According to IMARC Group’s latest report, titled “Mobile Commerce Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global mobile commerce market size reached US$ 628 Billion in 2020. Mobile commerce, or m-commerce, is a type of e-commerce that includes online commercial transactions conducted through wireless handheld devices, such as tablets and smartphones. It offers in-app purchases of products, bill payments, mobile banking, virtual marketplace apps, and digital wallets, like Apple Pay, Google Pay, Venmo, and Paytm. The money exchange in m-commerce is authorized, initiated, and confirmed by point-of-sale (POS) terminals. These terminals process payments by using the internet or nearfield communications.
The global mobile commerce market is primarily being driven by the rapid rise in the number of mobile and internet users. This is further catalyzed by the increasing development of mobile applications for several activities, such as bill payments and fund transfer. Moreover, m-commerce merchants have been incorporating their platforms with several fraud-prevention tools, such as card verification value (CVV), address verification service (AVS), fraud scoring and authentication checks. This, coupled with the onset of coronavirus disease (COVID-19) pandemic that prompted governments of several countries to undertake initiatives to promote digital or cashless payment methods, is creating a positive outlook for the market further. Looking forward, IMARC Group expects the market value to reach US$ 3,804 Billion by 2026, growing at a CAGR of 34% during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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