According to the press release, in the emerging economies, mobile payment solutions have been deployed as a means of extending financial services to the community known as underbanked. Therefore, the global mobile payment market was estimated to account for USD 664.19 billion in 2019 and is expected to grow at a CAGR of 20.5% over the forecasted period 2020-27.
Besides, the increasing number of mobile subscribers worldwide is expected to support growth of the global mobile payment technologies market during the forecasted period. This count is rapidly increasing in economies such as India, China, Indonesia, and Brazil. As claimed by the Coherent Market Insight analysis, Asia-Pacific holds the dominant position in the global mobile payment market, as mobile internet penetration increased from 45% in 2018 to 49% in 2019, owing to economies such as China and India.
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