Mobile Payments Poised for Major Growth to Over $12 Trillion by 2027 Driven by Asia-Pacific Region
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The global mobile payment market is projected to reach $12.06 trillion by 2027, exhibiting a CAGR of 30.1% from 2020-2027.
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The Asia-Pacific region accounted for over half of the global mobile payment market revenue in 2019 and is expected to retain dominance through 2027.
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The proximity and near-field communication segments are estimated to show the fastest growth from 2020-2027 at 31.4% and 33.4% CAGR respectively.
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Leading players in the mobile payment market include Apple, Samsung, PayPal, Visa, Mastercard, Google, among others.
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Key drivers of the mobile payment market include smartphone penetration, growth of mobile commerce, and demand for fast and frictionless transactions.