friendly and intuitive. Consumers would also be happy to use these services that would make their daily lives immeasurably easier. A smartphone is a gadget that is more of a necessity than a luxury in the 21st century and companies have not been blind to this. They are well-aware that their customers are using their mobile for anything and everything and therefore, mobile payments would be the next logical step in the journey towards a cashless economy. Mobile contactless payments are quickly becoming the new normal method to pay retailers as the need to visit an ATM to withdraw cash is eliminated.

Market Analysis and Insights: Global Consumer Mobile Payments Market
The global Consumer Mobile Payments market size is projected to reach US$ 4970150 million by 2026, from US$ 903790 million in 2019, at a CAGR of 27.4% during 2021-2026.
With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global Consumer Mobile Payments market to help players in achieving a strong market position. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global Consumer Mobile Payments market in terms of revenue.
On the whole, the report proves to be an effective tool that players can use to gain a competitive edge over their competitors and ensure lasting success in the global Consumer Mobile Payments market. All of the findings, data, and information provided in the report are validated and revalidated with the help of trustworthy sources. The analysts who have authored the report took a unique and industry-best research and analysis approach for an in-depth study of the global Consumer Mobile Payments market.

Global Consumer Mobile Payments Scope and Market Size
Consumer Mobile Payments market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Consumer Mobile Payments market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2016-2027.

Segment by Type
Remote
Proximity

Segment by Application
Retail
Hospitality & Tourism
IT & Telecommunication
BFSI
Media & Entertainment
Healthcare
Airline
Others

By Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Nordic
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA

By Company
ACI Worldwide
Alphabet
Samsung Electronics
DH
Fidelity National Information Services
Fiserv
Jack Henry & Associates
MasterCard
PayPal Holdings
DH