Mobile Payment Market
Mobile Payment Market Analysis By Technology (Direct Mobile Billing, Mobile App based Payments, Mobile Web Payment), By Type (B2B, B2C, B2G), By Location (Remote, Proximity), By End Use & By Region - Global Market Insights 2022 to 2032
Analysis of Mobile Payment market covering 30+ countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Mobile Payment Market Growth Outlook (2022 to 2032)
Demand for mobile payments is likely to garner a market value of US$ 42 Billion in 2022 and is expected to register a staggering double digit CAGR of 30% by accumulating a market value of US$ 590 Billion through the assessment period 2022 to 2032
Rise in m-commerce industry and increase in the penetration of smartphones across the globe is driving the dependency on mobile payments. Furthermore, online shopping of various goods along with businesses using mobile payments is bolstering the demand for mobile payments.
| Report Attributes | Details |
| Market Size in 2022 | US$ 42 Billion |
| Project Market Forecast Value in 2032 | US$ 590 Billion |
| Global Growth Rate (2022 to 2032) | 30% |
| Market Share of Asia Pacific | 35% |
| Key Companies Profiled | Google (Alphabet Inc.); Samsung Electronics Co. Ltd.; Visa Inc.; Alibaba Group Holdings Limited; PayPal Holdings Inc.; WeChat (Tencent Holdings Limited); American Express Company; M Pesa; Money Gram International; Amazon.com Inc.; Apple Inc. |
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Demand Analysis of Mobile Payment from 2015 to 2021 Vs Market Projections for 2022 to 2032
As per Fact.MR’s report, from 2015 to 2021, demand for mobile payments reached US$ 36 Bn by the end of the said historical period. According to Fact.MR- market research and competitive intelligence provider- mobile payment demand surged at a CAGR of 27%. Rising ownership of smartphones amid deepening digital literacy has popularized mobile payments in the past few years.
The growth of money transactions through mobile payments surged in the COVID-19 pandemic, as governments globally enforced strict social distancing norms, preventing the occurrence of conventional face-to-face financial transactions. The number of mobile based online payment gateways experienced a staggering incline, with consumers relying on various e-commerce websites to purchase goods and services.
Moreover, mobile payments are offering rewards and cashbacks. This, in turn, is attracting consumers to use mobile payments. Thus, the sales of mobile payment are expected to exceed US$ 590 Bn by registering a CAGR of 30% in the forecast period 2022 to 2032.
Easy to Use Design Accelerating Growth of Mobile Payments?
Mobile payment solutions are not only fast but are also convenient. The penetration of smartphones and tablets along with strong network connections is playing a key role in the usage of mobile payments. In addition, e-commerce and traditional businesses are adapting to changing customer behaviour that includes cashless payment methods through mobile devices.
Furthermore, the convenience of using mobile payments is playing a key role in the adoption of mobile payments as they do not require multiple steps of verification for making payments. Moreover, banks are providing instant payment services to consumers and are offering an easy to use experience for consumers.
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Country-wise Analysis
Inclination Towards Cashless Transactions Driving Demand for Mobile Payments in Asia Pacific?
Changing lifestyle along with latest online retailing trends in countries like India and China is playing a key role in an increase in the use of mobile payments. In addition, government initiatives across the Asia Pacific countries to go cashless are is creating lucrative opportunities for regional players.
Moreover, widespread adoption of mobile technology in emerging countries is offering offers fintech players and banks a new way to offer mobile banking solutions to customers in remote areas. Thus, Asia Pacific is expected to dominate by possessing nearly 35% market share for mobile payment.
E-Commerce Industry Creating Lucrative Opportunities for Mobile Payments in North America?
North America has been an early adopter of the latest and advanced technologies. In addition, growth in the e-commerce industry is mainly responsible for the extensive adoption of mobile payment solutions in North America.
Moreover, the growing number of unmanned stores in the U.S. are driving the adoption of mobile payments. Thus, North America is anticipated to possess more than 25% market share for mobile payments.
Category-Wise Insights
COVID-19 Pandemic Positively Affecting the Growth of Remote Payments?
The COVID-19 pandemic positively impacted the remote payment segment due to the restriction on movements. In addition, several companies are launching remote payment apps to allow customers to make payments remotely.
Furthermore, the increasing adoption of a virtual terminal for remote billing is expected to drive segment growth. Thus, remote payment is expected to hold more than 60% market share for mobile payments through 2032.
Convenience of Making Payments Escalating Demand for Mobile Payments in BFSI?
Several banks are focusing on introducing mobile payments. This, in turn, is increasing the usage of mobile payments. In addition, mobile banking and payments are creating new opportunities for banks to offer additional convenience to their existing customers and to reach a large population of unbanked customers in developing countries.
Moreover, businesses, particularly, are adopting a custom suite of comprehensive payment solutions. This helps in resolving unique challenges across various end user sectors. Thus, by end user, BFSI is expected to hold more than 20% market share for mobile payments.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Competitive Landscape
Prominent mobile payment service providers are continuously striving to enhance the digital financial transactions landscape by introducing highly secure and fast acting wallets and payment gateways. Furthermore, collaborations with governments to facilitate transition towards a digitized economy are also being witnessed. Some prominent developments are as follows:
- In October 2021, Samsung Electronics Co. Ltd launched a scan QR feature with camera and quick panel for easier and faster payments in India. The feature is currently live on Samsung pay compatible devices.
- In August 2021, Visa Inc launched “Bring India Home” initiative. Through this initiative, the company is focusing on making 50 million small businesses across India to go digital. This will help businesses earn money via mobile payments.
Key Segments Covered
-
By Technology :
- Direct Mobile Billing
- Interactive Voice Response System based Mobile Payment
- Mobile App based Payments
- Mobile Payments via Near Field Communication
- Mobile Web Payment
- Mobile Payment via SMS
- Other Mobile Payment Technologies
-
By Type :
- B2B
- B2C
- B2G
- Other Payment Types
-
By Location :
- Remote
- Proximity
-
By End Use :
- Media & Entertainment
- Healthcare
- IT & Telecom
- Retail & E-commerce
- Transportation
- BFSI
- Other End Uses
-
By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Market Risks and Trends Assessment
- 4. Market Background
- 5. Key Success Factors
- 6. Global Market Demand Analysis 2015 to 2021 and Forecast, 2022 to 2032
- 7. Global Market Value Analysis 2015 to 2021 and Forecast, 2022 to 2032
- 8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Technology
- 8.1. Near Field Communication
- 8.2. Direct Mobile Billing
- 8.3. Mobile Web Payment
- 8.4. SMS
- 8.5. Interactive Voice Response System
- 8.6. Mobile App
- 8.7. Others
- 9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Type
- 9.1. B2B
- 9.2. B2C
- 9.3. B2G
- 9.4. Others
- 10. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Location
- 10.1. Remote Payment
- 10.2. Proximity Payment
- 11. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By End Use
- 11.1. BFSI
- 11.2. Healthcare
- 11.3. IT & Telecom
- 11.4. Media & Entertainment
- 11.5. Retail & E-commerce
- 11.6. Transportation
- 11.7. Others
- 12. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region
- 12.1. North America
- 12.2. Latin America
- 12.3. Europe
- 12.4. Asia Pacific
- 12.5. Middle East and Africa (MEA)
- 13. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032
- 14. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032
- 15. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032
- 16. Asia Pacific Market Analysis 2015 to 2021 and Forecast 2022 to 2032
- 17. Middle East and Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032
- 18. Key Countries Market Analysis 2015 to 2021 and Forecast 2022 to 2032
- 19. Market Structure Analysis
- 20. Competition Analysis
- 20.1. Google (Alphabet Inc.)
- 20.2. Alibaba Group Holdings Limited
- 20.3. Amazon.com Inc.
- 20.4. Apple Inc.
- 20.5. American Express Company
- 20.6. M Pesa
- 20.7. Money Gram International
- 20.8. PayPal Holdings Inc.
- 20.9. Samsung Electronics Co. Ltd.
- 20.10. Visa Inc.
- 21. Assumptions and Acronyms Used
- 22. Research Methodology
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List Of Table
Table 1: Global Market Value (US$ Mn),By Technology, 2015 to 2021
Table 2: Global Market Value (US$ Mn),By Technology, 2022 to 2032
Table 3: Global Market Value (US$ Mn), By Type, 2015 to 2021
Table 4: Global Market Value (US$ Mn), By Type, 2022 to 2032
Table 5: Global Market Value (US$ Mn), By Location, 2015 to 2021
Table 6: Global Market Value (US$ Mn), By Location, 2022 to 2032
Table 7: Global Market Value (US$ Mn), By End Use, 2015 to 2021
Table 8: Global Market Value (US$ Mn), By End Use, 2022 to 2032
Table 9: Global Market, By Region, 2015 to 2021
Table 10: Global Market, By Region, 2022 to 2032
Table 11: North America Market Value (US$ Mn),By Technology, 2015 to 2021
Table 12: North America Market Value (US$ Mn),By Technology, 2022 to 2032
Table 13: North America Market Value (US$ Mn), By Type, 2015 to 2021
Table 14: North America Market Value (US$ Mn), By Type, 2022 to 2032
Table 15: North America Market Value (US$ Mn), By Location, 2015 to 2021
Table 16: North America Market Value (US$ Mn), By Location, 2022 to 2032
Table 17: North America Market Value (US$ Mn), By End Use, 2015 to 2021
Table 18: North America Market Value (US$ Mn), By End Use, 2022 to 2032
Table 19: North America Market, By Country, 2015 to 2021
Table 20: North America Market, By Country, 2022 to 2032
Table 21: Latin America Market Value (US$ Mn),By Technology, 2015 to 2021
Table 22: Latin America Market Value (US$ Mn),By Technology, 2022 to 2032
Table 23: Latin America Market Value (US$ Mn), By Type, 2015 to 2021
Table 24: Latin America Market Value (US$ Mn), By Type, 2022 to 2032
Table 25: Latin America Market Value (US$ Mn), By Location, 2015 to 2021
Table 26: Latin America Market Value (US$ Mn), By Location, 2022 to 2032
Table 27: Latin America Market Value (US$ Mn), By End Use, 2015 to 2021
Table 28: Latin America Market Value (US$ Mn), By End Use, 2022 to 2032
Table 29: Latin America Market, By Country, 2015 to 2021
Table 30: Latin America Market, By Country, 2022 to 2032
Table 31: Europe Market Value (US$ Mn),By Technology, 2015 to 2021
Table 32: Europe Market Value (US$ Mn),By Technology, 2022 to 2032
Table 33: Europe Market Value (US$ Mn), By Type, 2015 to 2021
Table 34: Europe Market Value (US$ Mn), By Type, 2022 to 2032
Table 35: Europe Market Value (US$ Mn), By Location, 2015 to 2021
Table 36: Europe Market Value (US$ Mn), By Location, 2022 to 2032
Table 37: Europe Market Value (US$ Mn), By End Use, 2015 to 2021
Table 38: Europe Market Value (US$ Mn), By End Use, 2022 to 2032
Table 39: Europe Market, By Country, 2015 to 2021
Table 40: Europe Market, By Country, 2022 to 2032
Table 41: Asia Pacific Market Value (US$ Mn),By Technology, 2015 to 2021
Table 42: Asia Pacific Market Value (US$ Mn),By Technology, 2022 to 2032
Table 43: Asia Pacific Market Value (US$ Mn), By Type, 2015 to 2021
Table 44: Asia Pacific Market Value (US$ Mn), By Type, 2022 to 2032
Table 45: Asia Pacific Market Value (US$ Mn), By Location, 2015 to 2021
Table 46: Asia Pacific Market Value (US$ Mn), By Location, 2022 to 2032
Table 47: Asia Pacific Market Value (US$ Mn), By End Use, 2015 to 2021
Table 48: Asia Pacific Market Value (US$ Mn), By End Use, 2022 to 2032
Table 49: Asia Pacific Market, By Country, 2015 to 2021
Table 50: Asia Pacific Market, By Country, 2022 to 2032
Table 51: MEA Market Value (US$ Mn),By Technology, 2015 to 2021
Table 52: MEA Market Value (US$ Mn),By Technology, 2022 to 2032
Table 53: MEA Market Value (US$ Mn), By Type, 2015 to 2021
Table 54: MEA Market Value (US$ Mn), By Type, 2022 to 2032
Table 55: MEA Market Value (US$ Mn), By Location, 2015 to 2021
Table 56: MEA Market Value (US$ Mn), By Location, 2022 to 2032
Table 57: MEA Market Value (US$ Mn), By End Use, 2015 to 2021
Table 58: MEA Market Value (US$ Mn), By End Use, 2022 to 2032
Table 59: MEA Market, By Country, 2015 to 2021
Table 60: MEA Market, By Country, 2022 to 2032
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List Of Figures
Figure 1: Global Market Value (US$ Mn) and Year-on-Year Growth, 2015 to 2032
Figure 2: Global Market Absolute $ Historical Gain (2015 to 2021) and Opportunity (2022 to 2032),US$ Mn
Figure 3: Global Market Share, By Technology, 2022 & 2032
Figure 4: Global Market Y-o-Y Growth Projections, By Technology – 2022 to 2032
Figure 5: Global Market Attractiveness Index, By Technology – 2022 to 2032
Figure 6: Global Market Share, By Type, 2022 & 2032
Figure 7: Global Market Y-o-Y Growth Projections, By Type – 2022 to 2032
Figure 8: Global Market Attractiveness Index, By Type – 2022 to 2032
Figure 9: Global Market Share, By End Use, 2022 & 2032
Figure 10: Global Market Y-o-Y Growth Projections, By End Use – 2022 to 2032
Figure 11: Global Market Attractiveness Index, By End Use – 2022 to 2032
Figure 12: Global Market Share, By Location, 2022 & 2032
Figure 13: Global Market Y-o-Y Growth Projections, By Location – 2022 to 2032
Figure 14: Global Market Attractiveness Index, By Location – 2022 to 2032
Figure 15: Global Market Share, By Region, 2022 & 2032
Figure 16: Global Market Y-o-Y Growth Projections, By Region – 2022 to 2032
Figure 17: Global Market Attractiveness Index, By Region – 2022 to 2032
Figure 18: North America Market Value (US$ Mn) and Year-on-Year Growth, 2015 to 2032
Figure 19: North America Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period(2022 to 2032), US$ Mn
Figure 20: North America Market Share, By Technology, 2022 & 2032
Figure 21: North America Market Y-o-Y Growth Projections, By Technology – 2022 to 2032
Figure 22: North America Market Attractiveness Index, By Technology – 2022 to 2032
Figure 23: North America Market Share, By Type, 2022 & 2032
Figure 24: North America Market Y-o-Y Growth Projections, By Type – 2022 to 2032
Figure 25: North America Market Attractiveness Index, By Type – 2022 to 2032
Figure 26: North America Market Share, By End Use, 2022 & 2032
Figure 27: North America Market Y-o-Y Growth Projections, By End Use – 2022 to 2032
Figure 28: North America Market Attractiveness Index, By End Use – 2022 to 2032
Figure 29: North America Market Share, By Location, 2022 & 2032
Figure 30: North America Market Y-o-Y Growth Projections, By Location – 2022 to 2032
Figure 31: North America Market Attractiveness Index, By Location – 2022 to 2032
Figure 32: North America Market Share, By Country, 2022 & 2032
Figure 33: North America Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 34: North America Market Attractiveness Index, By Country – 2022 to 2032
Figure 35: Latin America Market Value (US$ Mn) and Year-on-Year Growth, 2015 to 2032
Figure 36: Latin America Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period(2022 to 2032), US$ Mn
Figure 37: Latin America Market Share, By Technology, 2022 & 2032
Figure 38: Latin America Market Y-o-Y Growth Projections, By Technology – 2022 to 2032
Figure 39: Latin America Market Attractiveness Index, By Technology – 2022 to 2032
Figure 40: Latin America Market Share, By Type, 2022 & 2032
Figure 41: Latin America Market Y-o-Y Growth Projections, By Type – 2022 to 2032
Figure 42: Latin America Market Attractiveness Index, By Type – 2022 to 2032
Figure 43: Latin America Market Share, By End Use, 2022 & 2032
Figure 44: Latin America Market Y-o-Y Growth Projections, By End Use – 2022 to 2032
Figure 45: Latin America Market Attractiveness Index, By End Use – 2022 to 2032
Figure 46: Latin America Market Share, By Location, 2022 & 2032
Figure 47: Latin America Market Y-o-Y Growth Projections, By Location – 2022 to 2032
Figure 48: Latin America Market Attractiveness Index, By Location – 2022 to 2032
Figure 49: Latin America Market Share, By Country, 2022 & 2032
Figure 50: Latin America Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 51: Latin America Market Attractiveness Index, By Country – 2022 to 2032
Figure 52: Europe Market Value (US$ Mn) and Year-on-Year Growth, 2015 to 2032
Figure 53: Europe Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period(2022 to 2032), US$ Mn
Figure 54: Europe Market Share, By Technology, 2022 & 2032
Figure 55: Europe Market Y-o-Y Growth Projections, By Technology – 2022 to 2032
Figure 56: Europe Market Attractiveness Index, By Technology – 2022 to 2032
Figure 57: Europe Market Share, By Type, 2022 & 2032
Figure 58: Europe Market Y-o-Y Growth Projections, By Type – 2022 to 2032
Figure 59: Europe Market Attractiveness Index, By Type – 2022 to 2032
Figure 60: Europe Market Share, By End Use, 2022 & 2032
Figure 61: Europe Market Y-o-Y Growth Projections, By End Use – 2022 to 2032
Figure 62: Europe Market Attractiveness Index, By End Use – 2022 to 2032
Figure 63: Europe Market Share, By Location, 2022 & 2032
Figure 64: Europe Market Y-o-Y Growth Projections, By Location – 2022 to 2032
Figure 65: Europe Market Attractiveness Index, By Location – 2022 to 2032
Figure 66: Europe Market Share, By Country, 2022 & 2032
Figure 67: Europe Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 68: Europe Market Attractiveness Index, By Country – 2022 to 2032
Figure 69: MEA Market Value (US$ Mn) and Year-on-Year Growth, 2015 to 2032
Figure 70: MEA Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period(2022 to 2032), US$ Mn
Figure 71: MEA Market Share, By Technology, 2022 & 2032
Figure 72: MEA Market Y-o-Y Growth Projections, By Technology – 2022 to 2032
Figure 73: MEA Market Attractiveness Index, By Technology – 2022 to 2032
Figure 74: MEA Market Share, By Type, 2022 & 2032
Figure 75: MEA Market Y-o-Y Growth Projections, By Type – 2022 to 2032
Figure 76: MEA Market Attractiveness Index, By Type – 2022 to 2032
Figure 77: MEA Market Share, By End Use, 2022 & 2032
Figure 78: MEA Market Y-o-Y Growth Projections, By End Use – 2022 to 2032
Figure 79: MEA Market Attractiveness Index, By End Use – 2022 to 2032
Figure 80: MEA Market Share, By Location, 2022 & 2032
Figure 81: MEA Market Y-o-Y Growth Projections, By Location – 2022 to 2032
Figure 82: MEA Market Attractiveness Index, By Location – 2022 to 2032
Figure 83: MEA Market Share, By Country, 2022 & 2032
Figure 84: MEA Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 85: MEA Market Attractiveness Index, By Country – 2022 to 2032
Figure 86: Asia Pacific Market Value (US$ Mn) and Year-on-Year Growth, 2015 to 2032
Figure 87: Asia Pacific Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period(2022 to 2032), US$ Mn
Figure 88: Asia Pacific Market Share, By Technology, 2022 & 2032
Figure 89: Asia Pacific Market Y-o-Y Growth Projections, By Technology – 2022 to 2032
Figure 90: Asia Pacific Market Attractiveness Index, By Technology – 2022 to 2032
Figure 91: Asia Pacific Market Share, By Type, 2022 & 2032
Figure 92: Asia Pacific Market Y-o-Y Growth Projections, By Type – 2022 to 2032
Figure 93: Asia Pacific Market Attractiveness Index, By Type – 2022 to 2032
Figure 94: Asia Pacific Market Share, By End Use, 2022 & 2032
Figure 95: Asia Pacific Market Y-o-Y Growth Projections, By End Use – 2022 to 2032
Figure 96: Asia Pacific Market Attractiveness Index, By End Use – 2022 to 2032
Figure 97: Asia Pacific Market Share, By Location, 2022 & 2032
Figure 98: Asia Pacific Market Y-o-Y Growth Projections, By Location – 2022 to 2032
Figure 99: Asia Pacific Market Attractiveness Index, By Location – 2022 to 2032
Figure 100: Asia Pacific Market Share, By Country, 2022 & 2032
Figure 101: Asia Pacific Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 102: Asia Pacific Market Attractiveness Index, By Country – 2022 to 2032
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
How much is the mobile payment market like to be valued by 2032?
The mobile payment market is expected to reach nearly US$ 590 Bn by 2032.
At what rate will the mobile payment industry grow from 2022-2032?
The mobile payment industry is expected to surpass a CAGR of 30% from 2022-2032.
What was the last 6 years value CAGR for the market on mobile payments?
From 2015 to 2021, mobile payment demand accelerated at a whopping 27% CAGR
Which type of end user is expected to hold the highest share for sales?
BFSI industry is expected to hold more than 20% market share for mobile payment market.
What are the key trends driving mobile payment sales?
Availability of remote payments along with the growing E-commerce industry are the key trends driving mobile payment sales.
Who are the prominent mobile payment market players?
Google (Alphabet Inc.), Samsung Electronics Co. Ltd, Visa Inc., and Alibaba Group Holdings Limited are some prominent mobile payment service providers.
Which type of end user is expected to hold the highest share for sales?
BFSI industry is expected to hold more than 20% market share for mobile payment market.
How much is the North America mobile payment industry worth?
The mobile payment industry is expected to possess nearly 25% market share throughout North America.
How much is the Asia Pacific mobile payment industry worth?
The mobile payment industry is expected to possess nearly 35% market share throughout Asia Pacific.
Mobile Payment Market