Global mobile payment market size was valued at USD 2.62 trillion in 2022, and is projected to reach USD 23.40 trillion by 2030, growing at a CAGR of 31.5% from 2023 to 2030.
Market Overview:
The mobile payment market has experienced significant growth in recent years, revolutionizing the way individuals and businesses conduct transactions. With traditional payment methods like cash, checks, and credit cards becoming less prevalent, mobile payment has emerged as a convenient and secure alternative.
By utilizing wireless devices such as smartphones and tablets, customers can make cashless transactions quickly and securely.
Mobile payment technology encompasses various methods, including SMS-based transactions, direct mobile billing, and Near Field Communication (NFC). These technologies enhance security and provide hassle-free transactions anytime and anywhere.
Major players in the mobile payment market include Apple Pay, Samsung Pay, and Google Pay.
According to Statista, PayPal's annual payment volume reached an impressive USD 936 billion in 2020. This figure highlights the growing popularity and adoption of mobile payment services.
The mobile payment market offers numerous applications across various industries, including entertainment, food, retail, IT, and banking. As more individuals and businesses embrace mobile payment technology, it is poised for continued growth and innovation in the future.
Top Key Players for Mobile Payment Market:
Apple (US), Google (US), American Express Company (US), MasterCard (US), PayPal (US), Isis Mobile Wallet (US), Visa (US), Merchant Customer Exchange (US), Alibaba Group Holdings Limite (China), Amazon.com Inc. (US), M Pesa (Africa), Money Gram International (US), Samsung Electronics Co.
Ltd. (South Korea), WeChat (Tencent Holdings Limited) (China), and Other Major Players.
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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels.
For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.
Market Dynamics and Factors for Mobile Payment Market:
Drivers:
Rapid Adoption of Mobile Payment Alternatives by People
The increasing adoption of mobile payment alternatives, such as PayPal, Apple Pay, Google Wallet, and Samsung Pay, is driving the shift towards cashless transactions. These services offer secure and convenient ways to transfer money using mobile phones or tablets.
In 2020, Samsung Pay and Google Pay each reached 100 million users, indicating the rapid growth and popularity of cashless payments. This trend suggests that people are increasingly embracing the convenience and security of mobile payments, leading to a surge in cashless transactions.
Opportunities:
Digitalization of Small-Scale Enterprises
The digitalization of small-scale enterprises presents a significant opportunity for growth, particularly in urban and rural areas. By embracing emerging digital technologies and adopting online modes of money transactions, businesses can redefine their strategies and benefit from enhanced security and faster services.
Digitalization has revolutionized various industries, including banking, food, agriculture, and services, through the functionality of mobile payments. This trend creates opportunities for the expansion and development of the mobile payment market.
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Segmentation Analysis of the Mobile Payment Market:
By payment type, proximity payments are projected to hold the largest market share, facilitated by technologies like NFC, QR codes, digital wallets, and card terminals. This online mode of transaction enables quick and secure payments between devices in the same location, fostering the growth of the mobile payment market.
By end-user, the BFSI segment is expected to dominate the mobile payment market. In the banking, financial services, and insurance sector, businesses have ample opportunities for digital transactions.
Adopting new techniques such as smartphone apps, remote check deposit, and consumer education initiatives, the BFSI sector has witnessed rapid mobile banking adoption, driving the development of the mobile payment market.
By Payment Type
- Proximity Payment
- Remote Payment
By End-User
- BFSI
- IT & Telecommunication
- Retail
- Others
Regional Analysis of the Mobile Payment Market:
The Asia Pacific region is projected to hold the largest market share in the mobile payment market, driven by the rapidly growing online market and the availability of mobile devices. India and China, with their significant populations, dominate the market in this region.
In China, the high adoption of new technology and the need for efficient payment methods contribute to the demand for mobile payments. In North America, the COVID-19 pandemic has accelerated mobile payment developments, with over 40% of US smartphone users utilizing contactless payment methods, including NFC, mobile wallets, QR codes, and PayPal transactions.
The increasing demand for mobile payment is evident from the 70 million rise in active PayPal accounts since early 2020.
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In March 2022, Visa acquired tink, Visa, and opened a banking platform that is used for financial businesses to give services, and financial products and do money transitions. Tink and Visa are commonly expected to work on providing better management of financial services, financial data, and money for their clients.
In November 2021, the leading Japanese information and communication technology company Fujitsu Limited and, American Express International announced a new partnership to work on their global expense management by doing digital transformation in expense management.
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