Market Synopsis:

Global Mobile Payments Market valued at USD 1,729.5 Billion in 2021 and is projected to reach a value of USD 6,317.5 Billion by 2028 at a CAGR of 23.90% over the forecast period.

The increasing demand for smartphones globally and the rising m-commerce industry in the emerging countries are the prime factors driving the growth of the Mobile Payments Market during the forecast period. Additionally, the surge in the adoption of Mobile Payments services in the developing and developed countries are expected to fuel the growth of the market in coming years. The rising penetration for online shopping is projected to propel the Mobile Payments Market growth during the forecast period. The increasing penetration for high-speed internet associated with advanced internet infrastructure globally is considered to be the primary factor driving the growth of the market during the forecast period. Furthermore, the incorporation of biometric verification methods with Mobile Payment applications to reduce the chances of fraud by safeguarding the payment gateway is increasing the demand for Mobile Payment systems during the forecast period. The shifting preferences of consumers towards contactless payments in order to maintain social distancing to safeguard from covid-19 has raised the demand for Mobile Payments during the covid-19 pandemic. Additionally, the introduction of pre-payment instruments by the non-bank units to allow the interpersonal transactions, cash back offers by the key players in the market, and offerings of discount coupons are the other major factors driving the growth of the Mobile Payments Market during the forecast period. Increasing use of RFID, NFC, and host card simulation technology in Mobile Payments, and increasing demand for fast and fraud free transactions services is expected to provide growth opportunity for the Mobile Payments Market in the upcoming future. However, the increasing security concerns, and rising data-breaches are the factors hampering the growth of the Mobile Payments Market during the forecast period.

Market Segmentation:

The Mobile Payments market is segmented on the basis of payment type, transaction mode, end user, purchase type, and application. Based on payment type, the market is segmented as Proximity, and Remote. On the basis of transaction mode, the market is segmented as Mobile Web Payments, Near-Field Communication, SMS Direct Carrier Billing, other, and regional. Based on end-user, the market is segmented as Personal, and Business. Based on purchase type, the market is segmented as Airtime Transfer and Top-Ups, Money Transfers and Bill Payments, Merchandise and Coupons, Travel and Ticketing, and others. Based on application, the market is segmented as Media and Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality and Transportation, and others.

Mobile Web Payments to Acquire the largest share in Transaction Mode Segment

Based on transaction mode, the mobile web payments segment is projected to hold the largest share of the Mobile Payments Market during the forecast period. The mobile web payments mode is very popular and frequently chosen method for proceeding Mobile Payments as the users requires only smartphones which is expected to drive the growth of the Mobile Payments Market in the mobile web payments segment during the forecast period.

Personal Type of End-User is Projected to Grow at a Highest Rate During Forecast Period

Based on end-user, the personal segment is projected to grow at a highest CAGR during the forecast period. The increasing urbanization, increase in tech-savvy youth generation, and rise in the literacy level are the factors driving the growth of the personal segment in the mobile payment market. Moreover, the literate population in the developing countries are frequently adopting mobile payment methods for their personal use and thus fueling the growth of personal segment in the mobile payment market in coming years.

Asia Pacific Held the Largest Market Share and is Expected to Grow at Highest CAGR During the Forecast Period

Asia Pacific region is projected to grow at a highest CAGR during the forecast period, 2022-2028. The changing lifestyle, increasing smartphone demand, and the latest online retailing trends are driving the growth of the Mobile Payments Market in the Asia Pacific region during the forecast period. Additionally, the increasing government initiatives across emerging countries such as China, Japan, and India to go cashless which is expected to generate significant growth opportunities for the regional market in coming years. Moreover, the universally adoption of the mobile technology in the Asia Pacific countries provides a new way to offer mobile banking solutions for market players and bankers to consumers in the remote areas of Asia Pacific region in the future. Furthermore, the increase in government initiative such as digitalization which is expected to boost the growth of the Mobile Payments Market in the region. The occurrence of new e-commerce channels, innovations in new payment solutions, and rising online shopping are expected to contribute in the growth of the APAC region during the forecast period.

Competitive Landscape:

The Mobile Payments Market is highly fragmented in nature owing to the presence of major key-players in the market, increasing prominence, and rise in the use of Mobile Payments. Some of the major key players in the Mobile Payments Market are {{Players}}.

Segmentation of Mobile Payments Market: