The global mobile payment app is anticipated to grow at a CAGR of +35% from 2018 to 2023 to attain a market size of $5,000 billion by 2023, QY Reports, a leading market research report has said.
Mobile payment app market refers to the payment for goods or services or transfer of money through mobiles/smartphones.
Top Key Players of Mobile payment app Market are: PayPal, Venmo , Square Cash , Zelle, Google Pay, PayTM, Mobikwik, FreeCharge, State Bank Buddy, HDFC PayZapp, ICICI Pockets, LIME, PhonePe, Ola Money
The increase in demand for the easy and uncomplicated purchase of goods and services results in a greater preference of consumers towards digital and cashless payments. Several global players, such as Apple and Samsung, have designed new strategies to expand their reach and gain greater participation in the global mobile payments market.
The mobile payment market is divided into mobile wallets/bank cards and mobile money. With the increase in awareness about mobile wallets, along with the launch of mobile wallet apps such as Google wallets and Paytm, the mobile wallet segment is expected to witness strong growth in the coming years.
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Comprehensive analysis of recent developments and growth curves of various companies have helped understand the growth strategies adopted by them and their potential effect on the market.
These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliance, and collaboration.