Mobile Payment Market Size, Share, Growth Analysis, By Technology(Near Field Communication, Direct Mobile Billing, Mobile Web Payment, SMS), By Payment Type(B2B, B2C, B2G, and Others), By Location(Remote Payment, and Proximity Payment), By End-use(BFSI, Healthcare, IT & Telecom, Media & Entertainment), By Region - Industry Forecast 2024-2031


Report ID: SQMIG40B2001 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 125 |Figures: 77

Mobile Payment Market Insights

Global Mobile Payment Market size was valued at around 52.89 billion in 2022 and is expected to rise from USD 72.04 billion in 2023 to reach a value of USD 853.04 Billion by 2031, at a CAGR of 36.2% during the forecast period (2024–2031). 

The expanding m-commerce business and the increased global smartphone penetration can be linked to market growth. Increased access to the internet for purchasing products online is likely to drive market growth during the forecast period. Businesses all around the world are making payment methods mobile-friendly, resulting in market development potential.

Mobile payment options are quick and easy to use. Customers all over the world are increasingly accepting the proposal of using mobile devices such as tablets and smartphones to pay for goods and services. Furthermore, as a result of the COVID-19 epidemic, both e-commerce & traditional businesses are working on responding to changing customer behavior, including paying without cash via mobile devices. These factors are projected to drive market expansion throughout the forecast period.

Near-Field Communication (NFC) is a mobile payment technology that transfers encrypted data directly and instantaneously to Point of Sale (POS) devices. When compared to PIN & chip technology, this saves significant time. NFC on mobile devices uses close-proximity RF identification for interaction with NFC-enabled card readers. Customers do not need to come into proximity with the point-of-sale devices to transfer information, and only their mobile phones need to be near the terminal.

The growing popularity with sound wave-based mobile payment methods is projected to boost industry expansion. Sound wave-based payment operations are performed by unique sound waves conveying secret data about the payments, rather than existing technologies such as banking apps or smartphones with wallets, NFC, and card terminals. Sound wave-based mobile payments do not require access to the internet. Sound wave-based mobile payment systems are simple and inexpensive to implement, especially in regions and nations where inhabitants cannot buy the most powerful smartphones.

However, security worries about mobile payment options are projected to stymie market expansion. The growing number of prominent data breaches throughout the world is projected to stymie the growth of the smartphone payment market during the forecast period. Customers prefer to make payments using credit or debit cards because they desire to avoid data leaks. Some customers choose to use credit or debit cards instead of trying to make a contactless payment.

Market Snapshot - 2024-2031

Global Market Size

USD 38.33 Billion

Largest Segment

Remote Payment

Fastest Growth

Remote Payment

Growth Rate

36.2% CAGR

Global Mobile Payment Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)

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Mobile Payment Market Segmental Analysis

Based on technology, the market is segmented into near field communication, direct mobile billing, mobile web payment, sms, interactive voice response system, mobile app, and others. Based on payment type the market is segmented into B2B, B2C, B2G, others. Based on location, the market is segmented into remote payment, and proximity payment. Based on End-use the market is segmented into BFSI, healthcare, IT & telecom, media & entertainment, retail & e-commerce, transportation, and others. Based on region, the global Mobile Payment Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA. 

Analysis by Technology 

The mobile online payment sector will lead the industry in 2022, with a revenue share of more than 23.0%. The segment’s steady growth can be attributed to its offered security and flexibility in web-based payment solutions. M-commerce is also growing globally, and its widespread acceptance and adoption promises this segment’s expansion. Mobile payment apps contain a URL which can be conveniently bookmarked. This allows users to return to the webpage or share it with ease.  

Analysis by Payment Type 

The B2B payment category led the market as it dominated over 60.0% of the market revenue. B2B payments are being sought by venture finance and investment businesses, driving segment growth. Rupifi is a B2B payment app provider. It raised USD 25 million in January 2022 through a round of funding led by the partnering companies Bessemer Venture Partners and Tiger Global Management, LLC. Rupifi will use the money to develop a full B2B checkout product. This funding will also go forward to develop a multichannel mobile-first B2B payments products that can be universally used by merchants and sellers. Additionally this segment stabilizes its market position as banks increase adoption rates of these payment services. This is the result of their desire to enhance user experience. 

According to our predictions, the quickest CAGR in the market is held by B2C payments. These transactions are made by users when they procure a product or service for their personal use. This segment has grown due to the rising number of mobile payment methods in the e-commerce business. According to a survey, mobile users take up 60% of the e-commerce traffic in the world. This category will potentially continue growing with the global adoption and acceptance of digital wallets. 

Analysis by location 

The global mobile payment market operates through two main mechanisms based on physical proximity during a transaction: there are two types of payments that have been used in SCR, the first one is the remote payment and the second one is the proximity payment. 
 
Remote Payment: Electronic money transfers that supersedes distance, Remote payments enable a payment process where the payer and the payee are not physically present. Think of engaging in convenient purchase of items from online stores, setting bills for payment through mobile banking applications, or make transfers of money to friends and relatives electronically. It is the most convenient way and provides flexibility in that the transactions can be done at one’s convenience irrespective of the time of the day or the day of the week since it uses the internet. However, security takes the central stage in the remote world, calling for strict policies of user identification and protection of the financial details. 
 
Proximity Payment: Here, the physical proximity is the central factor. They entail close interaction between the payer and the payee since they have to be within the same vicinity to finalize the transaction. Consider paying via a smartphone at checkouts with wheels using Near Field Communication (NFC) technology, using contactless credit/debit cards, and/or wearable technology or using Quick Response (QR) codes for fast payments. Proximity payments tend to be faster than the usual cash or card swipe and are usually efficient. But don't forget security! Techniques such as tokenization must be put in place to guard such sensitive information on financial transactions carried out in close range. 

Analysis by end use 

Therefore, the global mobile payment serves various end users who may require the payment for different reasons and use. Here's a breakdown of the key segments:Here's a breakdown of the key segments: 
 
BFSI (Banking, Financial Services, and Insurance): Mobile payments today can be accessed through bank’s applications that are designed for secure money transfer, bill payment and mobile wallet. Some of the ways through which insurance companies are using the mobile payments is for collection of premium and/or claims. 
 
Healthcare: Mobile payment is quickly becoming integrated in healthcare facilities since it is used for the payment of bills, contactless payment of co-products, and prescription fees, as well as payment for telemedicine appointments. 
 
IT & Telecom: Mobile payments are utilized for personal use such as; to buy mobile data, subscriptions of streaming services and other digital contents within application. 
 
Media & Entertainment: Mobile payments facilitate easy purchase of other online items- films to download and watch from mobile, subscription to musical stations and buying tickets for different events. 
 
Retail & E-commerce: Mobile payments are the key foundation of the online shopping, which enable consumers to make quick and safe purchase on the internet retailing sites transforming the buying preferences. 
 
Transportation: Mobile transactions are trending and are used in paying fares in mass transport, hailing taxis or other borthered transport as well as for paying tolls and parking fees. 
 
Others: These include; This category contains all the developing uses of the mobile payments which include; payments for government services, payment of utility bills, and payment to the Charitable organizations and non government organizations.

Global Mobile Payment Market By Location 2022 (%), 2023 (%)

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Mobile Payment Market Regional Insights

Asia Pacific dominated the market in 2022 with a share of revenue of more than 34.0% and will continue so during the forecast period. Changing lifestyles, recent online shopping behaviors, and higher smartphone penetration are likely to boost regional market expansion during the projection period. The growing efforts by governments in the Asia-Pacific region to go cashless are projected to provide new opportunities for the regional business. The growing use of mobile devices in emerging markets presents a fresh potential for fintech entrepreneurs and banks to provide mobile financial services to underserved & unbanked people in rural areas.

North America is expected to grow significantly during the predicted period. It is referred to by the fact of numerous prominent market participants. The region was also an early adopter of cutting-edge technologies. The growing number of unattended stores in the US is also driving up the adoption of mobile payments. The expansion of the e-commerce business is mostly to blame for the widespread use of mobile payment methods in North America.

Global Mobile Payment Market By Geography, 2022-2030, 2024-2031
  • Largest
  • Fastest

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Mobile Payment Market Dynamics

Drivers

Strategic Initiatives by Key Players

  • Increasing focus on strategic moves by the leading players is driving growth of the mobile payments market across the globe. For instance, PayTM – a leading multinational financial firm that largely operate in the digital payment area including the mobile payment has announced a partnership in November 2022 with Citcon USA LLC, an leading all-in-one payment platform provider. Through this partnership Paytm will be integrating into the global payments network of Citcon to enable the overseas merchants to accept and reconcile digital payments from consumers based in India.

Growing User-base

  • Moreover, as of July 2023, the number of Paytm merchant subscriptions reached to 82 lac mark and is expected to grow at a healthy rate in the near future. Additionally, rising focus on mix of product offering by the leading players is further supporting growth of the global market. Majority of the leading players are offering a mix of payment options such as NFC, UPI, QR Code, mobile wallet, and other. This in turn further expected to drive growth of the global mobile payment market over the forecast period.

Rising Focus on Product Mix

  • The other factors that are contributing in the growth of mobile payment market includes rising focus on cashless economy, well-established government regulations, rising government support for digital payment process among emerging economies, availability of technology and skilled technicians for product development and advancement, and increasing investment by major players for market expansion in this market area.

Restraints

Infrastructure Limitations

  • Mobile payment systems rely on robust telecommunications infrastructure, including internet connectivity and mobile networks. In areas with limited network coverage or unstable internet connectivity, the usage of mobile payments may be hindered.

 

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Mobile Payment Market Competitive Landscape

Major market players are using methods such as new product releases, strategic agreements, and enhancements to products to strengthen their market position. They are also concentrating on forming strategic alliances with financial institutions in order to improve the consumer experience. For example, MoneyGram International established a relationship with Sigue, a B2B and P2P payments startup based in the United States, in April 2021. The collaboration gave Sigue clients access to MoneyGram International's new MoneyGram as a Service product line, as well as other banks that operate on the Sigue platform, access to MoneyGram International's latest API-driven payments technology.

The big players are also aggressively investing in improving their product offerings. For instance, Safari Com announced the official launch of the M Pesa bill control solution in January 2021. The service was designed primarily for schools, services, landlords, and various other organizations that collect recurring client payments. This platform focuses on giving information to customers, such as pending payments, bill payment reminders, and electronic bills when payments are made.

Top Player’s Company Profiles in Global Mobile Payment Market

  • PayPal
  • Apple Pay
  • Google Pay
  • Samsung Pay
  • Alipay
  • WeChat Pay
  • Amazon Pay
  • Paytm
  • Square, Inc.
  • Visa Inc.
  • Mastercard
  • Stripe
  • Zelle
  • Venmo
  • Huawei Pay
  • Xiaomi Pay
  • M-Pesa
  • KakaoPay
  • LG Pay
  • American Express

Global Mobile Payment Market Recent Developments

  • In may 2024, BNPL services, which allow consumers to split purchases into installments, are increasingly integrated with mobile wallets. This caters to a growing demand for flexible payment options 

  • In march 2024, The integration of fingerprint, facial recognition, and iris scanning technologies into mobile wallets gained traction. This enhances security and convenience for mobile payment transactions. 

  • In early 2024, Growth in the mobile payment market continued to be particularly strong in developing regions like Africa and Southeast Asia, where mobile phone adoption is high and traditional financial infrastructure may be limited. 

  • In late 2023, The global mobile payment market surpassed an estimated value of USD 5 trillion (sources may vary slightly) signifying continued growth driven by increasing smartphone penetration and consumer preference for contactless payments. 

Mobile Payment Key Market Trends

  • Continued Growth of Mobile Wallets: Mobile wallets, such as Apple Pay, Google Pay, and Samsung Pay, are witnessing continued growth and adoption. These wallets offer a convenient and secure way for users to make payments using their smartphones, and their popularity is expected to rise further.
  • Integration of Biometric Authentication: Biometric authentication methods, such as fingerprint and facial recognition, are increasingly being integrated into mobile payment solutions. This enhances security and improves user experience by providing a seamless and convenient way to authenticate transactions.
  • Rise of Peer-to-Peer (P2P) Payments: Peer-to-peer payment platforms, such as Venmo, Zelle, and Cash App, are experiencing significant growth. These platforms enable users to send and receive money easily between individuals, fostering a cashless and digital payment ecosystem.
  • Inclusion of Loyalty and Rewards Programs: Mobile payment providers are incorporating loyalty and rewards programs into their platforms to incentivize users. Integration with existing loyalty programs and the ability to earn rewards for mobile transactions enhance user engagement and drive usage.
  • Expansion into Emerging Markets: Mobile payment solutions are increasingly targeting emerging markets where traditional banking infrastructure may be limited. These solutions provide financial inclusion by allowing individuals to access digital payment services, even without a traditional bank account.

Mobile Payment Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global mobile payment market analysis, the expanding m-commerce business and the increased global smartphone penetration can be linked to market growth. Increased access to the internet for purchasing products online is likely to drive market growth during the forecast period. Businesses all around the world are making payment methods mobile-friendly, resulting in market development potential. Mobile payment solutions are increasingly targeting emerging markets where traditional banking infrastructure may be limited. These solutions provide financial inclusion by allowing individuals to access digital payment services, even without a traditional bank account.

Report Metric Details
Market size value in 2023 USD 38.33 Billion
Market size value in 2031 USD 587.52 Billion
Growth Rate 36.2%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Technology
    • Near Field Communication, Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App, and others
  • Payment Type
    • B2B, B2C, B2G, and Others
  • Location
    • Remote Payment, and Proximity Payment
  • End-use
    • BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • PayPal
  • Apple Pay
  • Google Pay
  • Samsung Pay
  • Alipay
  • WeChat Pay
  • Amazon Pay
  • Paytm
  • Square, Inc.
  • Visa Inc.
  • Mastercard
  • Stripe
  • Zelle
  • Venmo
  • Huawei Pay
  • Xiaomi Pay
  • M-Pesa
  • KakaoPay
  • LG Pay
  • American Express
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Mobile Payment Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Mobile Payment Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Mobile Payment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Mobile Payment Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Mobile Payment Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Mobile Payment Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Mobile Payment Market size was valued at USD 38.33 Billion in 2021 and is poised to grow from USD 52.89 Billion in 2022 to USD 587.52 Billion by 2030, at a CAGR of 36.2% during the forecast period (2023-2030).

Major market players are using methods such as new product releases, strategic agreements, and enhancements to products to strengthen their market position. They are also concentrating on forming strategic alliances with financial institutions in order to improve the consumer experience. For example, MoneyGram International established a relationship with Sigue, a B2B and P2P payments startup based in the United States, in April 2021. The collaboration gave Sigue clients access to MoneyGram International's new MoneyGram as a Service product line, as well as other banks that operate on the Sigue platform, access to MoneyGram International's latest API-driven payments technology. 'PayPal', 'Apple Pay', 'Google Pay', 'Samsung Pay', 'Alipay', 'WeChat Pay', 'Amazon Pay', 'Paytm', 'Square, Inc.', 'Visa Inc.', 'Mastercard', 'Stripe', 'Zelle', 'Venmo', 'Huawei Pay', 'Xiaomi Pay', 'M-Pesa', 'KakaoPay', 'LG Pay', 'American Express'

Increasing focus on strategic moves by the leading players is driving growth of the mobile payments market across the globe. For instance, PayTM – a leading multinational financial firm that largely operate in the digital payment area including the mobile payment has announced a partnership in November 2022 with Citcon USA LLC, an leading all-in-one payment platform provider. Through this partnership Paytm will be integrating into the global payments network of Citcon to enable the overseas merchants to accept and reconcile digital payments from consumers based in India.

Continued Growth of Mobile Wallets: Mobile wallets, such as Apple Pay, Google Pay, and Samsung Pay, are witnessing continued growth and adoption. These wallets offer a convenient and secure way for users to make payments using their smartphones, and their popularity is expected to rise further.

Asia Pacific dominated the market in 2022 with a share of revenue of more than 34.0% and will continue so during the forecast period. Changing lifestyles, recent online shopping behaviors, and higher smartphone penetration are likely to boost regional market expansion during the projection period. The growing efforts by governments in the Asia-Pacific region to go cashless are projected to provide new opportunities for the regional business. The growing use of mobile devices in emerging markets presents a fresh potential for fintech entrepreneurs and banks to provide mobile financial services to underserved & unbanked people in rural areas.

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