United States Mobile Payment Market to Reach US$ 3,901.8 Billion by 2032, Impelled by Expanding E-commerce Industry

November 23, 2022 | Technology & Media

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The latest report by IMARC Group, titled “United States Mobile Payment Market Report by Mode of Transaction (WAP, NFC, SMS, USSD, and Others), Application (Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality and Transportation, and Others), and Region 2024-2032,” finds that the United States mobile payment market size reached US$ 612.6 Billion in 2023. Mobile payment, also called m-payment, refers to an automated e-payment method that uses mobile devices to initiate, confirm and authorize financial value in exchange for goods and services. It is more secure, convenient, and easy to use compared to other forms of payment and is performed under the financial supervision of regulatory bodies and facilitated by the availability of point-of-sale (POS) terminals. At present, key players are combining advanced technologies, such as wearables, biometrics, and blockchain, with mobile payment solutions, which are escalating their demand across the country.

United States Mobile Payment Market Trends:

The market is primarily driven by the expanding e-commerce sector and the growing reliance on the internet. In addition, mobile payment services are easily integrated with loyalty and incentive programs, which represents another major growth-inducing factor. Besides this, mobile payments are widely adopted in the healthcare industry to ensure easy payment of medical bills. This, coupled with the introduction of smart payment programs that include the overall costs of healthcare services, is positively influencing market growth. Moreover, the expanding travel and tourism sector is also accelerating the product adoption rate. Furthermore, the sudden outbreak of the coronavirus disease (COVID-19) and the consequent utilization of contactless payments, the launch of numerous incentive programs, discount coupons, and cashback offers by key players, and the integration of biometric authentication methods with mobile payment applications are some of the other factors creating a favorable market outlook across the country. Looking forward, IMARC Group expects the market value to reach US$ 3,901.8 Billion by 2032, exhibiting a CAGR of 22.2% during 2024-2032.

Market Summary:

Based on the mode of transaction, the market has been segmented into WAP, NFC, SMS, USSD, and others.
On the basis of the application, the market has been classified into entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others.
On the geographical front, the market has been divided into Northeast, Midwest, South, and West
The competitive landscape of the market has been examined in the report, with detailed profiles of the key players operating in the industry.

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, Region
Region Covered	Northeast, Midwest, South, West
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)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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United States Mobile Payment Market to Reach US$ 3,901.8 Billion by 2032, Impelled by Expanding E-commerce Industry

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