Mobile Payments Market

Analysts at GMI Research estimates that the Mobile Payment Market was worth USD 41.9 billion in 2021, and forecast to touch USD 365.6 billion in 2029, growing at a significant higher CAGR of 31.1% from 2022-2029.

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Key Drivers

The mobile payment market is experiencing an upsurge in demand over the forecast period. This is mainly due to the rising inclination towards smartphones and the growing penetration of smartphones and mobility, particularly in developing countries. Moreover, the increasing adoption of mobile phones that support mobile payment services and the rising availability of high-speed mobile data networks are certain other factors bolstering the demand of the market. The digitalization of payments services and increasing e-commerce businesses are the emerging market trends that are creating various growth opportunities in the market. Telecommunication providers, retailers, groceries are introducing their mobile apps through which customers can shop online from anywhere as it offers high-speed and hassle-free services. All these factors will attract a large number of consumer base towards this market.

The retail stores across the world are continuously integrating and opting for different mobile payment platforms such as Samsung Pay, PayPal, Apple Pay, WeChat Pay, and AliPay, to accept payments due to expansion in the commerce activities, drastically changing lifestyle, and rapid growth in online retailing. This is rising the trend, thus surging the market growth in the upcoming years. On the other hand, growing data breaches and security issues in mobile payments will hinder the growth of the market. In addition to this, increasing usage of RFID, NFC, and host card emulation technology in mobile payment and growing demand for fast transaction services will create various growth opportunities in the market.

Due to the recent outbreak of the COVID-19 pandemic, most of the banks and financial institutions have started offering their customers new digital techniques and tools, which has increased the demand for mobile payments. Furthermore, the increase in penetration of smartphones in the European region is offering growth potential for the mobile payment market. In addition to this, many banks and FinTech industries have launched several attractive banking strategies for attracting a large number of consumers to adopt mobile payment, which is creating various growth opportunities for the market. Thus, due to the alarming rise in the number of COVID-19 patients globally, consumers are increasingly opting for different mobile payment options.

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Type – Segment Analysis

Based on the type, the market is segmented into proximity payment and remote payment. Proximity payment segment is expected to grow at higher CAGR during the forecast period due to ability to offer rapid payment option. Proximity payments provides direct payment by waving, swiping, quipping, tapping, or through other similar contactless processes as this payment method does not require card or cash.

End-Use – Segment Analysis

Based on the end-user industry, the market is segmented into BFSI, IT and telecommunication, retail, healthcare, government, media and entertainment, transportation and logistics, and other end-user industries. The BFSI segment is projected to grow at a higher CAGR during the forecast period due to increasing digitalization and technological advancements. This technology is offering various opportunities for the BFSI industry as mobile payments allow instant transactions without any further process. Moreover, various banks and financial institutes are widely investing in mobile payment solutions as BFSI leading players are introducing smartphone apps, banking technology, and providing payment security. This factor will enhance the demand for the market. For example, the market’s major payment platforms such as Google Pay, Paytm, BHIM, and PayPal are allowing the users to make transactions directly from their bank account. This factor is expected to raise the adoption of technology in the BFSI industry.

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Regional – Segment Analysis     

Based on the region, the Asia-Pacific region is projected to grow at a higher CAGR during the forecast period. In this region, India is witnessing strong growth in these payment methods, followed by Japan. Moreover, the increasing adoption of mobile payments services and the rising number of initiatives taken by the government, will fuel the growth of the market. The growing new e-commerce channels, increasing online shopping, and new payment solutions are further propelling the growth of the market over the forecast period in this region.

Top Market Players

Various notable players operating in the market include Google LLC, Samsung Group, Amazon.com Inc., Apple Inc., Boku Inc., PayPal, Inc., Visa Inc, American Express Company, Alipay.com, and Obopay, among others. 

Key Developments:

• • In 2020, Boku Inc signed an agreement with the South Korean game developer Peral Abyss to introduce direct carrier billing (DCB) and eWallet payment services. The services will be introduced in various countries, including Turkey, Indonesia, Russia, Malaysia, Singapore, and Philippines.
  • In 2020, Nayax and yuansfer partnered with Alipay. Nayax will give the QR code based on payment methods such as Alipay payments, and Yuansfer will provide payments acquirer for customer’s transactions.
  • In 2020, American Express planned to acquire Kabbage, an online lender for small businesses. Through this acquisition, the company planned to expand its financial technology products, such as cash flow visualization tools, bill payment, a data platform, e-gift certificates, and IP designed for small businesses. American Express also planned to provide an easy and efficient way to manage their payments and cash flow digitally to small businesses in the US.

Segments covered in the Report:

The global mobile payments market has been segmented on the basis of type, end-user industry, and regions. Based on the type, the market is segmented into proximity payment and remote payment. Based on the end-user industry, the market is segmented into BFSI, IT and telecommunication, retail, healthcare, government, media and entertainment, transportation and logistics, and other end-user industries. 

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Key questions answered in this research report:

• • At what pace is global mobile payments market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in mobile payments market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global mobile payments market?
  • Which type generated maximum revenues in 2021 and identify the most promising type during the forecast period?
  • What are the various end-use industry areas of global mobile payments market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Mobile Payments Market by Type

• • Proximity Payment
  • Remote Payment

Global Mobile Payments Market by End-Use Industry

• • BFSI
  • IT and Telecommunication
  • Retail
  • Healthcare
  • Government
  • Media and Entertainment
  • Transportation and Logistics
  • Other End-user Industries

Global Mobile Payments Market by Region

• • North America Mobile Payments Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By End-Use Industry
    • US Market All-Up
    • Canada Market All-Up
  • Europe Mobile Payments Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By End-Use Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Mobile Payments Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By End-Use Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Mobile Payments Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By End-Use Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Market Name (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Google LLC
  • Samsung Group
  • com Inc.
  • Apple Inc.
  • Boku Inc.
  • PayPal, Inc.
  • Visa Inc
  • American Express Company
  • com
  • Obopay