US Mobile Payments Market Expected to Reach US$1.547 Billion by 2027 | CAGR of 25.68%
According to the latest report of the IMARC group titled “United States Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which includes information on mobile payment market in the United States. The report also includes competitor and regional analysis, as well as contemporary market advancements. The mobile payment market size in the United States reached US$387 billion in 2021. Looking ahead, IMARC Group expects the the market will reach US$1.547 billion by 2027, growing at a growth rate (CAGR) of 25.68% during the period 2022-2027.
Mobile payment is an alternative method for traditional payment systems where cash, checks or credit cards are the means of payment. It provides a way for customers to purchase goods or services using wireless devices, such as smartphones, tablets, and others. It uses different technologies, such as NFC (Near Field Communication), SMS transactional payments, and direct mobile billing, to enhance transaction security and provide hassle-free transactions. It enables instant money transfer and a secure substitute for cash transactions for customers.
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As the novel coronavirus (COVID-19) crisis engulfs the world, we are continuously monitoring changes in markets, as well as consumer buying behaviors around the world and our estimates on the latest market trends and forecasts are made after taking into account the impact of this pandemic.
The market in the United States is mainly driven by the increasing availability of high-speed mobile networks. With this in mind, the growing penetration of smartphones is catalyzing the adoption of mobile-based payment solutions. Also, digitization of payment services and growth of e-commerce businesses are positively influencing the market trends. Apart from this, many companies offer rewards, redeem points and loyalty points, and others to incentivize customers to pay through mobile devices, thus propelling the market. Moreover, the widespread adoption of payment applications based on artificial intelligence is accelerating the growth of the market. In addition, the introduction of a mobile banking platform allowing users to make payments for shopping, retail payments, electricity payments and others is strengthening the mobile payment market. Additionally, strategic partnerships between network providers, banks, and payment services are likely to boost the market.
View full report with table of contents and list of figures: https://www.imarcgroup.com/united-states-mobile-payment-market
Segmentation of the mobile payment market in the United States:
Our report has categorized the market based on region, mode of transaction, and application.
Breakdown of the market by mode of transaction:
Market Breakdown by Application:
- Energy and Utilities
- Health care
- Reception and transportation
Market Breakdown by Region:
Main highlights of the report:
- Market performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
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