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

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).  

The expanding m-commerce business and the increased global smartphone penetration can be linked to market growth. Increased access to the internet for purchasing products online is likely to drive market growth during the forecast period. Businesses all around the world are making payment methods mobile-friendly, resulting in market development potential.

Mobile payment options are quick and easy to use. Customers all over the world are increasingly accepting the proposal of using mobile devices such as tablets and smartphones to pay for goods and services. Furthermore, as a result of the COVID-19 epidemic, both e-commerce & traditional businesses are working on responding to changing customer behavior, including paying without cash via mobile devices. These factors are projected to drive market expansion throughout the forecast period.

Near-Field Communication (NFC) is a mobile payment technology that transfers encrypted data directly and instantaneously to Point of Sale (POS) devices. When compared to PIN & chip technology, this saves significant time. NFC on mobile devices uses close-proximity RF identification for interaction with NFC-enabled card readers. Customers do not need to come into proximity with the point-of-sale devices to transfer information, and only their mobile phones need to be near the terminal.

The growing popularity with sound wave-based mobile payment methods is projected to boost industry expansion. Sound wave-based payment operations are performed by unique sound waves conveying secret data about the payments, rather than existing technologies such as banking apps or smartphones with wallets, NFC, and card terminals. Sound wave-based mobile payments do not require access to the internet. Sound wave-based mobile payment systems are simple and inexpensive to implement, especially in regions and nations where inhabitants cannot buy the most powerful smartphones.

However, security worries about mobile payment options are projected to stymie market expansion. The growing number of prominent data breaches throughout the world is projected to stymie the growth of the smartphone payment market during the forecast period. Customers prefer to make payments using credit or debit cards because they desire to avoid data leaks. Some customers choose to use credit or debit cards instead of trying to make a contactless payment.