Mobile phones have become an important commodity to individuals with a boosting global economy

Mobile payment market is projected to reach $4B value in 3 years. Source:?shutterstock.com

Valuates Reports has conducted research revealing that?the mobile payment market is expected to reach $4,5 billion by 2023.

The study states that a rise in demand for hassle-free purchase of goods and services leads to grown consumer preference over digital and cashless payments.

This growing tendency is expected to increase the mobile payment market size over the forecast period.

At the same time, mobile wallets have been witnessing robust growth over the past few years. In addition, market players such as Apple, Google, and Samsung have launched mobile wallet apps to offer greater convenience to customers while purchasing goods and services at stores.

The e-commerce industry growth is expected to boost the mobile payment market size, study states. With the rising number of omnichannel vendors worldwide, the mobile payment market is forecasted to prosper during the forecast period.

We’ve reported that the App Store ecosystem supported $519 billion in billings and sales globally in 2019 alone.

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