According to IMARC Group latest report titled “Latin America Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, offers a comprehensive analysis of the industry, which comprises insights on Mobile Payment Market in Latin America. The report also includes competitor and regional analysis, and contemporary advancements in the market. The Latin America mobile payment market exhibited robust growth during 2015-2020. Looking forward, IMARC Group expects the market to continue its robust growth during 2021-2026.
Mobile payment refers to an automated payment method that is made under financial supervision by regulatory bodies using a mobile device. It is a form of e-payment that employs mobile devices to authorize, initiate and confirm the transaction of money. It includes the use of mobile wallets, mobile money transfer services, and mobile banking applications, which allow consumers to securely store, send, and receive money electronically using their mobile devices. It offers various benefits, such as it allows for quicker and more convenient transactions, as users can easily make payments on the go without the need for cash or physical credit cards. Additionally, mobile payments are often more secure than traditional payment methods, as they use encryption and other security measures to protect users financial information.
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Market Trends:
The increasing penetration of smartphones is driving the market in Latin America. Coupled with this, the significant improvements in the network infrastructure are fuelling the growth of the market. Furthermore, the growing demand for contactless payment options is further catalyzing the market as mobile payments offer a convenient and secure contactless payment option that avoids the need for physical contact during transactions. In line with this, the integration of mobile payment applications with passcodes or biometric authentication methods that secures the payment gateway and personal details in an efficient manner, thereby minimizing the chances of security theft or fraud is supporting the market. Moreover, the availability of high-speed internet connectivity has enabled various retail outlets to set up mobile-based payment options for their customers, this is creating a positive market outlook.
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Latin America Mobile Payment Market Segmentation:
Our report has categorized the market based on country, mode of transaction, application and end-use.
By Mode of Transaction:
By Application:
By Country:
Key highlights of the report:
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Browse Other Reports of IMARC Group:
GCC Mobile Payment Market: https://www.imarcgroup.com/gcc-mobile-payment-market
Europe Mobile Payment Market: https://www.imarcgroup.com/europe-mobile-payment-market
United States Mobile Payment Market: https://www.imarcgroup.com/united-states-mobile-payment-market
India Mobile Payment Market: https://www.imarcgroup.com/india-mobile-payment-market
Mobile Wallet Market: https://www.imarcgroup.com/mobile-wallet-market
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