The global mobile payment market has witnessed robust growth over the past few years. This can be attributed to the availability of special discount offers, introduction of PPIs by non-bank organizations and the promotion of digital payment methods by governments across the globe.

Browse full report on global mobile payment market with detailed TOC and list of figures and tables: https://www.imarcgroup.com/mobile-payment-market

IMARC Group’s latest market research report, titled “Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global mobile payment market reached a value of US$ 881 Billion in 2018. Mobile payment, also known as m-payment, refers to an e-payment method which utilizes mobile devices to authorize, initiate and confirm an exchange of money. These payments are facilitated by the availability of point-of-sale (POS) terminals that process transactions using nearfield communications. Nowadays, mobile payments are gaining popularity as they offer enhanced security features and convenience to users. Moreover, the growing penetration of smartphones and easy access to the internet have encouraged tech-savvy consumers to prefer mobile-based payments. Besides this, many payment networks are collaborating with mobile operators to provide advanced mobile payment solutions, especially in emerging markets.

Market Segmentation:

Based on the mode of transaction, the market has been segmented into WAP (Wireless Application Protocol), NFC (Near field communications), SMS (Short Message Service), USSD (Unstructured Supplementary Service Data) and others. Amongst these, SMS (Short Message Service) represents the most popular mode of transaction.

On the basis of the application, retail is the largest segment, accounting for the majority of the market share. Other major segments include entertainment, energy and utilities, healthcare, hospitality and transportation, and others.

Region-wise, Asia Pacific enjoys the leading position in the global mobile payment market. Asia Pacific is followed by North America, Europe, Middle East and Africa, and Latin America.

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