According to a new report by Expert Market Research titled, “Global Mobile Payment Market Share, Size, Report and Forecast 2024-2032″, the global mobile payment market size reached a value of USD 2,986.00 billion in 2023. Aided by the increasing adoption of smartphones and the growing preference for contactless payment methods, the market is projected to further grow at a CAGR of 18.8% between 2024 and 2032 to reach a value of USD 14,422.00 billion by 2032.
Mobile payment, also known as mobile money or mobile wallet, refers to financial transactions conducted through a mobile device. It encompasses various forms of transactions, including peer-to-peer (P2P) transfers, in-store payments, and online purchases. Mobile payment systems utilise technologies such as Near Field Communication (NFC), QR codes, and mobile banking apps to facilitate secure and convenient transactions.
The increasing adoption of smartphones and mobile internet is driving the global mobile payment market growth. With the proliferation of smartphones worldwide, consumers are increasingly relying on their mobile devices for daily activities, including financial transactions. The convenience and ease of use offered by mobile payment solutions are leading to a significant shift from traditional payment methods to mobile payments.
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Additionally, the growing preference for contactless payment methods, especially in the wake of the COVID-19 pandemic, has further fuelled the demand for mobile payments. Contactless transactions reduce the need for physical contact, promoting hygiene and safety. As consumers and businesses prioritize health and safety, the adoption of mobile payment solutions has surged, driving market growth.
The expanding applications of mobile payments across various sectors also play a significant role in propelling the mobile payment market development. Retail, transportation, hospitality, and healthcare sectors are increasingly integrating mobile payment solutions to enhance customer experience and streamline payment processes. In the retail sector, mobile payments facilitate quick and secure transactions, reducing checkout times and improving customer satisfaction. In the transportation sector, mobile payments enable seamless ticketing and fare collection, enhancing operational efficiency.
The market has witnessed several significant developments in recent years. Key players in the market are focusing on strategic initiatives such as mergers and acquisitions, collaborations, and product innovations to strengthen their market presence and enhance their product offerings, consequently driving up the mobile payment market share.
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As per the mobile payment market report, leading mobile payment providers are investing in research and development to introduce innovative payment solutions that cater to evolving consumer needs. Companies are also expanding their partnerships with financial institutions, retailers, and technology providers to enhance the reach and functionality of their mobile payment platforms.
Furthermore, the integration of advanced technologies such as blockchain and artificial intelligence (AI) is gaining traction in the mobile payment industry. Blockchain technology offers enhanced security and transparency, making mobile transactions more secure and trustworthy. AI-powered chatbots and virtual assistants are being incorporated into mobile payment apps to provide personalized customer support and improve user experience.
As per the mobile payment market analysis, North America is a significant market for mobile payments, driven by high smartphone penetration and advanced technological infrastructure. The presence of key players such as Apple Pay and Google Pay contributes to the market growth. Additionally, the increasing adoption of contactless payments in retail and transportation sectors is propelling the market.
Europe is witnessing robust growth in the market, supported by favourable regulatory frameworks and increasing consumer preference for digital payments. Countries such as the UK, Germany, and France are leading in mobile payment adoption. The European Central Bank’s initiatives to promote digital payments further enhance market prospects.
Market Segmentation
The market can be divided based on transaction mode, end user, purchase type, application, and region
Market Breakup by Transaction Mode
• Mobile Web Payments
• Near Field Communication
• SMS Direct Carrier Billing
• Others
Material Breakup by End User
• Personal
• Business
Market Breakup by Purchase Type
• Airtime Transfer and Top Ups
• Money Transfers and Bill Payments
• Merchandise and Coupons
• Travel and Ticketing
• Others
Market Breakup by Application
• Media and Entertainment
• Energy and Utilities
• Healthcare
• Retail
• Hospitality and Transportation
• Others
Market Breakup by Region
• North America
• Europe
• Middle East and Africa
• Asia Pacific
• Latin America
Competitive landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global mobile payment market. Some of the major players explored in the report by expert market research are as follows:
• American Express Company
• Apple, Inc.
• Google LLC
• JPMorgan Chase & Co.
• Mastercard Incorporated
• Paytm (One 97 Communications Limited)
• Paypal Holdings, Inc.
• Others
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