Market Trends of Mobile Payments Industry
Increasing Internet Penetration and Growing M-commerce Market To Drive the Market Growth
- Mobile commerce, often known as m-commerce, is the practice of doing all of one's business transactions using a mobile device, most commonly a smartphone. The primary goal is to improve CX on smartphones, which will subsequently result in improved conversion rates and earnings.
- Many retail and eCommerce firms have aggressively adopted more mobile-centric strategies as a result of the enormous development of mobile devices and the widespread adoption of internet services. It serves as a vital channel for firms to communicate with their customers as well as a means of communication with friends and family.
- M-commerce was made possible by the incredible rise of mobile devices and the accessibility of the internet, which are dominating the new generation. M-commerce (mobile commerce), which is the next phase in the growth of eCommerce, is becoming more and more popular.
- Additionally, chatbots are receiving more attention, and mobile banking will increasingly incorporate them. Consumer habits are evolving due to mobile accessibility. Compared to brand websites, the purchasing experience is the same on mobile devices; in fact, users of mobile apps receive more new options and customization.
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North America Holds the Major Share of the Market
- One of the major market participants in the industry under study is the North American area. Although acceptance of mobile payments was somewhat modest during the study period, the COVID-19 pandemic and the surge in e-commerce have significantly sped it up.
- With the country's mobile payment experience improving, e-commerce sales are also rising. This rise also reflects customers' growing familiarity with online buying and the rise in handheld and mobile device usage.
- Along with the widespread adoption of mobile technology in emerging countries, the region's growing government initiatives to go cashless are anticipated to offer growth opportunities for the market. This gives fintech companies and banks a new way to provide mobile banking solutions to underserved and unbanked customers in remote areas.
- The modernization of payment systems, domestic and foreign payment innovations, payment service providers, and regulatory initiatives to restructure the future payments sector continue to impact the Canadian market for digital payments.
- To compete with the e-commerce sector, brick-and-mortar stores are also planning to alter the in-store experience by implementing mobile pay-and-go purchasing across the region. Retailers may increase their average revenue per user (ARPU), improve customer experience, foster greater loyalty, and increase operational efficiencies by implementing mobile pay-and-go solutions, which are gaining traction globally.
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