According to IMARC Group latest report titled” United States Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market is currently witnessing strong growth. The United States Mobile Payment Market size to exhibit moderate growth during the next five years. Mobile payment, also known as a mobile wallet or money transfer, refers to an e-payment method that authorizes, initiates and confirms the money transaction using mobile devices. This involves using a mobile application that is linked to the financial credentials of the users and facilitated by the availability of point-of-sale (POS) terminals that process transactions using nearfield communications.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The United States mobile payment market is primarily driven by the ever-increased smartphone and internet users. This payment process is also used for performing diverse operations, such as booking movie tickets, ordering food online and upgrading or recharging mobile phones and TVs. Besides this, with the establishment of several e-commerce platforms, individuals have adopted electronic payment models across the country. This, along with the rapid spread of the coronavirus (COVID-19) disease, individuals are encouraged to pay via mobile devices as they are contactless, much faster and easier than conventional payment methods. On account of these factors, the market is expected to witness positive growth in the upcoming years.
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United States Mobile Payment Market Segmentation:
Our report has categorized the market based on region, mode of transaction and application.
Market Breakup by Mode of Transaction:
- WAP
- NFC
- SMS
- USSD
- Others
Market Breakup by Application:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
Market Breakup by Region:
- Northeast
- Midwest
- South
- West
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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