According to the research report titled ‘GLOBAL Mobile Payment Market 2019-2027’, available with Market Study Report, global mobile payment market is predicted to expand with a CAGR of 24.22% between 2019 and 2027.
 

Proliferating e-commerce sector, increasing number of collaborations between service providers and banking institutions, shifting preferences towards digital payment methods, and widespread adoption of the technology by SMEs are some of the key factors driving the growth of global mobile payment market.
 

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Notably, mobile payment allows transfer of money using smartphones. These mobile payments are processing using electronic wallets and are known to be an alternative payment system to debit and credit card, checks, and cash. Such payment systems have been witnessing significant recognition owing to their high convenience.
 

Technological breakthroughs, growing unbanked population, and increasing utilization of smartphones are also stimulating global mobile payment industry outlook.  On the contrary, rising security concerns and lack of secured infrastructure could potentially act as a bottleneck to the market expansion.
 

From the geographical standpoint, Asia-Pacific is likely to account for the largest market share in the ensuing years, with India being the highest revenue generator. High unbanked population, rising number of smartphone users, and increasing internet penetration are facilitating the business scenario in India.
 

The prominent companies operating in global mobile payment market are Airtel Payments Bank, The Bank of America Corporation, UnionPay, M-Pesa, G-Xchange Inc., iZettle, Mastercard Incorporated, Tenpay, Obopay Inc., Paytm, Paymentwall Inc., 99Bill Corporation, PayPal Holdings Inc., WePay, JVL Ventures, LLC d/b/a Softcard, YeePay Co. Ltd., The Western Union Company, Square Inc., Intuit Inc., Google LLC, Dwolla Corp., Merchant Customer Exchange, Beijing Qiandaibao Payment Technology Ltd., BBVA Wallet, Boku Inc., Alipay, and Apple Inc. among others.