Mobile Payments Market
Mobile Payments Market - Global Industry Assessment & Forecast
- By Payment Type Proximity, Remote
- By Transaction Mode Mobile Web Payments, Near-Field Communication, SMS Direct Carrier Billing, Others
- By End User Personal, Business
- By Purchase Type Airtime Transfer and Top Ups, Money Transfer and Bill Payments, Merchandise and Coupons, Travel and Ticketing, Others
- By Application Media & Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation Others, Others
- By Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 2142.23 Billion|
|Revenue 2030:||USD 11897.05 Billion|
|Revenue CAGR (2023 - 2030):||23.90%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
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Global Mobile Payments Market valued at USD 2142.23 Billion in 2022 and is projected to reach a value of USD 11897.05 Billion by 2030 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.
Mobile Payments Market Size, 2022 To 2030 (USD Billion)
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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.
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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.
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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 American Express Company, Apple, Inc; Google LLC, JPMorgan Chase Co; Mastercard, One Communication Limited, PayPal Holdings, Inc; Payu, Samsung, Visa, Inc..
Segmentation of Mobile Payments Market:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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Frequently Asked Question
What is the global demand for Mobile Payments in terms of revenue?
The global Mobile Payments valued at USD 2142.23 Billion in 2022 and is expected to reach USD 11897.05 Billion in 2030 growing at a CAGR of 23.90%.
Which are the prominent players in the market?
The prominent players in the market are American Express Company, Apple, Inc; Google LLC, JPMorgan Chase Co; Mastercard, One Communication Limited, PayPal Holdings, Inc; Payu, Samsung, Visa, Inc..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 23.90% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Mobile Payments include
- Increase in demand for fast and hassle-free transaction services
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Mobile Payments in 2022.