USD 38.33 Billion
Global Mobile Payment Market Size, Share, Growth Analysis, By Technology(Near Field Communication, Direct Mobile Billing), By Payment Type(B2B, B2C), By Location(Remote Payment, and Proximity Payment), By End-use(BFSI, Healthcare) - Industry Forecast 2024-2031
Report ID:
SQMIG40B2001 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
125 |
Figures:
77
Global Mobile Payment Market Insights
Global 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).
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
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 (%)
Global Mobile Payment Market By Location 2022-2030 ($ Bn)
Global Mobile Payment Market By Location 2022-2030 (%)
To get more reports on the above market click here to Buy The Report
Global Mobile Payment Market Segmental Analysis
The global mobile payment market is segmented based on technology, payment type, location, end-use, and region. 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.
Global Mobile Payment Market Analysis by Technology
The mobile online payment sector will lead the industry in 2022, with a revenue share of more than 23.0%. The rise of the category can be attributed to the safety and versatility offered by web-based payment solutions. The rising popularity of m-commerce speaks well for the expansion of the segment. The mobile payment apps have a URL that can be properly bookmarked, allowing clients to easily back to or share the web page.
The mobile internet payment sector is going to dominate the industry in 2022, accounting for more than 23.0% of total revenue. The security & flexibility afforded by mobile internet payment solutions can be attributed to the segment's growth. The increasing acceptance of mobile commerce speaks well for the expansion of the segment. Clients can easily return to or share the mobile payment sites because they have a URL & may be correctly bookmarked.
Global Mobile Payment Market Analysis by Payment Type
The B2B category held an income share that was more than 60.0%. Investment firms and venture finance groups are aggressively investing in B2B payments, offering new growth potential. Rupifi, a B2B payment app provider, for example, raised USD 25 million through a series-A round of funding led by Tiger Global Management, LLC & Bessemer Venture Partners in January 2022. Rupifi intends to use the funds to develop a full B2B checkout product as well as multichannel mobile-first B2B payments products for sellers, merchants, and sellers. Furthermore, banks are rapidly embracing B2B mobile payments in order to improve the experience of their business customers.
The B2C segment is expected to develop at the quickest CAGR over the forecast period. B2C payments are transactions made by customers when purchasing a product or enrolling to a service for their own use. The growing percentage of mobile payment methods in the e-commerce business vertical is fueling the segment's growth. According to a Salesforce survey, mobile users make up 60% of global e-commerce traffic. The increasing global acceptance of digital wallets is likely to boost B2C segment growth throughout the forecast period.
Global Mobile Payment Market By Location 2022 (%), 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global 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
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global 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.
Request Free Customization of this report to help us to meet your business objectives.
Global 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 2023, In India, Visa launched CVV (Cardholder Verification Values) free online purchases for domestic tokenized credentials. Because of the rising use of tokens, firms that tokenize Visa credit card transactions are no longer obligated to collect the CVV2 for national transactions performed using tokenized credentials. This had already been taken care of once the card first tokenized.
- In October 2022, PayPal announced the implementation of passkeys as a simple and secure way for customers to log in. Passkeys, an emerging industry norm created by the FIDO Alliance and then the World Web Consortium, substitute passwords in cryptographic key pairs, allowing customers to access PayPal quickly and securely using phishing-resistant technological advances that hinders passkey data from being transmitted between platforms.
Global 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.
Global 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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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 Global 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
- Exhibit: Impact analysis of DROC, 2021
- 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 Global 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
For the Global 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 Global 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 Global Mobile Payment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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.
Global Mobile Payment Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
