In terms of revenue, the global Mobile Payments Market is expected to reach USD 6,317.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 23.90% from 2022 to 2028.
The surge in the adoption of Mobile Payments services in developing and developed countries is expected to fuel the growth of the market in the coming years. Whereas, the rising penetration of online shopping is projected to propel the Mobile Payments market growth during the forecast period.
Key Highlights from the Report:
- The mobile web payments sub-segment of transaction mode is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The mobile web payments mode is a very popular and frequently chosen method for proceeding with Mobile Payments as the users require only smartphones which are expected to drive the growth of the Mobile Payments Market in the mobile web payments segment during the forecast period.
- The personal sub-segment from the end-user segment held a significant market share in 2021. 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 Payments market. Moreover, the literate population in the developing countries are frequently adopting Mobile Payments methods for their personal use and thus fueling the growth of the personal segment in the Mobile Payments market in coming years.
- Asia Pacific is the fastest regional segment. The changing lifestyle, increasing smartphone demand, and the latest online retailing trends are expected to drive the growth of the Mobile Payments market in the region during the forecast period. Additionally, the increasing government initiatives across emerging countries such as China, Japan, and India to go cashless is expected to generate significant growth opportunities for the regional market in coming years.
The increasing penetration of 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 Payments applications to reduce the chances of fraud by safeguarding the payment gateway is increasing the demand for Mobile Payments systems during the forecast period.
The introduction of pre-payment instruments by the non-bank units to allow interpersonal transactions, cashback 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. Furthermore, increasing use of RFID, NFC, and host card simulation technology in Mobile Payments and increasing demand for fast and fraud-free transaction services are expected to provide growth opportunities for the Mobile Payments market in the upcoming future.
Asia Pacific is the largest market. The universal adoption of mobile technology in the countries from Asia Pacific region provides a new way to offer mobile banking solutions for market players and bankers to underserved consumers in the remote areas of the region. Furthermore, the increase in government initiatives such as digitalization is expected to boost the growth of the Mobile Payments market in the region.