Global Cashback Apps Market is Expected to Reach USD 6,141.0 Million by 2031.

According to a recent market study published by Growth Market Reports, titled, "Global Cashback Apps Market by Cashback Model, Operating System, End-User and by Regions: Size, Share, Trends and Opportunity Analysis, 2022-2031", the market was valued at USD 3,373.2 Million in 2022 and is expected to grow at a healthy growth rate of 6.9 % by the year 2031. The global Cashback Apps Market is anticipated to grow significantly during the forecast period. The Rising Usage of Mobile Wallet Apps, Increasing Use of Online Mobile Payments and Rising Trend of Using E-commerce Platforms are some of the factors contributing to market growth.

As per Growth Market Reports industry analyst Akash Vedpathak, The COVID-19 pandemic has accelerated the expansion of the market, due to a massive surge in the use of digital payment modes, impacted by the preference of consumers for online shopping and the emergence of numerous e-commerce platforms. Businesses availed a wide range of luring rewards and cashback strategies, which influenced the buying behavior of consumers. Cashback and rewards schemes brought by businesses aided them in gaining the attention of consumers and helped in accumulating customers on their online platform within a short period of time.

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Rise of e-commerce applications for shopping is driving the cashback app market. The introduction of affordable smartphones and affordable internet service have significantly changed the global online retail sector. Emerging economies in Asia Pacific, including China and India, has created a stable foundation for e-commerce companies. These companies have implemented a variety of rewards, discounts, gifts, and cashback strategies to attract customers to the online platforms. Besides, introduction of discounts on essentials including groceries, food, and other daily expenditures is contributing significantly the market growth. Applications such as Fetch Rewards give consumers the opportunity to receive cash back based on scanned copies of their grocery store purchases. Customers are receiving cashback from using online mobile payment applications for their regular purchases made at retail (grocery), apparel, pharmacy, electronics, spirits, and other establishments which consequently help the market to gain traction.

The global Cashback Apps Market has been segmented based on Cashback Model, Operating System, End-User, and region. In terms of Cashback Model, the Cashback Apps market is categorized as Direct Cashback, Point-based Rewards, Partner Programs. Based on Operating System, the market is categorized as Android-based and IOS-based. By End-User, the market is categorized as Retail & E-commerce, Travel & Hospitality, Dining & Food Delivery, Utilities, and Others. By region, the global Cashback Apps market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).

Key Takeaways from the Study:

• The players include Capital One (Capital One Shopping), Rakuten Group, Inc. (Rakuten Rewards), PayPal (Honey Science LLC), Ibotta, Inc., Prodege, LLC, Ziff Davis, LLC, Upside Services, Inc, Checkout 51, Cashrewards, Dreamplug Technologies Pvt Ltd.,   Dosh Holdings LLC., Coin Out, Inc. (CoinOut), Fetch.

• The market in North America is expected to grow at a rapid pace owing to rising smartphone and internet penetration and the growing trend of online shopping in North America are driving the cashback apps market in North America.

• The Cashback Apps market in Asia Pacific is anticipated to grow at a substantial pace during the forecast period owing due to the exponential growth of the e-commerce sector, internet penetration, and rapid urbanization in the region are contributing to the growing popularity of cashback apps, thus boosting the market.

• The Cashback Apps market in Europe is expected to grow significantly during the forest period owing to the High tourist influx is boosting the usage of cashback apps for booking flights and hotels. Moreover, high internet usage is driving the cashback apps market in the region.

• In terms of Cashback Model, the global Cashback Apps market is fragmented into Direct Cashback, Point-based Rewards, and Partner Programs. The Direct Cashback segment held a credible market share during the forecast period. This is due to the growing desire of consumers to save money on their everyday purchases. The segment is owing to the rising preferences of consumers in saving on their regular shopping. This scheme is also highly beneficial for businesses to attract new customers based on the digital as well as word-of-mouth-based promotion strategy.

• In terms of Operating System, the global Cashback Apps market is fragmented into Android-based and IOS-based. The Android-based segment is anticipated to have a significant share in the market, the growth is owing to the wide availability of Android devices. Android devices are cost-friendly; hence their penetration is high in every region. Thus, increasing smartphone penetration and rising demand for cashback and reward apps in Android mobiles by the young generation are expected to boost the market.

• In terms of End-User, the global Cashback Apps market is fragmented into Retail & E-commerce, Travel & Hospitality, Dining & Food Delivery, Utilities, and Others. The Retail and E-commerce Segment is anticipated to have a significant share in the market this is due to the benefits offered by e-commerce platforms such as discounts and cashback schemes. Rising awareness about these benefits is increasing the number of users signing up for cash-back applications to receive instant rewards each time they make a purchase on an e-commerce platform.

Report Scope:

Target Audience:

• Demand Side: Individuals, E-commerce Websites, Frequent Travelers, Homeowners, and Others.

• Regulatory Side: Insurance Regulatory and Development Authority of India (IRDAI), Securities and Exchange Board of India (SEBI), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), European Banking Authority (EBA).