The mobile payment transaction market is expected to see a CAGR of 34.5%, and is projected to increase from US$ 54.47 billion in 2022 to US$ 1055.36 billion by 2032.
The demand for mobile payment transaction solutions is being boosted by the expansion of high-speed mobile networks and the proliferation of smartphones. Growing e-commerce companies and the digitization of payment systems are fueling industry developments.
There is intense rivalry in the consumer market as a result of numerous payment service providers investing in their companies. The companies that make payment apps, including Google Pay, Alipay, Amazon Pay, and others, are utilizing innovative tactics to keep their existing customer base and gain new ones.
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The adoption of mobile payment transactions is anticipated to increase as a result of artificial intelligence (AI). AI helps businesses evaluate their data and spot patterns. It also helps track and determine the purchase trends of consumers.
However, this raises customers' security worries and increases the possibility of improper use of their sensitive data. This is expected to obstruct the mobile payment transaction market growth.
Key Takeaways of the Mobile Payment Transaction Market
● The mobile payment transaction market is expected to have a CAGR of 34.5% during the forecast period.
● The mobile payment transaction market is anticipated to have a valuation of US$ 1055.36 billion by 2032.
● The mobile payment transaction market is valued at US$ 54.47 billion in 2022.
● The mobile payment transaction market is segmented based on technology, wherein the WAP/WEB segment is expected to hold 60% share during the forecast period.
● Based on purpose, the merchandise purchase holds the leading position in the mobile payment transaction market during the forecast period.
● Asia-Pacific is expected to have the largest mobile payment transaction market share of 35% by 2032.
● Eastern Europe is anticipated to display a significant CAGR of 29.1% during the forecast period.