With modern banking technologies being integrated into mobile devices, the global mobile payments market is surging. Fortune Business Insights report the market will reach $11.83 trillion in 2028.
In the information report titled Mobile Payment Market Forecast, 2023-2028, Fortune Business Insights talks about their speculations for mobile banking. The summary is that this industry is surging due to the digitalization of payment services and the rising e-commerce in business. The international mobile banking market was valued at $1.54 trillion in 2020. With the recent growths, this value is bound to increase as they say to upwards of $11.83 trillion in 2018. This value is exhibiting a CAGR of 29.1% during the forecast period.
Some of the developments that prompted this surge are American Express Co.’s web and mobile app services. You can now use Amex Pay for taxes, insurance, internet bills, cable pills, and all of this from your phone. This is further propagated by its various bonuses and rewards you can earn with prolonged use.
Furthermore, this surge is also caused by various cash-back and prize offers that mobile banking providers offer. To uphold loyal customers, banks are issuing promotions in the form of limited cash-backs if the customer uses their app. Examples of this include local banks, but also international corporations like Google Pay, Amazon Pay, Ali Pay, and more. This novel tactic has seen clients flock to their mobile banking apps and eschew traditional methods. This is also true for the entertainment industries such as online mobile casinos that are highly utilizing mobile deposit methods.
Another development that is prompting this surge of mobile banking developments is AI. The financial industry is currently witnessing massive developments in banking technologies. E-wallets, mobile direct bank transfers, and more are all operated based on user insights and artificial intelligence technologies. Though these methods have their concerns regarding security and safety, their convenience and accessibility factors cannot be denied. Besides, e-wallet services are constantly innovating in fraud detection and user security. Their benefits will soon, if not already, outweigh the negatives.
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