Mobile Payment Market Size, Share, Growth Analysis, By Technology, By Payment Type, By Location, By End-use, By Region - Industry Forecast 2024-2031

Drivers

Strategic Initiatives by Key Players

• Increasing focus on strategic moves by the leading players is driving growth of the mobile payments market across the globe. For instance, PayTM – a leading multinational financial firm that largely operate in the digital payment area including the mobile payment has announced a partnership in November 2022 with Citcon USA LLC, an leading all-in-one payment platform provider. Through this partnership Paytm will be integrating into the global payments network of Citcon to enable the overseas merchants to accept and reconcile digital payments from consumers based in India.

Growing User-base

• Moreover, as of July 2023, the number of Paytm merchant subscriptions reached to 82 lac mark and is expected to grow at a healthy rate in the near future. Additionally, rising focus on mix of product offering by the leading players is further supporting growth of the global market. Majority of the leading players are offering a mix of payment options such as NFC, UPI, QR Code, mobile wallet, and other. This in turn further expected to drive growth of the global mobile payment market over the forecast period.

Rising Focus on Product Mix

• The other factors that are contributing in the growth of mobile payment market includes rising focus on cashless economy, well-established government regulations, rising government support for digital payment process among emerging economies, availability of technology and skilled technicians for product development and advancement, and increasing investment by major players for market expansion in this market area.

Restraints

Infrastructure Limitations

• Mobile payment systems rely on robust telecommunications infrastructure, including internet connectivity and mobile networks. In areas with limited network coverage or unstable internet connectivity, the usage of mobile payments may be hindered.