Understand how rapidly the growing mobile payments market is transforming the whole world. Challenges, scope and components of the mobile payments industry.
The population of the world is over 7.5 billion out of which 5.28 billion people have mobile phones, that’s roughly 68% of the total population and it means that 7 out of 10 people have a phone. We can safely say that mobile phones have penetrated deep into our lifestyles. These little devices are used for so much more beyond just communication. They are your mobile wallets which can be used to make ‘on the go’ payments for various kinds of purchases on and off the internet. At this moment, the mobile payments market is bigger than ever and the graph is still climbing rapidly. According to a report, in the next 5 years there will be 500 billion mobile payments. Growing with a CAGR of 28.7%, this market is expected to reach USD 6884.24 billion by the year 2026 in terms of total value of transactions.