What is the global market size of Mobile Payment Market?

Global Mobile Payment Market size was valued at USD 38.33 Billion in 2021 and is poised to grow from USD 52.89 Billion in 2022 to USD 587.52 Billion by 2030, at a CAGR of 36.2% during the forecast period (2023-2030).

What is the key driver of Global Mobile Payment Market?

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.

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

Report ID: SQMIG40B2001 | Region: Global | Published Date: December, 2024
Pages: 157 | Tables: 125 | Figures: 77

Mobile Payment Market News

In may 2024, BNPL services, which allow consumers to split purchases into installments, are increasingly integrated with mobile wallets. This caters to a growing demand for flexible payment options
In march 2024, The integration of fingerprint, facial recognition, and iris scanning technologies into mobile wallets gained traction. This enhances security and convenience for mobile payment transactions.
In early 2024, Growth in the mobile payment market continued to be particularly strong in developing regions like Africa and Southeast Asia, where mobile phone adoption is high and traditional financial infrastructure may be limited.
In late 2023, The global mobile payment market surpassed an estimated value of USD 5 trillion (sources may vary slightly) signifying continued growth driven by increasing smartphone penetration and consumer preference for contactless payments.

Mobile Payment Market Report Snapshots

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Global Mobile Payment Market size was valued at around USD52.89 billion in 2022 and is expected to rise from USD 72.04 billion in 2023 to reach a value of USD 853.04 Billion by 2031, at a CAGR of 36.2% during the forecast period (2024–2031).

Major market players are using methods such as new product releases, strategic agreements, and enhancements to products to strengthen their market position. They are also concentrating on forming strategic alliances with financial institutions in order to improve the consumer experience. For example, MoneyGram International established a relationship with Sigue, a B2B and P2P payments startup based in the United States, in April 2021. The collaboration gave Sigue clients access to MoneyGram International's new MoneyGram as a Service product line, as well as other banks that operate on the Sigue platform, access to MoneyGram International's latest API-driven payments technology. 'PayPal ', 'Apple Pay ', 'Google Pay ', 'Samsung Pay ', 'Alipay ', 'WeChat Pay ', 'Amazon Pay ', 'Paytm ', 'Square, Inc. ', 'Visa Inc. ', 'Mastercard ', 'Stripe ', 'Zelle ', 'Venmo ', 'Huawei Pay ', 'Xiaomi Pay ', 'M-Pesa ', 'KakaoPay ', 'LG Pay ', 'American Express'

Continued Growth of Mobile Wallets: Mobile wallets, such as Apple Pay, Google Pay, and Samsung Pay, are witnessing continued growth and adoption. These wallets offer a convenient and secure way for users to make payments using their smartphones, and their popularity is expected to rise further.

Asia Pacific dominated the market in 2022 with a share of revenue of more than 34.0% and will continue so during the forecast period. Changing lifestyles, recent online shopping behaviors, and higher smartphone penetration are likely to boost regional market expansion during the projection period. The growing efforts by governments in the Asia-Pacific region to go cashless are projected to provide new opportunities for the regional business. The growing use of mobile devices in emerging markets presents a fresh potential for fintech entrepreneurs and banks to provide mobile financial services to underserved & unbanked people in rural areas.

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

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