The global mobile payment industry is undergoing significant transformation, with the market size expected to expand from USD 2.66 trillion in 2024 to USD 10.47 trillion by 2033, reflecting an estimated CAGR of 16.4%. This rapid growth is attributed to increasing smartphone penetration, supportive government policies, technological advancements, and a shift in consumer preferences toward digital transactions. The Asia Pacific region leads in market share, driven by high smartphone usage and innovative payment technologies. Meanwhile, the European and North American markets are witnessing growth due to the adoption of contactless payments and investment in mobile payment technologies. In Latin America, increased internet access and smartphone usage are key growth factors, while the Middle East and Africa's markets are expanding due to efforts towards financial inclusion and mobile money services.
In other market news, Nu Holdings was a notable mover up 9.1% and closing at $11.73. Meanwhile, Ping An Bank trailed, down 3.9% to end the day at CN¥11.50. Three days ago, Ping An reported a decline in net income and earnings per share for 2024 compared to the previous year.
Nu Holdings is expanding into new markets with diversified revenue streams like secured lending. Discover more about their growth strategy and potential challenges in our detailed narrative.
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Companies discussed in this article include NYSE:NU NasdaqGS:SOFI NasdaqGS:PYPL NYSE:V and SZSE:000001.
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