Data from Allied Market Research suggests that the mobile payment market will expand at a compound annual growth rate of 33.8 percent from 2017 to 2023, to reach a market value of $4.574 billion.
AMR attributes its growth projections to an increasing demand among consumers for hassle-free purchase of goods and services, accompanied by a growing preference for digital and cashless payments, according to a press release from Financial Buzz.
Increased penetration of smartphones, growth in e-commerce, and changing lifestyles — particularly in emerging markets — are all major factors contributing to the growth of the mobile payments market, AMR found.
