Allied Market Research Says Mobile Payment Industry Could Top $4.6 Trillion by 2023
Mobile Payment Market Could Continue To Grow and Reach $4.6 Trillion Dollars
The mobile payment industry continues to grow and surprise analysts. Back in 2016, the market was worth $601 billion dollars. But the future is even much brighter. By 2023, the mobile payment market could reach $4.6 billion dollars. This information has been provided by an AlliedMarket Research survey.
Paying for goods and services using smartphones and other devices is surging and growing exponentially. According to this study performed by Allied Market Research, it has divided the different transactions available using SMS, NFC and wireless application control (WAP).
As per the company, the SMS segment is going to continue to grow in the future at a rate of 33.5% until 2023. Back in 2016, the SMS segment also dominated the mobile payment industry.
At the moment, the mobile payment market is still growing. Customers realize that it has several benefits to operate just using the telephone and how convenient everything is. And in the near future, mobile phones could even replace credit and debit cards. Cryptocurrencies such as Bitcoin (BTC) have also the possibility to replace fiat currencies as well, however, this would take much more time and would not be easy to achieve.
There are several companies in the industry that are working in order to introduce crypto and Bitcoin payment into their platforms. This is with the intention to improve mobile payments. For example, when Square added Bitcoin trading into its payment application, the stocks of the company skyrocketed in every single sense.
Square is also very optimistic about the penetration of Bitcoin and other virtual currencies and the influence they had on the mobile payment market. The company is trying to expand and offer virtual currencies as a means of payment to different users around the world. Back in August, Square expanded all over the United States.
Some days ago, Square received approval from the U.S. Patent and Trademark Office (USPTO) for a new payment method patent specifically designed for merchants. It explains that retail stores would be able to accept any currency available, including cryptocurrencies.
Mastercard and other companies such as Ripple are also using blockchain technology to improve the services and the product they offer. In this way, the market experiences the growth of new technologies and how they are changing the world.
Back on September 18, Glance Technologies Inc., released a press release in which it enables payments made with Bitcoin. The official statement reads as follows:
“The new feature, Pay With Bitcoin, will enable Glance Pay users to pair their cryptocurrency wallet with their Glance Pay account, and then purchase Glance Dollars with Bitcoin. Glance Dollars represent a credit that can be spent instantly at participating merchants within the Glance Pay ecosystem.”