United States Mobile Payment Market Outlook, Future Growth, Business Prospects 2023-2028

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The United States mobile payment market size reached US$ 487.5 Billion in 2022. IMARC Group expects the market to reach US$ 1,919.2 Billion by 2028, exhibiting a growth rate (CAGR) of 25.38% during 2023-2028.

According to IMARC Group latest report titled United States Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, offers a comprehensive analysis of the industry, which comprises insights onUnited States mobile payment market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The United States mobile payment market size reached US$ 487.5 Billion in 2022. Looking forward, IMARC Group expects themarket to reach US$ 1,919.2 Billion by 2028, exhibiting a growth rate (CAGR) of 25.38% during 2023-2028.

What are United States mobile payment?

Also represented as e-payment, mobile payment is executed using an internet facility, a smartphone, and payment instruments, such as gift cards, a bank account, debit or credit cards, and a mobile wallet. It is enabled by the availability of point-of-sale (POS) terminals that perform transactions using nearfield communications. Mobile payment is convenient, secure, and easy to use compared to its traditional counterparts. As a result, this system finds extensive applications across various sectors, such as energy and utilities, healthcare, retail, entertainment, hospitality, transportation, etc.

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What are the growth prospects and trends in the United States mobile payment industry?

The rising internet penetration and the escalating number of tech-savvy consumers are primarily driving the United States mobile payment market. Besides this, the emerging e-commerce industry across the region is further augmenting the market growth. Moreover, the elevating requirement for mobile payment solutions in medium and small-sized enterprises (SMEs) to track customer buying behavior is also catalyzing the market across the United States. Apart from this, the widespread utilization of tokenization, in addition to biometric identification features by the key players to provide a more secure experience and the increasing awareness among the masses toward the improved safety associated with these transactions, are acting as significant growth-inducing factors. In addition, the integration of these solutions with passcodes and/or authentication methods secures the personal details and pay gateway in an efficient manner that reduces the chances of fraud or security theft, which is also stimulating the market growth. Furthermore, the growing popularity of this solution and contactless procedures, owing to the sudden outbreak of the COVID-19 pandemic, is expected to bolster the United States mobile payment market in the coming 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.

Breakup by Mode of Transaction:

  • WAP
  • NFC
  • SMS
  • USSD
  • Others

Breakup by Application:

  • Entertainment
  • Energy and Utilities
  • Healthcare
  • Retail
  • Hospitality and Transportation
  • Others

Breakup by Region:

  • Northeast
  • Midwest
  • South
  • West

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porters Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

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