Mobile Payment Market Research 2024: Digital Wallets Projected to Double, Contactless Transactions Surge Globally
Dublin, March 12, 2024 (GLOBE NEWSWIRE) — The “Global Mobile Payment Methods 2024” report has been added to ResearchAndMarkets.com’s offering.
The fintech industry is on the brink of a transformative era as a new market research publication, “Global Mobile Payment Methods 2024,” is now accessible, revealing notable shifts and prospects within the global mobile payment sphere.
According to the insightful analysis in “Global Mobile Payment Methods 2024,” the digital payment market is currently riding the wave of technological advancements, with governments worldwide endorsing digital payment methods, fostering a robust market growth with a projected Compound Annual Growth Rate (CAGR) of more than 14% from 2023 to 2030. The comprehensive overview suggests that the market value, expressed in euros, will see exponential growth, reaching into the trillions.
In the focusing light of global trends, contactless payments, and virtual card usage see a steep upward trajectory, with anticipated turnovers exceeding EUR 9 trillion and EUR 8 trillion respectively by 2027. The digital wallet sector is no exception, charting a course likely to witness its value nearly double within five years, starting from 2023.
The Asia-Pacific region emerges as the frontrunner in this financial revolution, accounting for over 50% of the digital payment transactions globally, an upsurge significantly attributed to active government initiatives.
Shifting to a regional perspective, the study highlights that digital wallets are amassing momentum across various global regions. In discerning consumer attitudes toward mobile wallets, data reveals nearly half of the population in regions encompassing Latin America (LATAM), North America, and Europe, the Middle East, and Africa (EMEA) forecast mobile wallets to eventually eclipse conventional payment mechanisms. Particularly in Europe, as of September 2022, digital wallets have gained ground, becoming the preferred method for over half of online transactions. In contrast, alternative payment options such as Buy Now Pay Later (BNPL) are embraced at a gradually slower pace.
Anticipated Shifts in the MENA Region and Digital Wallets Growth
- The MENA region stands on the cusp of significant engagements with over two-thirds of online transactions in mobile commerce expected to proceed through mobile avenues by 2025.
- Digital wallets are predicted to constitute nearly 20% of online spending within the same timeframe.
Key Questions Covered in the Report:
- What is the anticipated rate of growth for the global digital payments market from 2023 through 2030?
- What are the projections for the advancement of contactless payments and virtual card transactions on a global scale by 2027?
- How is the landscape of global digital wallet sectors and QR code payment transactions expected to transform from 2023 to 2028?
- What are the prevailing consumer sentiments towards mobile wallets in distinct regions such as Europe, North America, and EMEA?
The “Global Mobile Payment Methods 2024” presents an invaluable repository of data and analysis for stakeholders, investors, and policy-makers involved in the digital payments arena. It shapes not only a comprehensive view of the current climate but also forecasts the trajectory of emerging mobile payment technologies and consumer behaviors that are poised to redefine the financial inclusivity and commerce landscape for years to come.
A selection of companies mentioned in this report includes
- Alipay
- Apple
- Bizum
- CliQ
- dPayment
- Fawry
- iDEAL
- JoMoPay
- Mobile Suica
- Octopus
- PayPal
- PayPay
- PayU
- Przelewy24
- Rakuten
- Samsung
- Venmo
- Visa
For more information about this report visit https://www.researchandmarkets.com/r/szvyt4
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