Mobile Payment Market Size, Share, Trends, Innovations, Outlook 2022-2030

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.

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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 US$ 586.52 billion by 2030
Growth Rate CAGR of 35.2% From 2022 to 2030
Largest Market North America
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Technology, Payment Type, Location, End use
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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.

Key Players

  • 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)

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Market Segmentation

  • By Technology
    • Near Field Communication
    • Direct Mobile Billing
    • Mobile Web Payment
    • SMS
    • Interactive Voice Response System
    • Mobile App
    • Others
  • By Payment Type
    • B2B
    • B2C
    • B2G
    • Others
  • By Location
    • Remote Payment
    • Proximity Payment
  • By End-use
    • BFSI
    • Healthcare
    • IT & Telecom
    • Media & Entertainment
    • Retail & E-commerce
    • Transportation
    • Others
  • Regional
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
    • Asia Pacific
      • China
      • India
      • Japan
    • Latin America
      • Brazil
    • Middle East & Africa

Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Table of Contents

Chapter 1.  Introduction

1.1.  Research Objective

1.2.  Scope of the Study

1.3.  Definition

Chapter 2.  Research Methodology

2.1.  Research Approach

2.2.  Data Sources

2.3.  Assumptions & Limitations

Chapter 3.  Executive Summary

3.1.  Market Snapshot

Chapter 4.  Market Variables and Scope

4.1.  Introduction

4.2.  Market Classification and Scope

4.3.  Industry Value Chain Analysis

4.3.1.    Raw Material Procurement Analysis

4.3.2.    Sales and Location Analysis

4.3.3.    Downstream Buyer Analysis

Chapter 5.  Market Dynamics Analysis and Trends

5.1.  Market Dynamics

5.1.1.    Market Drivers

5.1.2.    Market Restraints

5.1.3.    Market Opportunities

5.2.  Porter’s Five Forces Analysis

5.2.1.    Bargaining power of suppliers

5.2.2.    Bargaining power of buyers

5.2.3.    Threat of substitute

5.2.4.    Threat of new entrants

5.2.5.    Degree of competition

Chapter 6.  Competitive Landscape

6.1.1.    Company Market Share/Positioning Analysis

6.1.2.    Key Strategies Adopted by Players

6.1.3.    Vendor Landscape

6.1.3.1.        List of Suppliers

6.1.3.2.        List of Buyers

Chapter 7.  Global Mobile Payment Market, By Technology

7.1.  Mobile Payment Market, by Technology, 2021-2030

7.1.1.    Near Field Communication

7.1.1.1.        Market Revenue and Forecast (2019-2030)

7.1.2.    Direct Mobile Billing

7.1.2.1.        Market Revenue and Forecast (2019-2030)

7.1.3.    Mobile Web Payment

7.1.3.1.        Market Revenue and Forecast (2019-2030)

7.1.4.    SMS

7.1.4.1.        Market Revenue and Forecast (2019-2030)

7.1.5.    Interactive Voice Response System

7.1.5.1.        Market Revenue and Forecast (2019-2030)

7.1.6.    Mobile App

7.1.6.1.        Market Revenue and Forecast (2019-2030)

Chapter 8.  Global Mobile Payment Market, By Payment Type

8.1.  Mobile Payment Market, by Payment Type, 2021-2030

8.1.1.    B2B

8.1.1.1.        Market Revenue and Forecast (2019-2030)

8.1.2.    B2C

8.1.2.1.        Market Revenue and Forecast (2019-2030)

8.1.3.    B2G

8.1.3.1.        Market Revenue and Forecast (2019-2030)

Chapter 9.  Global Mobile Payment Market, By Location

9.1.  Mobile Payment Market, by Location, 2021-2030

9.1.1.    Remote Payment

9.1.1.1.        Market Revenue and Forecast (2019-2030)

9.1.2.    Proximity Payment

9.1.2.1.        Market Revenue and Forecast (2019-2030)

Chapter 10.      Global Mobile Payment Market, By End-use

10.1.        Mobile Payment Market, by End-use, 2021-2030

10.1.1.  BFSI

10.1.1.1.      Market Revenue and Forecast (2019-2030)

10.1.2.  Healthcare

10.1.2.1.      Market Revenue and Forecast (2019-2030)

10.1.3.  IT & Telecom

10.1.3.1.      Market Revenue and Forecast (2019-2030)

10.1.4.  Media & Entertainment

10.1.4.1.      Market Revenue and Forecast (2019-2030)

10.1.5.  Retail & E-commerce

10.1.5.1.      Market Revenue and Forecast (2019-2030)

10.1.6.  Transportation

10.1.6.1.      Market Revenue and Forecast (2019-2030)

Chapter 11.      Global Mobile Payment Market, Regional Estimates and Trend Forecast

11.1.        North America

11.1.1.  Market Revenue and Forecast, by Technology (2019-2030)

11.1.2.  Market Revenue and Forecast, by Payment Type (2019-2030)

11.1.3.  Market Revenue and Forecast, by Location (2019-2030)

11.1.4.  Market Revenue and Forecast, by End-use (2019-2030)

11.1.5.  U.S.

11.1.5.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.1.5.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.1.5.3.      Market Revenue and Forecast, by Location (2019-2030)

11.1.5.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.1.6.  Rest of North America

11.1.6.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.1.6.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.1.6.3.      Market Revenue and Forecast, by Location (2019-2030)

11.1.6.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.2.        Europe

11.2.1.  Market Revenue and Forecast, by Technology (2019-2030)

11.2.2.  Market Revenue and Forecast, by Payment Type (2019-2030)

11.2.3.  Market Revenue and Forecast, by Location (2019-2030)

11.2.4.  Market Revenue and Forecast, by End-use (2019-2030)

11.2.5.  UK

11.2.5.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.2.5.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.2.5.3.      Market Revenue and Forecast, by Location (2019-2030)

11.2.5.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.2.6.  Germany

11.2.6.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.2.6.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.2.6.3.      Market Revenue and Forecast, by Location (2019-2030)

11.2.6.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.2.7.  France

11.2.7.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.2.7.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.2.7.3.      Market Revenue and Forecast, by Location (2019-2030)

11.2.7.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.2.8.  Rest of Europe

11.2.8.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.2.8.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.2.8.3.      Market Revenue and Forecast, by Location (2019-2030)

11.2.8.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.3.        APAC

11.3.1.  Market Revenue and Forecast, by Technology (2019-2030)

11.3.2.  Market Revenue and Forecast, by Payment Type (2019-2030)

11.3.3.  Market Revenue and Forecast, by Location (2019-2030)

11.3.4.  Market Revenue and Forecast, by End-use (2019-2030)

11.3.5.  India

11.3.5.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.3.5.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.3.5.3.      Market Revenue and Forecast, by Location (2019-2030)

11.3.5.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.3.6.  China

11.3.6.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.3.6.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.3.6.3.      Market Revenue and Forecast, by Location (2019-2030)

11.3.6.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.3.7.  Japan

11.3.7.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.3.7.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.3.7.3.      Market Revenue and Forecast, by Location (2019-2030)

11.3.7.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.3.8.  Rest of APAC

11.3.8.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.3.8.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.3.8.3.      Market Revenue and Forecast, by Location (2019-2030)

11.3.8.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.4.        MEA

11.4.1.  Market Revenue and Forecast, by Technology (2019-2030)

11.4.2.  Market Revenue and Forecast, by Payment Type (2019-2030)

11.4.3.  Market Revenue and Forecast, by Location (2019-2030)

11.4.4.  Market Revenue and Forecast, by End-use (2019-2030)

11.4.5.  GCC

11.4.5.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.4.5.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.4.5.3.      Market Revenue and Forecast, by Location (2019-2030)

11.4.5.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.4.6.  North Africa

11.4.6.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.4.6.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.4.6.3.      Market Revenue and Forecast, by Location (2019-2030)

11.4.6.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.4.7.  South Africa

11.4.7.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.4.7.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.4.7.3.      Market Revenue and Forecast, by Location (2019-2030)

11.4.7.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.4.8.  Rest of MEA

11.4.8.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.4.8.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.4.8.3.      Market Revenue and Forecast, by Location (2019-2030)

11.4.8.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.5.        Latin America

11.5.1.  Market Revenue and Forecast, by Technology (2019-2030)

11.5.2.  Market Revenue and Forecast, by Payment Type (2019-2030)

11.5.3.  Market Revenue and Forecast, by Location (2019-2030)

11.5.4.  Market Revenue and Forecast, by End-use (2019-2030)

11.5.5.  Brazil

11.5.5.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.5.5.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.5.5.3.      Market Revenue and Forecast, by Location (2019-2030)

11.5.5.4.      Market Revenue and Forecast, by End-use (2019-2030)

11.5.6.  Rest of LATAM

11.5.6.1.      Market Revenue and Forecast, by Technology (2019-2030)

11.5.6.2.      Market Revenue and Forecast, by Payment Type (2019-2030)

11.5.6.3.      Market Revenue and Forecast, by Location (2019-2030)

11.5.6.4.      Market Revenue and Forecast, by End-use (2019-2030)

Chapter 12.  Company Profiles

12.1.              Google (Alphabet Inc.)

12.1.1.  Company Overview

12.1.2.  Technology Offerings

12.1.3.  Financial Performance

12.1.4.  Recent Initiatives

12.2.              Alibaba Group Holdings Limited

12.2.1.  Company Overview

12.2.2.  Technology Offerings

12.2.3.  Financial Performance

12.2.4.  Recent Initiatives

12.3.              Amazon.com Inc.

12.3.1.  Company Overview

12.3.2.  Technology Offerings

12.3.3.  Financial Performance

12.3.4.  Recent Initiatives

12.4.              Apple Inc.

12.4.1.  Company Overview

12.4.2.  Technology Offerings

12.4.3.  Financial Performance

12.4.4.  Recent Initiatives

12.5.              American Express Company

12.5.1.  Company Overview

12.5.2.  Technology Offerings

12.5.3.  Financial Performance

12.5.4.  Recent Initiatives

12.6.              M Pesa

12.6.1.  Company Overview

12.6.2.  Technology Offerings

12.6.3.  Financial Performance

12.6.4.  Recent Initiatives

12.7.              Money Gram International

12.7.1.  Company Overview

12.7.2.  Technology Offerings

12.7.3.  Financial Performance

12.7.4.  Recent Initiatives

12.8.              PayPal Holdings Inc.

12.8.1.  Company Overview

12.8.2.  Technology Offerings

12.8.3.  Financial Performance

12.8.4.  Recent Initiatives

12.9.              Samsung Electronics Co. Ltd.

12.9.1.  Company Overview

12.9.2.  Technology Offerings

12.9.3.  Financial Performance

12.9.4.  Recent Initiatives

12.10.           Visa Inc

12.10.1.               Company Overview

12.10.2.               Technology Offerings

12.10.3.               Financial Performance

12.10.4.               Recent Initiatives

12.11.           WeChat (Tencent Holdings Limited)

12.11.1.               Company Overview

12.11.2.               Technology Offerings

12.11.3.               Financial Performance

12.11.4.               Recent Initiatives

Chapter 13.  Research Methodology

13.1.              Primary Research

13.2.              Secondary Research

13.3.              Assumptions

Chapter 14.  Appendix

14.1.              About Us

14.2.              Glossary of Terms

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