The Philippines is among the countries in Southeast Asia seeing sustained growth in mobile payment transactions. In 2023, GCash accounted for 89 percent of the total mobile wallet application market. Meanwhile, its closest competitor, Maya, held a five percent share. The rise of mobile wallets in the Philippines Alternative payment services have given Filipinos access to financial services usually provided only by banks. In particular, most Filipinos with a formal account in 2021 said they have an e-money account, compared to those with a bank account. E-money, which is stored in a digital wallet or on a card, enables users to easily make in-store payments as well as transfer and receive money online. In the Philippines, GCash had the highest monthly active users in 2022, followed by Maya. The popularity of such banking options is reflected in the forecast number of mobile wallet users in the country. Consumer preference for e-payment methods  A 2022 survey among Filipino consumers reflected a growing interest in using digital payment methods, especially due to its convenience, easy-to-use platforms, and fast transactions. The same survey revealed that GCash and PayPal were the leading e-payments or e-wallets used in the Philippines.

Cryptocurrency payments are forecast to grow at a CAGR of nearly 17 percent between 2023 and 2030, although the market is relatively small. The forecast is according to a market estimate made in early 2023, based on various conditions and sources available at that time. It should be noted, however, that cryptocurrency used for payments is predicted to be a far smaller market than the predicted transaction value of CBDC, or the forecast market size of instant payments. Indeed, research from early 2023 across 40 countries suggested that the market share of cryptocurrency in e-commerce transaction was "less than one percent" in all survey countries, with predictions being this would not change in the future.

According to Cognitive Market Research, the global bill splitting app market size will be USD 512.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 205.00 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 153.75 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 117.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 25.63 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 10.25 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.
The IOS is the fastest growing segment of the bill splitting app industry

Market Dynamics of Bill Splitting App Market

Key Drivers for Bill Splitting App Market

Increased sharing economy to drive market growth

The increased sharing economy significantly boosts the bill splitting app market by fostering a culture of shared expenses among individuals. As more people engage in shared experiences such as dining, traveling, and renting, the need for efficient expense management becomes paramount. Bill splitting apps streamline the process, allowing users to quickly divide costs and settle up, thus encouraging group activities. This trend not only enhances social interactions but also drives user adoption of such applications, contributing to overall market growth. The convenience and transparency these apps offer align well with the values of consumers seeking efficiency in their financial transactions.

Rise of digital payment solutions to boost market growth

The rise of digital payment solutions is a crucial driver for the bill splitting app market. As consumers increasingly embrace cashless transactions, the demand for efficient and user-friendly payment options grows. Bill splitting apps seamlessly integrate with various digital payment methods, enabling users to settle shared expenses quickly and conveniently. This trend reflects a broader shift toward mobile banking and financial technology, positioning bill splitting apps as essential tools in the evolving landscape of personal finance management. The synergy between digital payment solutions and bill splitting functionalities fosters a positive user experience, ultimately propelling market growth.

Restraint Factor for the Bill Splitting App Market

Security concerns over personal financial data to limit market growth

Security concerns regarding personal financial data pose a significant restraint to the growth of the bill splitting app market. Many potential users hesitate to adopt these applications due to fears of data breaches or unauthorized access to sensitive information. Instances of high-profile security incidents in the tech industry amplify these concerns, leading to skepticism about the safety of sharing financial details through apps. As a result, companies in this market must prioritize robust security measures, user education, and transparent privacy policies to build trust and alleviate apprehensions. Failure to address these security issues may hinder user adoption and limit overall market expansion.

Impact of Covid-19 on the Bill Splitting App Market

The Covid-19 pandemic had a negative impact on the bill splitting app market, as social distancing measures and lockdowns reduced opportunities for group gatherings and shared expenses. With restaurants and entertainment venues closed or operating at limited capacity, the demand for bill splitting apps dwindled significantly. Additionally, heightened health concerns led many individuals to avoid cash transactions, creating uncertainty in digital payment adoption. As a result, many bill splitting apps saw decreased usage and engagement. However, as restrictions eased and social activities resumed, a gradual recovery in the market began, albeit with a more cautious approach from users regarding financial interactions. In...

After a year-by-year increase since 2012, mobile payment system Swish overtook banknotes or coins as a payment method in Sweden in 2020. The source mentions this trend was accelerated by the coronavirus: people had to pay more digitally. Swish is supported by the six largest banks in the country, but is also a P2P app with consumers being able to send money to each other. Regardless, card payments were the most common payment method in Sweden in 2020: 92 percent of Swedes responded to have paid with card within the last 30 days. Note that the values presented here are not a market share - 50 percent of Swedish respondents at some point used cash money in the last 30 days. When looking at the value of overall transactions conducted with cash, the market share of cash money in Sweden was actually around 12 percent in 2019.

Mobile Money Market was valued at USD 6.12 Billion in 2023 and is projected to reach USD 35.05 Billion by 2031, growing at a CAGR of 26.90% during the forecast period 2024-2031.

Mobile Money Market: Definition/ Overview

Mobile money is a digital financial service that enables customers to store, transmit, and receive money using their mobile phones. It operates through a network of agents, especially in areas with limited access to traditional banking services, and allows financial transactions without the requirement for a bank account. Mobile money is extensively used for a number of purposes, including peer-to-peer transfers, bill payments, and commercial transactions, and provides a simple and secure alternative to cash.

Mobile money is widespread, especially in developing nations where traditional banking infrastructure is limited. As smartphone adoption rises and mobile networks develop, mobile money is projected to boost financial inclusion by providing access to a greater range of financial services like savings, loans, and insurance.

Global P2P payment market size was $1,994.8 Million in 2020 and is expected to reach $4,615.9 Million by 2028, growing at a CAGR of 11.3% from 2021 to 2028.

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India Unified Payments Interface Market Size 2024-2028

The India unified payments interface (UPI) market size is forecast to increase by USD 699.02 billion at a CAGR of 205.6% between 2023 and 2028.

The market is experiencing significant growth due to its instant and seamless money transfer process. This feature is driving the market, as more consumers prefer contactless transactions for their daily financial needs. Furthermore, the increasing use of mobile apps for shopping transactions is boosting the adoption of UPI. However, the market also faces challenges such as UPI payment frauds, which require strong data security measures to ensure user confidence. To mitigate these risks, market participants are investing in advanced security technologies and regulatory compliance. Overall, the UPI market is poised for growth, offering opportunities for innovation and expansion.

What will be the size of the India Unified Payments Interface (Upi) Market during the forecast period?

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The market represents a significant shift in mobile payment systems, enabling users to transfer money between bank accounts using a smartphone application. UPI facilitates seamless settlement through push and pull transactions, surpassing the need for physical cash and traditional over-the-counter payments. This mobile-first payment solution offers enhanced security with multi-factor authentication, safeguarding sensitive information during transactions. UPI supports recurring payments for utility bills, school fees, and other regular expenses, making financial management more efficient. While credit and debit cards and net banking continue to be popular options, UPI's convenience and instant payment processing have gained traction.
Furthermore, with UPI, users can send and receive money using a Virtual ID or account details, eliminating the need for sharing personal identification. The increasing unbanked population In the US also benefits from this innovative payment solution, expanding financial inclusion. Overall, the UPI market is poised for growth, offering a more convenient and secure alternative to traditional payment methods.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Money transfers
  Bill payments
  Point of sale
  Others


Type

  P2P
  P2M


Geography

  India

By Application Insights

The money transfers segment is estimated to witness significant growth during the forecast period.

The increasing demand for instant money transfer in India is expected to increase the demand for UPI from end-users during the forecast period. The users of UPI can transfer money through their mobile devices round the clock, 24x7 and 365 days. In addition, UPI is a fast, hassle-free, and cheapest way of money transfer, which the user can do anytime from anywhere. In addition, UPI eliminates the risk of carrying cash. Moreover, money transfer/transaction can be initiated from any bank's UPI application. Also, it only requires the virtual ID of the payee to transfer the money. The process of transferring money by UPI is quite simple as there is no need for pre-addition/approval of the beneficiary; the transfer is made to the beneficiary's virtual ID. Furthermore, a single UPI application can be used for different bank accounts. The user simply needs to link their bank accounts to their UPI-based application. Also, there is no charge for transferring money to the beneficiary account via UPI. Hence, owing to these factors, the demand for UPI for transferring money is expected to increase during the forecast period.

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The money transfers segment was valued at USD 303.00 billion in 2018 and showed a gradual increase during the forecast period.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of India Unified Payments Interface (UPI) Market?

Instant and smooth money transfer process is the key driver of the market.

The market represents a significant advancement in mobile payment systems, enabling seamless transactions between bank accounts through a smartphone application. UPI facilitates both push and pull transactions, allowing users to send and receive money instantly, without the need for physical cash or account details. This real-time gross settlement system supports transaction authentication through various methods, ensuring sensitive i

From 2025 to 2035, the market is projected to experience a CAGR of 10.1%, fuelled by advancements in technology, rising digital financial literacy, and the growing demand for real-time financial monitoring for individuals and small businesses.

Country-Wise Outlook

Competitive Outlook

P2P Payment Market size was valued at USD 8.08 Billion in 2024 and is projected to reach USD 9.14 Billion by 2031, growing at a CAGR of 17.53% during the forecast period 2024-2031.

Peer-to-peer (P2P) payments are growing due to a number of driving forces. First off, P2P payments are now more convenient, accessible, and safe for customers because to the growing popularity of mobile devices, improvements in digital payment technologies, and the development of mobile payment apps. P2P payment platforms are becoming more and more popular among users as they provide a smooth and quick answer to the problem of people looking for quicker and easier ways to send money to friends, family, or coworkers. Second, the adoption of P2P payment systems is accelerated by shifting consumer preferences towards cashless transactions, which are driven by elements like convenience, security, and the desire for contactless payments. Furthermore, there is an increasing demand for adaptable and effective payment systems to support peer-to-peer transactions between individuals, contractors, and customers due to the growth of the gig economy, freelance labour, and remote employment models. Furthermore, the need for cross-border P2P payment systems is fueled by the growing globalisation and cross-border mobility of people, which make it simple and inexpensive for users to send and receive money abroad. Furthermore, since social distancing measures and hygiene concerns hasten the shift towards digital and contactless payment systems, the COVID-19 epidemic has worked as a catalyst for the adoption of digital payment solutions, including P2P payments. Because of this, it is anticipated that the P2P payment industry will continue to grow significantly due to shifting consumer tastes, technology developments, and shifting market dynamics in the global payments arena.

Taiwan Mobile Payments Market size was valued at USD 627.1 Million in 2024 and is projected to reach USD 2341.3 Million by 2032, growing at a CAGR of 17.9% from 2025 to 2032.

Taiwan Mobile Payments Market: Definition/ Overview

Mobile payments refer to the use of smartphones, tablets, or other mobile devices to conduct financial transactions, such as purchasing goods and services, transferring money, or paying bills. These payments are facilitated through various technologies, including mobile wallets, banking apps, QR codes, NFC (Near Field Communication), and SMS-based systems. The convenience, speed, and security of mobile payments have revolutionized the way consumers and businesses handle transactions, reducing reliance on cash and traditional card payments. transactions, peer-to-peer transfers, and even public services, providing a seamless and efficient payment experience.

Debit and prepaid cards remained the most used payment method in physical stores, although they increasingly lost market share to wallets. Regardless, debit and prepaid cards formed the majority of Danish value spent in POS in 2024. The share of cash continued to decline, making up roughly seven percent of all in-store payments. A payment method that is becoming more and more popular is mobile payment apps. The most common payment app in Denmark is MobilePay, which was launched by Danske Bank in 2013. As of January 2020, the app had more than 97,000 active daily users in Denmark.

As of May 2023, True Money Wallet led the e-wallet market in Thailand with nearly 53 percent of the market share. This was followed by Rabbit Line Pay, with a share of around 25 percent.

True Money as the market leader

Since the COVID-19 outbreak, Thai people have become more accustomed to a cashless society. When purchasing products or services, e-wallets, mobile banking, or PromptPay are the usual methods of payment. In 2013, True Money was the first to establish an e-wallet service in the Thai market. With around 24 million users, True Money Wallet’s services include transferring money, paying utility bills, and purchasing items at online stores. Currently, True Money is covering purchases in six countries in the ASEAN region, including Burma, Laos, Cambodia, Vietnam, Indonesia, and the Philippines. Moreover, True Money Wallet is the only e-wallet payment method accepted by 7-Eleven stores in Thailand.

LINE Pay e-wallet

In August 2023, LINE MAN Wongnai and LINE (Thailand) acquired Rabbit LINE Pay, an online and offline payment system provider. Rabbit LINE Pay, which is now called LINE Pay, is another popular e-payment services in Thailand. It can be used to pay, transfer money, or top up mass transit networks such as the BTS SkyTrain, as well as purchase products and services from partner brands and pay utility bills. Given the rise in the transaction volume of e-wallets in Thailand, the Bank of Thailand predicted that by 2025, the use of E-Wallet money will have tripled.

The global money transfer agencies market, valued at $21.80 billion in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 11.54% from 2025 to 2033. This expansion is driven by several key factors. Increased international migration and remittances, fueled by globalization and economic disparities, form a substantial foundation for market growth. The rising adoption of digital payment technologies, including mobile apps and online platforms, significantly streamlines the money transfer process, enhancing convenience and accessibility for users worldwide. Furthermore, competitive pricing strategies among market players and the continuous innovation in security measures to combat fraud and ensure transaction safety are contributing to market expansion. The market also benefits from the increasing penetration of smartphones and internet access in developing economies, enabling wider access to these services. The market segmentation reveals a strong emphasis on service offerings, with money transfer and currency exchange services being the primary revenue generators. Leading companies such as Western Union, MoneyGram, and Wise (formerly TransferWise) are aggressively pursuing strategies focused on technological advancements, strategic partnerships, and geographic expansion. Regional variations in market share are expected, with North America and Europe likely maintaining significant dominance, followed by robust growth in the Asia-Pacific region, particularly in India and China. However, regulatory hurdles and potential risks associated with cross-border transactions and fluctuations in currency exchange rates pose potential challenges to market growth. Despite these challenges, the market's long-term outlook remains positive, propelled by technological progress and the ever-growing need for efficient and reliable international money transfer solutions.

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Digital Remittance Market Size 2024-2028

The digital remittance market size is forecast to increase by USD 15.2 million at a CAGR of 14.08% between 2023 and 2028. The market is experiencing significant growth due to the quickness and convenience of fund transfers through user-friendly digital payment solutions. With the rising global migration and cross-border remittance processes, the demand for digital platform solutions, including electronic wallets and mobile remittance applications, has increased. Mobile devices and mobile wallets have become essential tools for sending and receiving money across borders. Technological advancements, such as blockchain technology, have enhanced security and transparency, leading to faster transaction settlements. However, the implementation of know-your-customer (KYC) regulations adds complexity to the remittance process. To address this challenge, digital wallet providers are investing in mobile apps and digital wallets to streamline KYC procedures. As the trend of rising cross-border migration continues, the need for efficient and secure digital remittance solutions will remain high. The market is witnessing growth due to technological advancements, user-friendly digital payment solutions, and government initiatives promoting online payments. Cross-border migration and the need for quick and secure fund transfers have led to the increasing popularity of mobile wallets and mobile remittance apps. Blockchain technology enhances security and transparency, enabling faster transaction settlements.

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The market is witnessing significant growth as more individuals and businesses turn to digital transfer platforms for cross-border transactions. This shift is particularly prominent among migratory workers and families sending money to each other. Traditional methods of sending money, such as physical cash and paper-based transactions, are being replaced by mobile-based payment channels and digital transfer platforms. These electronic devices enable faster, more convenient, and cost-effective online transactions. Cross-border remittances have become an essential part of the global economy, with families and business associates relying on money transfer operators to facilitate these transactions.

However, the use of intermediaries and hidden charges have long been a concern for those sending and receiving money. Digital technology, including fintech innovations like artificial intelligence, data analytics, and chatbots, is revolutionizing the remittance industry. Digital platforms offer a more transparent and efficient way to send and receive money, reducing the need for intermediaries and minimizing hidden charges. Mobile money, a type of digital transfer platform, is becoming increasingly popular for family-to-family money transfers. This technology enables users to send and receive money using their mobile devices, making cross-border transactions faster and more convenient. Online transfer services offer several advantages over traditional methods, including reduced money transfer time, increased security, and the ability to track transactions in real-time.

Moreover, digital technology also enables users to access their account information and perform transactions from anywhere in the world. The market is expected to continue expanding as more individuals and businesses embrace digital transfer platforms. The convenience, efficiency, and cost-effectiveness of digital remittances make them an attractive alternative to physical cash and paper-based transactions. In conclusion, the market is experiencing significant growth as more individuals and businesses turn to digital transfer platforms for cross-border transactions. Digital technology, including mobile money and online transfer services, offers a faster, more convenient, and cost-effective way to send and receive money, making it an essential part of the global economy.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Personal
  Small business
  Migrant labor workforce
  Others


Type

  Outward digital remittance
  Inward digital remittance


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC



  Middle East and Africa



  South America

By End-user Insights

The personal segment is estimated to witness significant growth during the forecast period. The market has witnessed substantial growth in the personal segment due to various factors. Technological advancements and changing demographics are key drivers, with an increasing number of people using digital platforms for international money transfers. This trend is particularly prevalent among younger generations wh

Mobile Payment Technology Market size was valued at USD 742.72 Billion in 2024 and is projected to reach USD 22712.41 Billion by 2031, growing at a CAGR of 58.85% from 2024 to 2031.

Global Mobile Payment Technology Market Drivers

Increasing Smartphone Penetration: The global use of smartphones is a major driver of the mobile payment technology market. With over 3.8 billion smartphone users by 2021, mobile payment apps make it easy for consumers to make purchases at any time and from any location. This trend is projected to continue, accelerating the use of mobile payment systems. In April 2024, Apple stated that iPhone sales in emerging markets increased by 22% year on year, with mobile payment functionality being a key driver of adoption.

Growing Preference for Contactless Payments: The increase in demand for contactless payment solutions, aided by the COVID-19 epidemic, has greatly strengthened the mobile payment technology sector. Consumers are increasingly preferring the ease and security of contactless payments to avoid physical contact during transactions. This trend in consumer behavior encourages merchants to use mobile payment solutions to satisfy client desires.

Advancements in Security Technologies: Continuous improvements in security measures, such as biometric authentication (fingerprint and facial recognition) and tokenization, are increasing customer trust in mobile payment systems. As security concerns remain a barrier to adoption, these advancements help limit risks and protect sensitive payment information, encouraging more people to use mobile payment technology. In March 2024, Visa announced that biometric authentication methods (fingerprint, facial recognition) were used in 60% of mobile payment transactions on its network, up from 45% the year before.

China Payments Market size was valued at USD 40.27 Trillion in 2024 and is projected to reach USD 80 Trillion by 2032, growing at a CAGR of 8.39.% from 2026-2032.

China Payments Market: Definition/ Overview

Digital payments are the electronic transfer of money for products and services, which eliminates the need for cash transactions. These systems use mobile apps, internet platforms, and digital wallets to enable consumers to pay rapidly and securely using their smartphones or other devices. With the advent of internet access and smartphones, digital payment options have gained popularity, serving as a simple and effective alternative to traditional payment methods. They are rapidly being used in everyday activities such as purchasing goods, paying bills, and moving money between persons.

According to Cognitive Market Research, The Global Lunch Takeout market size is USD 216.8 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 6.20% from 2023 to 2030.

North America Lunch Takeout held the major market share in 2023. It accounted for more than 40% and a CAGR of 5.0% of the global revenue in 2023.
European Lunch Takeout market accounted for approximately 30% and a CAGR of 5.2% of the global revenue in 2023.
Asia Pacific Lunch Takeout held a considerable market share in 2023, accounting for more than 22% and a CAGR of 7.5% of the global revenue in 2023.
Latin America Lunch Takeout accounted for more than 5% and a CAGR of 6.0% of the global Lunch Takeout revenue in 2023.
Middle East and Africa Lunch Takeout accounted for more than 3.00% and a CAGR of 6.1% of the global revenue in 2023.
The demand for Lunch Takeout is rising due to the growing concerns about safety and hygiene.
Demand for cash remains higher in the Lunch Takeout market.
The quick-service restaurant category held the highest Lunch Takeout market revenue share in 2023.

Increasing Number of Restaurants to Provide Viable Market Output

The increasing number of restaurants bolsters the growth of the market. This trend is fueled by evolving consumer lifestyles and a growing preference for convenient dining options. The expanding restaurant landscape offers consumers diverse choices for takeout meals, catering to various tastes and dietary preferences. Additionally, the rise of online platforms and food delivery services has further facilitated access to a broad spectrum of culinary options, driving the demand for lunch takeout. The competitive market landscape encourages innovation and quality improvements, enhancing restaurant takeout services' overall appeal and contributing to the market's upward trajectory.

For instance, the Kitchen Display System (KDS), a digital menu board for kitchen staff, automatically displays orders based on priority and flags any special dietary requests. This system communicates directly with the restaurant's POS system and tracks meal delivery times.

(Source: www.lsretail.com/resources/what-is-restaurant-kitchen-display-system)

Recent Digital Advancements to Propel Market Growth

The recent digital advancements provide growth in the market. The proliferation of mobile apps, online ordering platforms, and digital payment methods has revolutionized how consumers access and purchase takeout meals. The ease of browsing menus, placing orders, and making secure smartphone payments has enhanced customer convenience. Additionally, integrating advanced technologies like AI-driven recommendations and geo-location services further personalizes the ordering experience, increasing customer satisfaction. As a result, the seamless digital experience provided by these innovations has become a key driver in the growth of the global lunch takeout market.

For instance, according to REVOLVING KITCHEN, digital ordering and delivery is increasing by up to 300% compared to dine-in traffic.

(Source: revolvingkitchen.com/2021/03/12/how-to-start-delivery-only-restaurant/#:~:text=A%20virtual%20restaurant%20doesn't,food%20available%20only%20through%20delivery.)

Market Dynamic For Lunch Takeout Market

Difficulty in Maintaining Quality Standards to Restrict Market Growth

Maintaining the quality standards constrains the growth of the market. The diverse nature of cuisines, extended delivery times, and varied environmental conditions make it hard to ensure consistent food quality. The packaging and transportation processes may impact the freshness and taste of the food, leading to potential customer dissatisfaction. Additionally, stringent food safety regulations add complexity to quality control efforts. Balancing efficiency and quality across a wide range of menu items, especially for diverse global tastes, requires meticulous attention, making it a persistent challenge for businesses operating in the lunch takeout sector.

Impact of COVID-19 on the Lunch Takeout Market

The social distancing measures and restaurant closures led to a surge in demand for takeout services. Many restaurants adapted by focusing on online ordering, contactless delivery, and enhanced safety protocols. However, supply chain challenges, labor shortages, and economic uncertainties impacted the industry. Despite these challenges, the market ...

Wallets made up the majority of POS transaction value in China, caused by the popularity of QR codes within the country. The share of cash, on the other hand, declined to roughly five percent of all money spent in-store. The use of super apps like WeChat introduced consumers in China sooner to QR codes than people elsewhere in the world.

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Personal Finance Software Market Size 2024-2028

The Personal Finance Software Market size is estimated to increase by USD 296.46 million and grow at a CAGR of 4.76% between 2023 and 2028. The Fintech Industry experiences market growth propelled by the surge in Digital Banking and Financial Technology adoption. Money Management Software and Expense Tracking Apps witness increasing popularity as individuals prioritize Financial Wellness and seek efficient Financial Management Solutions. The rise of Financial Planning Software as Software Developers prioritize User Experience and Security Features is evident. Investment Management Platforms like Quicken integrate with various financial institutions, enhancing Consumer Preferences for seamless financial management. This trend towards Product Innovation and Regulatory Compliance is expected to drive the market growth of Financial Technology during the forecast period.

What will be the size of the Market During the Forecast Period?

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Market Segmentation

By End-user

The home business users segment is estimated to witness significant growth during the forecast period. This segment caters specifically to individuals who run their own businesses from their homes or small home offices. In addition, they can be tailored for home business users offers a range of features and functionalities to help them manage their personal and business finances effectively. For instance, QuickBooks Self-Employed is a prime example of these designed for home business users.

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The home business users segment was the largest segment and was valued at USD 531.67 million in 2018. Moreover, some of the main advantages of the home business users segment include business expense tracking, invoicing, payment processing, tax preparation and reporting, and business snapshots. In addition, these products for home business users allow easy tracking and categorization of business expenses. Furthermore, it enables users to record expenses related to supplies, equipment, marketing, and other business-related costs, helping them monitor cash flow and track taxable business deductions. Hence, such factors are fuelling this segment which in turn drives the market during the forecast period.

By Product

The convenience offered by the web-based personal finance software segment will increase the market growth. This can be referred to as applications that are accessed through a web browser, providing users the flexibility to manage their finances from any device with internet connectivity. Factors such as convenience, accessibility, and collaborative features fuel the growth of this segment. In addition, the main example of web-based personal finance software is Mint.com which offers users a comprehensive platform for managing their finances, including budgeting, expense tracking, bill payment reminders, and investment tracking. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Regional Overview

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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the factors that are contributing to the growth of the market in North America are the high concentration of market players and the availability of both in-house and cloud infrastructure. In addition, the adoption of mobile applications for iOS and Windows platforms will support the growth of the market in the coming years. Moreover, America is an attractive region for the market as it is a pioneer in the early adoption of technologies across the sector. Furthermore, the emergence of a large number of partnerships, acquisitions, and new startups, along with intense competition are driving the market growth in North America during the forecast period.

Market Dynamics and Customer Landscape

The market growth is driven by the escalating adoption of digital solutions, reflecting the growing Financial Literacy and preference for Accounting Software and Wealth Management Tools. The convenience of Online Platforms facilitates efficient Budget Management and Expense Reports, enhancing Personal Banking Services accessibility. However, Pricing Strategies pose a key restraint, limiting access for individuals due to high costs. This Brand Recognition challenge affects Financial Advisors and market penetration. High entry barriers hinder broader market growth, leaving segments of the population without comprehensive Financial Management tools, thus affecting market expansion projections

The client base of both Thai e-wallet TrueMoney as well as Japan's LINE Pay are expected to grow by over 200 percent between 2020 and 2025. TrueMoney, especially, is said to have seen a significant growth of users during the coronavirus pandemic, ranking as one of the most downloaded free Android apps in the country. Unlike LINE Pay - a mobile payment option within Japan's most popular messaging app and mainly functions within this ecosystem - the TrueMoney mobile wallet relies on global partnerships. First created in 2013 by fintech Ascend Money, TrueMoney entered several major partnerships in the following years with, for example, Apple and China's Ant Group. This makes it possible for users of this particular payment service to pay directly in either the Apple Store or on Alibaba.