Mobile payments are stepping up to domination
Mobile payments are stepping up to domination
Mobile payments enable you to pay for goods and services, process payments, and access account information using your smartphone. It works through mobile wallet apps like AliPay, Apple Pay, Google Pay, Samsung Pay, and WeChat Pay. Mobile payment technology continues to adapt around our modern world. It’s significantly utilized in leading industries like finance, hospitality, and retail, among others, and it has undoubtedly influenced the behaviors of brands and consumers.
Mobile payments also have advantages seen as the safer, clearer option as they eliminate the need for physical contact during transactions. And with convenience remaining a top priority, this contactless payment option enables consumers to take charge of their payments while still being assured that they can securely conduct transactions. The market is estimated to be worth $1.1 trillion in 2019, more than $1.3 billion in 2023, and more than 2.3 billion users in 2024. These figures may grow even further due to the impact of the global pandemic on the mobile payment industry. As the crisis changed people’s daily habits and lifestyles – particularly when it comes to being cautious and limiting contact when possible – mobile payment is a tool that addresses this need.
Much of this growth has been driven by Asia, specifically China, where the infrastructure supports mobile payments. However, five key factors have set the stage for significant mobile payment growth in the United States. Mobile payments help with financial inclusion in African countries, where many people still don’t have bank accounts. Mobile payments give individuals an easy and seamless way to shop online and in-store, pay bills, or send and receive money. Both individuals and merchants have embraced app-based commerce and in-app payments. And now, businesses are investing rapidly in mobile apps for their employees with innovative use cases that provide an integrated payment experience.
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