According to IMARC Group latest report titled” Latin America Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market is currently witnessing strong growth. The latin america mobile payment market size to exhibit moderate growth during the next five years.
Mobile payment is an automated payment method used to initiate, confirm and authorize financial transactions made under financial supervision by regulatory bodies. It is usually conducted through a mobile application that is linked to the financial credentials of the user. This payment method generates a code and sends it over the air (OTA), which keeps payment information encrypted.
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The increasing penetration of smartphones and significant improvements in the network infrastructure are primarily driving the mobile payment market in Latin America. Furthermore, the wide availability of high-speed internet connectivity has enabled numerous retail outlets to setup mobile-based payment options for their customers. This is being supported by the rising purchasing power of the Latin American population. Besides this, the integration of these mobile payment applications with passcodes and biometric authentication methods enhances the security of payment gateway and personal details efficiently, thereby minimizing the chances of security theft or fraud. In the coming years, the growing number of online transactions due to the expanding e-commerce sector is expected to further propel the Latin America market for mobile payments in the coming years.
Mobile payment is an automated payment method used to initiate, confirm and authorize financial transactions made under financial supervision by regulatory bodies. It is usually conducted through a mobile application that is linked to the financial credentials of the user. This payment method generates a code and sends it over the air (OTA), which keeps payment information encrypted.
The increasing penetration of smartphones and significant improvements in the network infrastructure are primarily driving the mobile payment market in Latin America. Furthermore, the wide availability of high-speed internet connectivity has enabled numerous retail outlets to setup mobile-based payment options for their customers. This is being supported by the rising purchasing power of the Latin American population. Besides this, the integration of these mobile payment applications with passcodes and biometric authentication methods enhances the security of payment gateway and personal details efficiently, thereby minimizing the chances of security theft or fraud. In the coming years, the growing number of online transactions due to the expanding e-commerce sector is expected to further propel the Latin America market for mobile payments in the coming years.
Latin America Mobile Payment Market Segmentation:
Our report has categorized the market based on Country, Mode of Transaction, Age Group, Application and End-Use.
By Mode of Transaction:
- WAP
- NFC
- SMS
- USSD
- Others
By Application:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
By Country:
- Brazil
- Mexico
- Argentina
- Columbia
- Chile
- Peru
- Others
View Full Report with TOC & List of Figure: https://bit.ly/2YYW7An
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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You need an app concept, but let’s assume you have it already.
Mobile commerce will total $142 billion in revenues by the end of 2016 according to Forrester forecasts.
The average order value for tablet purchases is $98.07 and $81.27 for mobile purchases.
Set up card distinguishing by the first four numbers.
Others feel reluctant, especially after the recent series of major data breaches.
However, as long as you are selling physical products or subscription plans for your software, then you can choose any payment gateway integration that suits your business needs most (and avoid the 30% payment cut Apple and Google takes from every app purchase made).
