Mobile Payment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Payment Type (NFC, QR-based, Online digital payments, Text-based, Other), By Type (B2B, B2C, B2G), By Region, and By Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 96.23 Billion
CAGR (2026-2031)	34.01%
Fastest Growing Segment	Online digital payments
Largest Market	North America
Market Size (2031)	USD 557.36 Billion

Market Overview

The Global Mobile Payment Market will grow from USD 96.23 Billion in 2025 to USD 557.36 Billion by 2031 at a 34.01% CAGR. The Global Mobile Payment Market encompasses financial transactions executed through portable electronic devices, utilizing technologies such as Near Field Communication and mobile applications to facilitate fund transfers between parties. The primary drivers supporting this market's growth include the widespread global proliferation of smartphones and robust government initiatives aimed at establishing cashless economies to enhance financial inclusion. These factors fundamentally increase the accessibility of digital banking services for underbanked populations while streamlining payment processes for merchants and consumers alike.

Despite the positive growth trajectory, the industry faces substantial obstacles regarding trust and safety. According to the GSMA, in 2024, mobile money platforms processed approximately 108 billion transactions globally with a total value of $1.68 trillion. However, one significant challenge that could impede market expansion is the heightened prevalence of cybersecurity threats and data breaches, which diminishes consumer confidence in digital financial platforms and necessitates complex regulatory compliance measures for service providers.

Key Market Drivers

The rapid expansion of the e-commerce and mobile commerce sectors serves as a fundamental catalyst for the adoption of digital payment methods. As merchants integrate payment gateways into mobile applications, consumers increasingly migrate toward digital wallets to facilitate frictionless transactions. This shift eliminates the friction of manual card entry, establishing mobile devices as the dominant interface for online retail. According to FIS, March 2024, in the 'Global Payments Report 2024', digital wallets accounted for 50% of global e-commerce transaction value in 2023, significantly surpassing traditional payment methods like credit cards. This dominance highlights how the convenience of integrated buying experiences directly propels the reliance on mobile-based financial tools.

Increasing consumer preference for contactless and real-time payment solutions further influences market trajectory by reshaping physical point-of-sale and peer-to-peer landscapes. Users now demand immediate fund availability and touch-free checkout experiences, driving the uptake of Near Field Communication and QR code technologies. According to ACI Worldwide, April 2024, in the 'Prime Time for Real-Time' report, global real-time payment transaction volumes reached 266.2 billion in 2023, reflecting this acute demand for speed. This infrastructure supports a growing user base seeking security and efficiency in daily transactions. According to the GSMA, March 2024, in the 'State of the Industry Report on Mobile Money 2024', the number of registered mobile money accounts reached 1.75 billion globally, indicating a massive, addressable market for these instant payment services.

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Key Market Challenges

The prevalence of cybersecurity threats and data breaches constitutes a notable barrier to the expansion of the global mobile payment market. As mobile platforms process increasingly large volumes of capital, they become attractive targets for malicious actors seeking to exploit vulnerabilities for financial theft and identity compromise. This persistent risk significantly erodes consumer confidence, causing potential users to hesitate in adopting digital wallets. When individuals perceive these platforms as susceptible to unauthorized access, they often revert to cash or physical cards, thereby slowing the transition to a fully digital payment ecosystem.

This erosion of trust limits the potential user base and forces providers to implement rigorous verification steps that can complicate the user experience. According to the Global Anti-Scam Alliance, in 2024, consumers globally lost nearly $1.03 trillion to various forms of digital scams and fraud. This magnitude of financial loss underscores the severity of the security challenge. Consequently, the fear of financial exposure remains a primary deterrent, directly suppressing the frequency and value of transactions within the mobile payment sector.

Key Market Trends

The widespread adoption of SoftPOS and Tap-to-Phone technology is fundamentally transforming the merchant acquisition landscape by converting standard smartphones into secure payment acceptance terminals. This innovation eliminates the need for expensive, dedicated hardware, thereby lowering the barrier to entry for micro-merchants and small businesses to accept contactless transactions. By leveraging Near Field Communication (NFC) capabilities inherent in modern mobile devices, payment providers can rapidly scale their merchant networks and penetrate cash-reliant markets with minimal infrastructure costs. According to Visa, March 2025, in the 'Visa Tap to Phone Adoption Soars' announcement, the adoption of Tap to Phone technology experienced a 200% year-over-year increase globally, underscoring the rapid shift toward hardware-free payment acceptance.

Simultaneously, the mainstreaming of Buy Now Pay Later (BNPL) services within mobile wallets is reshaping consumer credit consumption by embedding instant financing directly into the transaction flow. Unlike traditional credit cards, these integrated lending solutions offer frictionless, often interest-free installment plans at the point of sale, appealing particularly to younger demographics and those with limited credit history. This trend drives higher average transaction values and user retention for wallet providers by merging payment processing with consumer lending. According to Worldpay, March 2025, in the 'Global Payments Report 2025', global online spending through BNPL services reached $342 billion in 2024, reflecting the growing preference for flexible digital financing options over legacy credit instruments.

Segmental Insights

The online digital payments segment represents the fastest-growing category in the global mobile payment market, driven primarily by the global surge in electronic commerce activities. Consumers increasingly prefer the efficiency of completing transactions through mobile applications rather than using physical payment methods. This expansion is supported by improved internet connectivity and the integration of secure payment gateways into everyday digital platforms. Additionally, ongoing initiatives by central banks to promote cashless economies foster an environment conducive to digital adoption. Consequently, the shift toward remote transaction processing continues to accelerate market development globally.

Regional Insights

North America holds a dominant position in the global mobile payment market, driven by high smartphone penetration and extensive digital infrastructure. The region benefits significantly from the early adoption of digital wallets and the presence of established technology firms. Additionally, a substantial shift toward e-commerce and contactless transactions supports continued market expansion. Consumer trust is further bolstered by compliance with frameworks monitored by institutions like the Federal Trade Commission, which help ensure transaction security and data protection. Consequently, these technological and regulatory strengths enable North America to maintain its leadership in the digital finance sector.

Recent Developments

• In October 2024, Apple expanded its "Tap to Pay on iPhone" technology to five additional European markets, including Austria, the Czech Republic, Ireland, Romania, and Sweden. This capability allowed merchants in these regions to accept contactless payments directly through their iPhones, eliminating the need for traditional payment terminals or extra hardware. The solution supported transactions via contactless credit and debit cards as well as other digital wallets, leveraging the device's Near Field Communication (NFC) technology. Leading payment platforms such as Adyen, SumUp, and Viva.com were among the first partners to offer this service to their business clients in the newly supported countries.
• In September 2024, Google introduced advanced utility features for Google Wallet, most notably the ability for users to create a digital ID using their United States passport. This new functionality enabled travelers to utilize their digital ID at select Transportation Security Administration (TSA) checkpoints for domestic travel, thereby streamlining airport security procedures. Furthermore, the company expanded support for state-issued IDs and prepaid commuter benefit cards, while also integrating automatic ticket imports from booking confirmations. These updates were part of a broader strategy to digitize everyday essentials and enhance the overall travel and commuting experience for mobile payment users globally.
• In August 2024, PayPal launched "Fastlane," a new guest checkout solution available to businesses of all sizes across the United States. This innovation was engineered to accelerate the online shopping experience by enabling customers to complete purchases in as little as one click, without the requirement of creating an account. By recognizing consumers early in the checkout process through their email addresses, the feature allowed for the automatic filling of saved payment and shipping information, secured via a one-time passcode. The company stated that this development aimed to significantly increase conversion rates for merchants and enhance customer loyalty by removing friction from the payment process.
• In February 2024, Visa announced a significant expansion of its digital wallet capabilities within the Visa Commercial Pay suite, developed in collaboration with Conferma Pay. This strategic enhancement empowered financial institutions to integrate virtual corporate cards directly into employees' digital wallets, including major third-party platforms like Apple Pay and Google Pay. The initiative was designed to improve convenience, security, and flexibility for corporate users by replacing outdated manual business payment methods with efficient, automated processes. Regions Bank was identified as the first collaborator to implement this advanced capability for its Treasury Management customers, marking a pivotal step in streamlining global business-to-business transactions.

Key Market Players

• Google LLC
• Samsung Electronics Co Ltd.
• Amazon.com Inc.
• Apple Inc.
• Paypal Holdings Inc.
• Mastercard Inc.
• Visa Inc.
• American Express Co.
• Comviva Technologies Limited
• WeChat

By Type	By Region
B2B B2C B2G	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Mobile Payment Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Mobile Payment Market, By Type:

• B2B
• B2C
• B2G

• Mobile Payment Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE