Tuesday, September 27th, 2022
The global mobile payment sector is expected to grow at a CAGR of 22.9% from 2020 to 2025, according to a recent eMarketer report.
Mobile payments are becoming increasingly popular as consumers look for more convenient ways to pay for goods and services. This trend is driven by the rapid expansion of mobile commerce and the increasing availability of mobile payment apps and services.
The Drivers of Growth
There are a number of factors that are driving the growth of mobile payments including:
- the spreading use of smartphones and tablets,
- the growing popularity of mobile commerce, and
- the increasing availability of mobile payment apps and services.
Smartphones and tablets are now the customer’s preferred devices for a number of reasons, including their:
- ability to connect to the internet.
The growing popularity of mobile commerce is also driving the growth of mobile payments. Mobile marketing is expected to grow at a CAGR of 28.8% from 2020 to 2025, according to the report.
Mobile commerce is growing in popularity due to the increasing number of consumers who are using their smartphones and tablets to shop online. In addition, mobile commerce is also becoming more popular due to the increasing number of retailers who are offering mobile-friendly shopping experiences.
The Major Players
The increasing availability of mobile payment apps and services is also driving the growth of mobile payments. A number of companies, such as Apple, Google, and Samsung, have launched mobile payment apps that allow users to make payments via their smartphones.
In addition, a number of companies, such as PayPal and Square, have developed mobile payment services that allow businesses to accept payments using their smartphones.
In the Report
The report offers a detailed analysis of the global mobile payment market and provides insights into the various factors that are driving the growth of this market.
It also includes a detailed analysis of the market by region, country, and application– and features the big players in the market, including Apple, Google, Samsung, and PayPal.
The report includes a detailed competitive landscape of the global mobile payment market.