Mobile Payment Market Size Worth $273.1 Billion By 2028 | CAGR: 31.8%: Grand View Research, Inc.

Key Insights & Findings:

Read 160 page market research report, "Mobile Payment Market Size, Share & Trends Analysis Report By Technology, By Payment Type (B2B, B2C, B2G), By Location, By End Use, By Region, And Segment Forecasts, 2021 - 2028'', by Grand View Research

Smart speaker payments are gaining traction and are expected to play a vital role in driving the growth of the market. Leading developers of smart speaker payment solutions, including Amazon, Apple, and Google, are pursuing strategic initiatives, such as mergers and acquisitions and strategic partnerships, to promote the technology. For instance, in August 2019, NatWest, a retail banking company, announced a partnership with Google for a pilot project that envisages the company allowing its customers to carry out banking transactions from home using smart speakers or Google Assistant.

The outbreak of the COVID-19 pandemic is expected to have a positive impact on the market. The restrictions imposed by various governments across the globe on the movement of people as part of the efforts to arrest the spread of coronavirus and the growing preference among individuals to stay at home in the wake of the outbreak of the pandemic have particularly triggered a paradigm shift in the consumers' shopping behaviors. Consumers are typically trying to avoid any physical contact while making payments and prefer contactless payments at the point of sale. According to the statistics provided by East West Bank, the usage of contactless payment modes in the U.S increased 150% over the year in 2020. Moreover, 87% of the consumers preferred using contactless payment options while shopping at stores.

Grand View Research has segmented the global mobile payment market based on technology, payment type, location, end use, and region:

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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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