Market Overview:
The Latin America mobile payment market size reached US$ 252.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,494.1 Billion by 2032, exhibiting a growth rate (CAGR) of 21.7% during 2024-2032.
Report Attribute
|
Key Statistics
|
Base Year
|
2023
|
Forecast Years
|
2024-2032
|
Historical Years
|
2018-2023
|
Market Size in 2023
|
US$ 252.6 Billion |
Market Forecast in 2032
|
US$ 1,494.1 Billion |
Market Growth Rate 2024-2032 |
21.7% |
Mobile payment is used to initiate, confirm and authorize financial transactions in exchange for goods and services. It is conducted through various payment instruments, such as bank accounts, debit or credit cards, gift cards and mobile wallets. It generates a code and sends it over the air (OTA), which keeps payment information encrypted. At present, mobile payment is gaining traction in the Latin America region on account of the rising utilization of smartphones and the increasing penetration of the internet.
Mobile payment is more secure, convenient and easy-to-use as compared to other forms of payments. This, along with the rising trend of cashless payment solutions, represents one of the major factors bolstering the market growth in the Latin America region. Moreover, market players are integrating mobile payment solutions with advanced technologies, such as wearables, biometrics and blockchain, to enhance security, which, in turn, is positively influencing the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Latin America mobile payment market report, along with forecasts at the regional and country level from 2024-2032. Our report has categorized the market based on mode of transaction and application.
Breakup by Mode of Transaction:
Breakup by Application:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
Breakup by Country:
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Report Coverage:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Billion |
Segment Coverage |
Mode of Transaction, Application, Country |
Countries Covered |
Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 3699
Five User License: US$ 4699
Corporate License: US$ 5699 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the Latin America mobile payment market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Latin America mobile payment market?
- What are the key regional markets?
- What is the breakup of the market based on the mode of transaction?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the Latin America mobile payment market and who are the key players?
- What is the degree of competition in the industry?