MOBILE PAYMENTS
Mobile payments have become integral to global finance , transforming how consumers and businesses handle transactions . This digital payment method leverages mobile devices , ie smartphones and tablets , to enable transactions through various applications and platforms .
Evolution of mobile payment technology Technological advancements and changing consumer behaviours have driven the widespread adoption of mobile payments . In 2023 , the global mobile payment market was valued at US $ 67.5bn and is projected to reach US $ 587.52bn by 2030 , reflecting a compound annual growth rate ( CAGR ) of 36.2 %. The rise in mobile payment usage has been propelled by the widespread availability of NFC-enabled smartphones and robust internet connectivity , which have made these services accessible to a broader audience .
Chris Gorman , Head of Professional Services for Esendex , says : “ The use of mobile payments has increased significantly in recent years , driven by advancements in mobile technology . “ We ’ ve seen more sectors using mobile payments , from managing loan payments within the financial sector to transaction processing from retailers . Consumers are leading increasingly busy lives , so being able to quickly and securely make remote payments from a mobile phone adds extra convenience and increases conversions .”
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