According to IMARC Group latest report titled “Latin America Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, offers a comprehensive analysis of the industry, which comprises insights on Mobile Payment Market in Latin America. The report also includes competitor and regional analysis, and contemporary advancements in the market. The market is currently witnessing strong growth. The Latin America mobile payment market to exhibit moderate growth during the next five years.
Mobile payment is the digitalized form of paying cash that acts as a cashless medium for daily transactions in the modern world. It automates payment systems by offering an alternative method of payment using a portable electronic device like a mobile or tablet. It is utilized in paying bills on-site at stores by scanning a barcode and accepting payments from comfort stores to large, multi-national retailers. The main objective is to combine all legacy payments and offer an option that homogeneously utilizes the various channels. It provides additional privacy and safety advantages compared to physical cards.
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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.
The market in Latin America is majorly driven by the rising number of active smartphone users. In line with this, the growing awareness about digital payment is positively influencing the market. Furthermore, the expansion of the e-commerce sector and payment promotion in demand for fast and hassle-free transaction services are catalyzing the growth of the market. Apart from this, the widespread use of NFC, RFID, and host card emulation technology in mobile payment solutions are propelling the market. Moreover, the proliferation of the tech-savvy youth generation, the development in the middle-class segment, and rapid urbanization are strengthening the demand. Besides this, integrating biometric authentication methods with mobile payment applications to minimize the prospects of protection scams or robberies by securing the payment gateway is creating a positive outlook for the market. Additionally, the utilization of e-payments due to the rapid development of e-commerce platforms is providing a boost to the mobile payment market.
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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:
- Energy and Utilities
- Hospitality and Transportation
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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