Mobile Banking Market to Reach $7 billion, Globally, by 2032 at 16.8% CAGR: Allied Market Research
WILMINGTON, Del., Nov. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Mobile Banking Market by Transaction (Consumer-to-consumer, and Consumer-to-business), and Platform (Android, iOS, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global mobile banking industry generated $1.5 billion in 2022, and is anticipated to generate $7 billion by 2032, witnessing a CAGR of 16.8% from 2023 to 2032.
- The convenience and safety of mobile banking apps became more apparent, and people increasingly relied on them for everything from checking balances to making transactions.
- Overall, Mobile banking apps integrated with mobile wallets and made it seamless for users to pay for goods and services without using cash or cards.
- Furthermore, the increase in digital transactions prompted the development of advanced cybersecurity measures and fraud prevention mechanisms within mobile banking apps, ensuring the safety of online transactions.
- Therefore, the COVID-19 pandemic had a positive impact on the mobile banking market.