The global mobile payment market size was valued at USD 33.59 billion in 2021, and is predicted to be worth around USD 586.52 billion by 2030, registering a CAGR of 35.2% during the forecast period 2022 to 2030.
Growth Factors:
The market growth can be attributed to the increasing shift toward contactless payment amid the COVID-19 pandemic. Moreover, the increasing popularity of the e-commerce industry across the globe is expected to accelerate the adoption of mobile payment over the forecast period.
The traditional payment market is witnessing a technological transformation, which is primarily disrupting legacy business models. The market for mobile payment is expected to revolutionize how customers make payments as it merges technological innovations such as biometrics, wearables, and blockchain technology. The market is expected to witness momentous shifts and provide unprecedented opportunities to the new and existing players.
The market growth can be attributed to factors such as the rising m-commerce industry and the surge in the penetration of smartphones across the globe. The increasing internet penetration for online shopping is expected to further propel market growth over the forecast period. Businesses across the globe are making their payment modes mobile-compatible, thereby creating growth opportunities for the market.
The increasing adoption of sound wave-based mobile payments is expected to drive market growth. Instead of using existing technologies, such as banking applications or mobile wallets, NFC, or card terminals, sound wave-based payment transactions are processed through unique sound waves containing encrypted information about the payments.
Report Coverage
| Report Scope | Details |
| Market Size | USD 586.52 billion by 2030 |
| Growth Rate | CAGR of 35.2% From 2022 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Technology, Payment Type, Location, End use, region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Google (Alphabet Inc.); Alibaba Group Holdings Limited; Amazon.com Inc.; Apple Inc.; American Express Company; M Pesa; Money Gram International; PayPal Holdings Inc.; Samsung Electronics Co. Ltd.; Visa Inc.; WeChat (Tencent Holdings Limited). |
By Technology Analysis
The mobile web payment segment dominated the market in 2021 with a revenue share of more than 23.0%. The growth of the segment can be attributed to the security and flexibility provided by mobile web payment solutions. The growing popularity of m-commerce also bodes well for the growth of the segment.
The near-field communication segment is expected to expand at the highest CAGR over the forecast period. NFC technology allows merchants to integrate customer loyalty programs into their payment processes and customers to redeem their coupons immediately using mobile phones.
By Payment Type Analysis
The B2B segment held the leading revenue share of more than 60.0% in 2021. Aggressive investments by private equity and venture capital firms in B2B payments are creating new growth opportunities.
The B2C segment is expected to expand at the highest CAGR over the forecast period. B2C payments are payments made by consumers while buying a product or subscribing to a service for personal use. The increasing share of mobile payments in the e-commerce industry vertical is driving the growth of the segment.
By Location Analysis
The remote payment segment held the dominant revenue share of more than 59.0% in 2021. The popularity of remote payments is increasing, particularly due to the outbreak of the COVID-19 pandemic, as remote payments do not require any direct interaction while making payments.
Several companies are launching remote payment apps to allow customers to make payments remotely. For instance, in March 2020, SumUp announced the launch of mobile payments and invoicing across Europe to help consumers in paying remotely and safely through smartphones. The increasing adoption of a virtual terminal for remote billing is expected to drive segment growth.
The proximity payment segment is expected to expand at the highest CAGR over the forecast period. Proximity payments require the payer and the payee to be in proximity and the transactions take place between the payer’s and the payee’s devices via QR codes, NFC, or Bluetooth connectivity.
By End-use Analysis
The BFSI segment dominated the market in 2021 with a revenue share of more than 22.0%. Several banks are trying aggressively to introduce mobile payments, thereby contributing to the growth of the segment. Businesses are also focusing on adopting a custom suite of comprehensive payment solutions, which helps resolve unique challenges across wealth management, lending, and insurance sectors.
Mobile banking and payments create new opportunities for banks to offer additional convenience to their existing customers and reach a large population of unbanked customers in developing countries.
The retail and e-commerce segment is expected to expand at the highest CAGR over the forecast period. The growing number of smartphone users and the subsequent rise in mobile commerce sales bode well for the growth of the segment.
By Regional Analysis
Asia Pacific dominated the market in 2021 with a revenue share of more than 34.0%. The changing lifestyle, latest online retailing trends, and increased smartphone penetration are expected to drive the regional market growth over the forecast period.
North America is anticipated to witness significant growth over the forecast period. It is characterized by the presence of several key market players. The region has also been an early adopter of the latest and advanced technologies.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Mobile Payment Market include:
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
Market Segmentation
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Mobile Payment market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Mobile Payment market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Mobile Payment markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Mobile Payment Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers