The global Mobile Payments Market size was valued at $32.13 Trillion in 2022, and is projected to reach $263.7 Trillion by 2030, growing at a CAGR of 30.1%
Mobile payment is a substitute method for typical payment systems where cash, credit cards or cheques are the medium of payment.
Mobile Payment offers customers a way to purchase any good or services with the help of wireless devices such as tablets, smartphones and others.
Also, Mobile Payment use varied technologies such as NFC (Near Field Communication), direct mobile billing and SMS-based transactional payments for improvising the security of the transaction and to provide hassle-free transactions.
Rise in invasion of smartphones across the globe and augment in the M-commerce industry in emerging countries are the major factors propelling the growth of the market.
In addition, upsurge in acceptance of mobile payment services in emerging countries fuels the growth of the market.
Global Mobile Payment Market:
With the fuelled increase in the global economy, mobile phones (especially smartphones) have become a crucial part of an individual.
Moreover, the internet has also become a vital part of day-to-day life for most people across the globe. Amid the adoption of smartphones and internet users worldwide, has resulted in a significant boost in the mobile payment market.
Reward strategies are being accepted by many market players, including Google and Amazon, to maintain a loyal customer base and create new consumers for the mobile payment services.
For instance, multiple service providers offer scratch cards that contain a certain amount for transactions through their applications.
With such reward strategies, the consumers often tend to pay through mobile payment apps, resulting in a boost for the mobile payments market.
With the evolving adoption of the M-commerce market, which involves online commercial transactions using wireless devices like smartphones, the mobile payments market is poised to grow over the project period.
Key Trends: Growth Determinants and Challenges:
o E-commerce to Drive the Mobile Payments Market:
With the rising number of smartphones worldwide and high-speed cellular networks present in most countries, the e-commerce industry is reaching greater heights. With an increase in the E-commerce industry, mobile transactions are also expected to grow widely, providing a notable boost to the mobile payments market.
During the COVID-19 pandemic, the E-commerce industry has witnessed a significant rise owing to lockdown worldwide. Customers were reluctant to purchase from offline stores due to fear of contracting COVID-19 through physical money. People use electronic payment methods, including mobile payment, to pay for goods and services.
Most first-time digital buyers on E-commerce websites are now doing transactions through mobile devices, specifically smartphones.
With the increasing number of data analysis techniques, vendors are empowered to customize their offerings to increase sales. As E-commerce purchases become frequent, the amount spent through mobile transactions will only increase.
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Segmental Analysis of Global Mobile Payment Market:
Based on Payment Type
Based on Transaction Mode
- SMS Direct Carrier Billing
- Mobile Web Payments
- Near-Fields Communication
Based on End-User
Based on Purchase Type
- AIRTIME TRANSFER AND TOP UPS
- MONEY TRANSFERS AND BILL PAYMENTS
- MERCHANDISE AND COUPONS
- TRAVEL AND TICKETING
Based on Application
- Energy and Utilities
- Hospitality and Transportation
- Media and Entertainment
Based on Region
NORTH AMERICA (Canada, US), EUROPE (Spain, UK, Germany, Italy, France), ASIA-PACIFIC (India, China, Thailand, Japan, South Korea), LATIN AMERICA (Colombia, Brazil, Mexico, Argentina), MIDDLE EAST & AFRICA (UAE, Saudi Arabia, South Africa)
India and China, have high adoption of smartphones along with increasing 3G and 4G connectivity users. Also, both the countries hold more than one-third of the world’s population, thus posing maximum market potential for mobile payment. It is projected that approximately 90% of the population under the age of 30 years resides in these emerging markets.
- Alibaba Group Holdings Limited
- com Inc
- Apple Inc
- American Express Company
- M Pesa
- Money Gram International
- PayPal Holdings Inc
- Samsung Electronics Co. Ltd
- Visa Inc
- WeChat (Tencent Holdings Limited)
February 2022 – Apple declared plans to offer Tap to Pay on iPhone. The new feature will empower businesses to use their mobile to accept Apple pay and other contactless modes of payment using the iPhone and iOS app.
December 2021 – Visa publicised the acquisition of Currencycloud, a global platform that allows banks and fintechs to provide innovative solutions for cross-border payments. Furthermore, the acquisition is anticipated to empower clients and partners for flexibility and transparency in making international payments.
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Major questions answered in the report:
- Which region accounts for the largest share of the global mobile payment market?
- Which leading profiles contribute to the growth of global mobile payment market?
- What are the upcoming trends and challenges in the global mobile payment market?
Key Takeaways from the report:
- Deep-insights on regional analysis.
- Challenges, growth elements and trends.
- The global mobile payment market size was valued at $32.13 Trillion in 2022, and is projected to reach $263.7 Trillion by 2030, growing at a CAGR of 30.1%.
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