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Report
United States Mobile Payment Market Report and Forecast 2024-2032
Market Report I 2024-04-16 I 193 Pages I EMR Inc.
United States Mobile Payment Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the United States mobile payment market size reached a value of USD 641.79 billion in 2023. Aided by the accelerating shift towards digital transactions, the widespread adoption of smartphones, and the increasing integration of advanced technologies such as Near Field Communication (NFC) and QR codes, the market is projected to further grow at a CAGR of 23.7% between 2024 and 2032 to reach a value of USD 4473.3 billion by 2032.
Mobile payments have transformed the financial landscape in the United States, offering consumers a convenient, secure, and fast way to conduct transactions. This method of payment encompasses a wide array of applications, including mobile wallets, peer-to-peer (P2P) payment apps, and contactless payments, catering to the evolving needs of both consumers and businesses in a digitally driven economy.
As per the United States mobile payment market analysis, the pervasive use of smartphones and the internet has laid the foundation for mobile payment adoption, with consumers seeking more streamlined ways to manage their finances and make purchases. Additionally, the COVID-19 pandemic accelerated the shift towards contactless payments, highlighting the need for safe and hygienic transaction methods. Financial institutions, tech giants, and fintech startups are continually innovating to enhance mobile payment solutions, introducing features such as biometric authentication, real-time payments, and integrated loyalty programs. These advancements not only improve the user experience but also bolster security and trust in mobile payment platforms.
One notable trend boosting the United States mobile payment market growth is the rise of mobile wallets, with major players like Apple Pay, Google Wallet, and Samsung Pay leading the charge. These wallets are becoming increasingly accepted at POS terminals across the country, simplifying transactions and enhancing customer convenience. Another significant trend is the growing popularity of P2P payment apps such as Venmo, Cash App, and Zelle. These apps facilitate instant transfers between individuals, revolutionising the way people split bills, share expenses, and send money to friends and family.
The expansion of contactless payment infrastructure, including NFC-enabled POS terminals, is facilitating the wider adoption of mobile payments and contributing to the United States mobile payment market share. Retailers, public transportation systems, and other service providers are upgrading their systems to accept contactless payments, responding to consumer demand for quick and convenient transaction methods. Mobile payment platforms are also playing a crucial role in promoting financial inclusion by providing underserved and unbanked populations with access to financial services. By leveraging mobile technology, these platforms offer a range of financial products, from basic payment and money transfer services to more sophisticated banking solutions, helping to bridge the financial access gap.
As per the United States mobile payment market outlook, to enhance security and user experience, mobile payment providers are increasingly integrating biometric authentication methods, such as fingerprint scanning, facial recognition, and voice recognition. These technologies offer a more secure alternative to traditional passwords and PINs, reducing the risk of fraud and unauthorised access while streamlining the transaction process.
Wearable technology, including smartwatches and fitness bands, is being equipped with mobile payment capabilities, allowing users to make transactions directly from their wearable devices, further propelling the United States mobile payment market expansion. This trend reflects the growing demand for convenience and flexibility in payments, opening new avenues for wearable manufacturers and payment service providers.
Blockchain technology is being explored for its potential to revolutionise mobile payments by offering enhanced security, transparency, and efficiency. Blockchain can reduce transaction costs, minimise fraud, and provide a decentralised platform in the mobile payment market in the United States for processing payments, appealing to both consumers and businesses looking for more reliable and cost-effective payment solutions.
Market Segmentation
The market can be divided based on technology, payment type, location, end use, and region.
Market Breakup by Technology
- Direct Mobile Billing
- Near Field Communication
- Mobile Web Payment
- SMS
- Mobile Application
- Others
Market Breakup by Payment Type
- B2B
- B2C
- B2G
Market Breakup by Location
- Remote Payment
- Proximity Payment
Market Breakup by End Use
- BFSI
- Healthcare
- IT and Telecom
- Media and Entertainment
- Retail and E-Commerce
- Transportation
- Others
Market Breakup by Region
- New England
- Mideast
- Great Lakes
- Plains
- Southeast
- Southwest
- Rocky Mountain
- Far West
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United States mobile payment market. Some of the major players explored in the report by Expert Market Research are as follows:
- PayPal Holdings Inc.
- Apple Inc.
- Alphabet Inc.
- Block, Inc.
- Samsung Electronics Co. Ltd.
- Microsoft Corp.
- Mastercard Inc.
- Amazon.com Inc.
- MoneyGram International, Inc.
- Visa Inc.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Mobile Payment Market Overview
8.1 Key Industry Highlights
8.2 North America Mobile Payment Historical Market (2018-2023)
8.3 North America Mobile Payment Market Forecast (2024-2032)
8.4 North America Mobile Payment Market Breakup by Region
8.4.1 United States
8.4.2 Canada
9 United States Mobile Payment Market Overview
9.1 Key Industry Highlights
9.2 United States Mobile Payment Historical Market (2018-2023)
9.3 United States Mobile Payment Market Forecast (2024-2032)
10 United States Mobile Payment Market by Technology
10.1 Direct Mobile Billing
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Near Field Communication
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Mobile Web Payment
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 SMS
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Mobile Application
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Others
11 United States Mobile Payment Market by Payment Type
11.1 B2B
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 B2C
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 B2G
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
12 United States Mobile Payment Market by Location
12.1 Remote Payment
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Proximity Payment
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 United States Mobile Payment Market by End Use
13.1 BFSI
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Healthcare
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 IT and Telecom
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Media and Entertainment
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Retail and E-Commerce
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Transportation
13.6.1 Historical Trend (2018-2023)
13.6.2 Forecast Trend (2024-2032)
13.7 Others
14 United States Mobile Payment Market by Region
14.1 New England
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Mideast
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Great Lakes
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 Plains
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Southeast
14.5.1 Historical Trend (2018-2023)
14.5.2 Forecast Trend (2024-2032)
14.6 Southwest
14.6.1 Historical Trend (2018-2023)
14.6.2 Forecast Trend (2024-2032)
14.7 Rocky Mountain
14.7.1 Historical Trend (2018-2023)
14.7.2 Forecast Trend (2024-2032)
14.8 Far West
14.8.1 Historical Trend (2018-2023)
14.8.2 Forecast Trend (2024-2032)
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter's Five Forces Analysis
15.2.1 Supplier's Power
15.2.2 Buyer's Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Demand
15.4 Key Indicators for Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 PayPal Holdings Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Apple Inc.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Alphabet Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Block, Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Samsung Electronics Co. Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Microsoft Corp.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Mastercard Inc.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Amazon.com Inc.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 MoneyGram International, Inc.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Visa Inc.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Mobile Payment Market: Key Industry Highlights, 2018 and 2032
2. United States Mobile Payment Market: Key Industry Highlights, 2018 and 2032
3. United States Mobile Payment Historical Market: Breakup by Technology (USD Billion), 2018-2023
4. United States Mobile Payment Market Forecast: Breakup by Technology (USD Billion), 2024-2032
5. United States Mobile Payment Historical Market: Breakup by Payment Type (USD Billion), 2018-2023
6. United States Mobile Payment Market Forecast: Breakup by Payment Type (USD Billion), 2024-2032
7. United States Mobile Payment Historical Market: Breakup by Location (USD Billion), 2018-2023
8. United States Mobile Payment Market Forecast: Breakup by Location (USD Billion), 2024-2032
9. United States Mobile Payment Historical Market: Breakup by End Use (USD Billion), 2018-2023
10. United States Mobile Payment Market Forecast: Breakup by End Use (USD Billion), 2024-2032
11. United States Mobile Payment Historical Market: Breakup by Region (USD Billion), 2018-2023
12. United States Mobile Payment Market Forecast: Breakup by Region (USD Billion), 2024-2032
13. United States Mobile Payment Market Structure
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