Meticulous Research® has published a comprehensive report titled ‘Mobile Payment Market by Method, Application, Location, End-user, and Geography – Global Forecast to 2031.’ The findings indicate that the global mobile payment market is set to reach an impressive $3,929 billion by 2031, with a robust compound annual growth rate (CAGR) of 27.2% projected from 2024 to 2031.
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Factors Driving Growth
Several key factors are propelling the expansion of the mobile payment market. The surge in digitalization of payment services has created a more streamlined approach to transactions, while government policies promoting cashless systems have further fueled this growth. A significant driver in this transformation is the adoption of near-field communication (NFC) technology, which allows for secure, contactless payments, creating ample opportunities for businesses to enhance their payment offerings.
Challenges and Limitations
Despite the positive outlook, the mobile payment sector faces challenges that could impede its growth. Inadequate infrastructure in developing countries limits the accessibility and efficiency of mobile payment systems. Additionally, concerns regarding data breaches and identity theft loom large, as consumers become increasingly wary of security risks associated with mobile transactions.
