COVID-19 to Facilitate Significant Growth Opportunities
The widespread effect of the novel coronavirus, COVID-19, is driving the push for digital transactions across the globe. Though cash is still considered to be an integral part of the people, digital transactions are rising owing to the fear of handling cash among several people. For instance, according to the Reserve Bank of India (RBI), digital transactions under Unified Payments Interface (UPI) rose to over 799.5 million in March 2019. Furthermore, these transactions were 4.5 times the volume registered in March 2018.
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Among all the regions, the market in Asia-Pacific is expected to register the highest global market revenue during the forecast period. This is attributable to factors such as large population in the region that is driving the demand for mobile devices. Countries such as India, Japan, and China are driving the demand for high adoption of mobile devices and technology in the region. Additionally, in countries such as India, the government is promoting digitalization that will bode well for the market growth in the region. North America, on the other hand, is expected to witness significant growth for the market in the forthcoming years. The market was worth USD 297.88 billion in 2019 and is likely to rise owing to a well-developed mobile payment services in countries such as the USA.
PayPal Announces In-store Mobile Payments Offerings
In November 2019, PayPal, a prominent mobile payment solutions provider, announced its plan to offer an in-store mobile payment facility by the year 2020. According to the company, the in-store payment facility is expected to be flexible and convenient and will help them to consolidate their position in the competitive market. Adoption of strategies such as product expansion offering, the introduction of new products, merger and acquisition, and collaboration by the companies is anticipated to bode well for the global market growth during the projected horizon.
Major Table of Content for Mobile Payment Technology Market:
Global Mobile Payment Market Analysis, Insights and Forecast, 2016-2027
Complete TOC Available Here…
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