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Report ID: SQMIG40B2001
Report ID:
SQMIG40B2001 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
125 |
Figures:
77
Global Mobile Payment Market size was valued at around 52.89 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.
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REQUEST FREE CUSTOMIZATIONMobile 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).
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'
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.
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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Report ID: SQMIG40B2001