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, 2019-2029F

  • Industry : ICT
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Summary

Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 95.04 billion

CAGR (2024-2029)

33.81%

Fastest Growing Segment

Online digital payments

Largest Market

North America

Market Size (2029)

USD 550.46 Billion


Market Overview

Global Mobile Payment Market was valued at USD 95.04 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 33.81% through 2029. The global surge in adoption of mobile payment services like Pay, Samsung Pay, AliPay, Apple Pay, and WeChat Pay among businesses is driven by the rapid growth of online commerce and internet usage. Additionally, the increasing use of sound wave-based mobile payments, which securely process transactions through encrypted sound waves, is contributing to industry growth. This innovative approach offers enhanced security and convenience compared to traditional payment methods like card terminals, NFC, and mobile wallets. The expansion of the smartphone market, particularly the widespread acceptance of operating systems like iOS and Android, is a key factor influencing the trajectory of the mobile payment services industry. With Android gaining momentum due to its rich feature set and popularity among users and manufacturers, the market for mobile payment services is expected to experience significant growth, further solidifying its position within the digital payments landscape.

Key Market Drivers

The mobile payment market has experienced remarkable growth in recent years, driven by a confluence of factors that have reshaped the landscape of financial transactions. One of the primary drivers propelling this surge is the ubiquitous penetration of smartphones worldwide. The relentless proliferation of these handheld devices has not only connected individuals across the globe but has also provided a robust foundation for the expansion of mobile payment services. As more people acquire smartphones, the potential user base for mobile payments widens, setting the stage for a transformative shift in the way financial transactions are conducted. Convenience and speed stand out as pivotal factors fueling the mobile payment market. In an era where time is of the essence, consumers increasingly seek quick and hassle-free payment methods. Mobile payments, with their seamless and efficient processes, offer a compelling solution to this demand. The simplicity of initiating transactions through a mobile device, coupled with the instantaneous nature of these payments, has resonated with consumers, particularly for everyday and small-scale transactions. This ease of use has been a driving force behind the growing acceptance and adoption of mobile payment solutions.

The rise of contactless payments has further accelerated the momentum of the mobile payment market. Technologies like Near Field Communication (NFC) enable users to make transactions without physical contact with payment terminals. This feature gained significant traction, especially in the context of health and safety concerns during the global COVID-19 pandemic. The ability to make secure and swift transactions without the need for physical contact has positioned mobile payments as a preferred choice for many consumers. Security considerations have played a crucial role in building trust among users, contributing to the widespread adoption of mobile payments. Advances in mobile payment security, including biometric authentication methods such as fingerprint scanning and facial recognition, have significantly enhanced the overall security profile of these platforms. As consumers become more security-conscious, these features provide a level of reassurance that encourages them to embrace mobile payment solutions with confidence.

The expansion of mobile wallets, offered by tech giants like Apple Pay, Google Pay, and Samsung Pay, as well as financial institutions, has been a defining aspect of the mobile payment ecosystem. These wallets consolidate payment methods and streamline transactions, often incorporating additional features such as loyalty programs and discounts. The convenience and added value provided by these mobile wallet services contribute significantly to their popularity and the broader adoption of mobile payments. QR code payments have emerged as a notable driver, especially in regions where traditional banking infrastructure may be limited. This method simplifies transactions by allowing users to make payments through the simple act of scanning QR codes. With its cost-effectiveness and ease of implementation, QR code-based payments have become a pivotal player in expanding the reach of mobile payments, providing a viable solution for both businesses and consumers.

Government initiatives and regulatory frameworks have also played a pivotal role in shaping the mobile payment landscape. Policies that endorse and promote digital payments, along with efforts to enhance financial inclusion, create an environment conducive to the growth of mobile payments. Governments worldwide recognize the potential benefits of a cashless economy and are taking steps to facilitate the transition through supportive measures and regulations. Consumer preferences for cashless transactions, influenced by factors such as convenience, loyalty programs, and incentives offered by mobile payment providers, contribute significantly to the momentum of the market. As consumers increasingly favor the efficiency and perks associated with mobile payments, traditional forms of payment are gradually being overshadowed.

The global surge in e-commerce activities further fuels the demand for secure and efficient mobile payment solutions. The seamless integration of mobile payments into online shopping experiences aligns with the evolving preferences of consumers, who seek a unified and convenient approach to financial transactions across various platforms.

Partnerships and collaborations between mobile payment providers, financial institutions, and retailers have emerged as strategic drivers for market expansion. These collaborations often lead to more seamless and integrated payment experiences for users, removing friction points and fostering a more interconnected financial ecosystem. In conclusion, the mobile payment market's growth is a multifaceted phenomenon driven by the widespread adoption of smartphones, the quest for convenience and speed, advancements in technology and security, the rise of contactless payments, the proliferation of mobile wallets, the prominence of QR code payments, government initiatives, changing consumer preferences, the global expansion of e-commerce, and collaborative efforts within the industry. As these drivers continue to evolve, the mobile payment landscape is poised for further innovation and transformation in the coming years.



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Key Market Challenges

While the mobile payment market has witnessed substantial growth and adoption, it is not without its share of challenges that impact its trajectory. These challenges reflect the complexities inherent in reshaping traditional financial ecosystems and adapting them to the dynamic landscape of digital transactions. Understanding and addressing these key market challenges is essential for sustaining and further expanding the reach and effectiveness of mobile payment solutions. One prominent challenge facing the mobile payment market is the issue of security and privacy concerns. As digital transactions become more prevalent, the risk of cyber threats and unauthorized access to sensitive financial information has increased. Consumers are understandably wary of potential breaches and data compromises. Establishing robust security measures, including advanced encryption technologies and multi-factor authentication, is crucial for building and maintaining trust in mobile payment systems. Providers must continually invest in security infrastructure to stay ahead of evolving cyber threats and reassure users about the safety of their financial data.

Interoperability and standardization present another significant hurdle in the mobile payment landscape. With various mobile payment platforms, digital wallets, and payment apps available, achieving seamless interoperability between different systems remains a challenge. Users often encounter difficulties when trying to make transactions across diverse platforms. The lack of standardized protocols and interoperable frameworks hampers the universal adoption of mobile payments. Industry stakeholders need to collaborate on establishing common standards to facilitate smoother transactions and enhance the overall user experience. In some regions, the limited acceptance and adoption of mobile payment technologies are tied to challenges related to the existing financial infrastructure. In areas where traditional banking systems are deeply ingrained, transitioning to mobile payments can be met with resistance. Issues such as a lack of widespread access to smartphones, reliable internet connectivity, and digital literacy may impede the seamless integration of mobile payment solutions. Bridging the gap between existing financial infrastructures and the demands of modern mobile payment technologies requires strategic investments in infrastructure development and educational initiatives.

Consumer habits and preferences also pose challenges to the widespread adoption of mobile payments. Despite the convenience and speed offered by these solutions, some individuals remain attached to traditional forms of payment, such as cash or credit cards. Overcoming ingrained habits and fostering a shift in consumer behavior requires comprehensive educational campaigns and incentives. Mobile payment providers must effectively communicate the benefits of their platforms, emphasizing factors like convenience, loyalty programs, and added value to encourage users to make the switch.

Regulatory challenges and compliance issues represent a constant consideration in the mobile payment market. The evolving nature of digital transactions often outpaces the development of regulatory frameworks, leading to uncertainties and compliance-related hurdles. Striking a balance between fostering innovation and ensuring consumer protection and financial security is a delicate task for regulatory bodies. Collaborative efforts between industry players and regulatory authorities are essential to establish clear guidelines that promote the responsible growth of the mobile payment market. In some cases, the cost associated with implementing and maintaining mobile payment infrastructure can be a deterrent for businesses, particularly smaller merchants. This includes expenses related to upgrading point-of-sale systems, ensuring security compliance, and integrating mobile payment technologies into existing operations. Finding cost-effective solutions and incentivizing businesses to adopt mobile payments are essential steps in overcoming this challenge and promoting broader acceptance in the merchant community.

Lastly, concerns related to trust and reliability can affect user confidence in mobile payment systems. Issues such as system downtimes, transaction failures, or disputes can erode trust and discourage users from relying on these platforms consistently. Mobile payment providers must prioritize system reliability, invest in robust customer support mechanisms, and transparently address any issues that may arise to build and maintain user trust. In conclusion, the mobile payment market faces a range of challenges, including security and privacy concerns, interoperability issues, resistance to change in existing financial infrastructures, consumer habits, regulatory complexities, implementation costs, and the imperative of building and maintaining trust. Addressing these challenges requires a collaborative effort from industry stakeholders, regulatory bodies, and technology providers to create a secure, seamless, and widely accepted mobile payment ecosystem that meets the evolving needs of consumers and businesses alike.

Key Market Trends

The mobile payment market is characterized by a dynamic and rapidly evolving landscape, shaped by various trends that reflect the changing preferences and technological advancements in the financial services sector. These key market trends underscore the ongoing transformation of how individuals and businesses conduct transactions, emphasizing convenience, efficiency, and innovation. One of the prominent trends in the mobile payment market is the increasing adoption of contactless payments. This trend gained significant momentum, particularly in response to health and safety concerns during the COVID-19 pandemic. Contactless payment methods, facilitated by technologies like Near Field Communication (NFC), allow users to make transactions without physical contact with payment terminals. This not only enhances the speed of transactions but also aligns with the growing preference for hygienic and convenient payment options.

The integration of biometric authentication methods represents another notable trend in the mobile payment landscape. Mobile payment providers are increasingly incorporating biometric features such as fingerprint scanning and facial recognition to enhance the security and user experience of their platforms. Biometric authentication not only adds an extra layer of security but also streamlines the authentication process, making mobile payments more seamless and user-friendly. Mobile wallets continue to gain prominence as a central component of the mobile payment ecosystem. Tech giants such as Apple, Google, and Samsung, alongside financial institutions, offer mobile wallet services that consolidate payment methods and provide additional features like loyalty programs and discounts. The convenience and versatility offered by mobile wallets contribute to their widespread adoption, with users increasingly relying on these digital platforms for a range of financial transactions.

QR code-based payments have emerged as a pervasive and user-friendly trend in the mobile payment market. This technology allows users to make payments by scanning QR codes, providing a simple and cost-effective solution, especially in regions where traditional banking infrastructure may be limited. QR code payments have gained popularity for their ease of use and accessibility, making them a key driver in expanding the reach of mobile payments.

The rise of peer-to-peer (P2P) mobile payments is transforming the way individuals transfer money and split expenses. Mobile payment apps that facilitate P2P transactions allow users to send and receive funds seamlessly, whether it's splitting a restaurant bill or reimbursing a friend. This trend reflects a shift in consumer behavior towards digital alternatives for everyday financial activities, contributing to the overall growth of the mobile payment market. Cryptocurrency integration into mobile payment platforms is an emerging trend that reflects the evolving nature of digital currencies. Some mobile payment providers are exploring ways to incorporate cryptocurrencies into their offerings, allowing users to make transactions using digital assets. This trend highlights the intersection of traditional finance and emerging blockchain technologies, providing users with additional choices for conducting transactions.

Inclusive financial services and financial literacy initiatives are gaining traction within the mobile payment market. Efforts to expand access to mobile payments in underserved and unbanked populations align with the broader goal of financial inclusion. Mobile payment providers and financial institutions are collaborating to develop solutions that empower individuals with limited access to traditional banking services, promoting greater financial inclusion globally.

The trend towards omnichannel experiences is reshaping the mobile payment landscape. Consumers increasingly expect a seamless and integrated payment experience across various channels, including online, in-store, and within mobile apps. Mobile payment providers are focusing on delivering unified and consistent experiences to meet these evolving consumer expectations. In conclusion, the mobile payment market is marked by several key trends that collectively shape the future of digital transactions. Contactless payments, biometric authentication, mobile wallets, QR code payments, P2P transactions, cryptocurrency integration, inclusive financial services, and omnichannel experiences represent the evolving landscape of mobile payments. As technology continues to advance and consumer preferences evolve, these trends are likely to influence the ongoing development and expansion of the mobile payment market globally.

Segmental Insights

Payment Type Insights

In the forecast period, the QR-based segment is positioned to assert its dominance in the mobile payment market, driven by several key factors. First and foremost, the simplicity and accessibility of QR code technology make it highly attractive to both businesses and consumers. With QR codes becoming increasingly ubiquitous, consumers are accustomed to scanning them for various purposes, including payments, thereby fostering widespread acceptance of QR-based mobile payment solutions. QR-based systems offer significant advantages in terms of cost-effectiveness and ease of implementation for merchants. Unlike traditional point-of-sale terminals, which can be costly to install and maintain, QR code systems require minimal infrastructure investment, making them particularly appealing to small and medium-sized businesses. Additionally, the interoperability of QR codes allows for seamless integration across different payment platforms and systems, enhancing convenience for both merchants and consumers. The rise of QR-based payment apps from major players such as Alipay, WeChat Pay, and others has further accelerated the adoption of this technology. These apps offer a comprehensive ecosystem of services beyond just payments, including loyalty programs, discounts, and rewards, thereby enhancing user engagement and driving continued growth in the QR-based mobile payment segment. As such, with its combination of simplicity, affordability, and versatility, QR code technology is poised to dominate the mobile payment market in the coming years, reshaping the way transactions are conducted globally.


 

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Regional Insights

North America emerged as the dominating region in 2023, holding the largest market share. In 2023, North America solidified its position as the leading region in the market, boasting the largest market share. Notably, one of the key players in this sector is North America itself. While the adoption of mobile payments showed moderate progress during the study period, the onset of the COVID-19 pandemic and the subsequent surge in e-commerce activities catalyzed its rapid acceleration. This acceleration is further fueled by the enhanced mobile payment experiences within the region, coinciding with the upward trajectory of e-commerce sales. The increasing consumer comfort with online transactions, coupled with the proliferation of handheld and mobile devices, has contributed to this growth. Additionally, alongside the widespread integration of mobile technology in emerging markets, the region is witnessing a surge in governmental initiatives aimed at promoting cashless transactions. These initiatives not only present growth prospects for the market but also offer an avenue for fintech companies and banks to introduce mobile banking solutions to previously underserved and unbanked populations in remote areas. Moreover, the ongoing modernization of payment systems, both domestically and internationally, coupled with innovations in payment services and regulatory reforms, continues to shape the future landscape of digital payments in Canada. As such, these developments underscore the dynamic nature of the digital payments sector within the region, presenting both challenges and opportunities for stakeholders in the fintech and banking industries.

Recent Developments

  • In September 2023, Paytm has introduced its latest innovation, the 'Card Soundbox' device, aimed at transforming payment acceptance for merchants. This state-of-the-art device provides merchants with the ability to effortlessly accept both mobile and card payments, supporting major networks including Visa, Mastercard, American Express, and RuPay.

Key Market Players

  • Google LLC (Alphabet Inc.)
  • Samsung Electronics Co Ltd.
  • Amazon.com Inc.
  • Apple Inc.
  • Paypal Holdings Inc.
  • Mastercard Inc.
  • Visa Inc.
  • American Express Co.
  • Comviva Technologies Limited (A Tech Mahindra Company)
  • WeChat (Tencent Holdings Limited)


  • By Payment Type
  • By Type
  • By Region
  • NFC
  • QR-based
  • Online digital payments
  • Text-based
  • Other 
  • 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 Payment Type:

o   NFC

o   QR-based

o   Online digital payments

o   Text-based

o   Other   

  • Mobile Payment Market, By Type:

o   B2B

o   B2C

o   B2G   

  • Mobile Payment Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

§  Netherlands

§  Belgium

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

§  Thailand

§  Malaysia

o   South America

§  Brazil

§  Argentina

§  Colombia

§  Chile

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Mobile Payment Market.

Available Customizations:

Global Mobile Payment Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Mobile Payment Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.         Product Overview

1.1.    Market Definition

1.2.    Scope of the Market

1.2.1.Markets Covered

1.2.2.Years Considered for Study

1.2.3.Key Market Segmentations

2.         Research Methodology

2.1.    Objective of the Study

2.2.    Baseline Methodology

2.3.    Formulation of the Scope

2.4.    Assumptions and Limitations

2.5.    Sources of Research

2.5.1.Secondary Research

2.5.2.Primary Research

2.6.    Approach for the Market Study

2.6.1.The Bottom-Up Approach

2.6.2.The Top-Down Approach

2.7.    Methodology Followed for Calculation of Market Size & Market Shares

2.8.    Forecasting Methodology

2.8.1.Data Triangulation & Validation

3.         Executive Summary

4.         Impact of COVID-19 on Global Mobile Payment Market

5.         Voice of Customer

6.         Global Mobile Payment Market Overview

7.         Global Mobile Payment Market Outlook

7.1.    Market Size & Forecast

7.1.1.By Value

7.2.    Market Share & Forecast

7.2.1.By Payment Type (NFC, QR-based, Online digital Payments, Text-based, Other)

7.2.2.By Type (B2B, B2C, B2G)

7.2.3.By Region

7.3.    By Company (2023)

7.4.    Market Map

8.         North America Mobile Payment Market Outlook

8.1.    Market Size & Forecast

8.1.1.By Value

8.2.    Market Share & Forecast

8.2.1.By Payment Type

8.2.2.By Type

8.2.3.By Country

8.3.    North America: Country Analysis

8.3.1.United States Mobile Payment Market Outlook

8.3.1.1.      Market Size & Forecast

8.3.1.1.1.    By Value

8.3.1.2.      Market Share & Forecast

8.3.1.2.1.               By Payment Type

8.3.1.2.2.               By Type

8.3.2.Canada Mobile Payment Market Outlook

8.3.2.1.      Market Size & Forecast

8.3.2.1.1.    By Value

8.3.2.2.      Market Share & Forecast

8.3.2.2.1.               By Payment Type

8.3.2.2.2.               By Type

8.3.3.Mexico Mobile Payment Market Outlook

8.3.3.1.      Market Size & Forecast

8.3.3.1.1.    By Value

8.3.3.2.      Market Share & Forecast

8.3.3.2.1.               By Payment Type

8.3.3.2.2.               By Type

9.         Europe Mobile Payment Market Outlook

9.1.    Market Size & Forecast

9.1.1.By Value

9.2.    Market Share & Forecast

9.2.1.By Payment Type

9.2.2.By Type

9.2.3.By Country

9.3.    Europe: Country Analysis

9.3.1.Germany Mobile Payment Market Outlook

9.3.1.1.      Market Size & Forecast

9.3.1.1.1.    By Value

9.3.1.2.      Market Share & Forecast

9.3.1.2.1.               By Payment Type

9.3.1.2.2.               By Type

9.3.2.France Mobile Payment Market Outlook

9.3.2.1.      Market Size & Forecast

9.3.2.1.1.    By Value

9.3.2.2.      Market Share & Forecast

9.3.2.2.1.               By Payment Type

9.3.2.2.2.               By Type

9.3.3.United Kingdom Mobile Payment Market Outlook

9.3.3.1.      Market Size & Forecast

9.3.3.1.1.    By Value

9.3.3.2.      Market Share & Forecast

9.3.3.2.1.               By Payment Type

9.3.3.2.2.               By Type

9.3.4.Italy Mobile Payment Market Outlook

9.3.4.1.      Market Size & Forecast

9.3.4.1.1.    By Value

9.3.4.2.      Market Share & Forecast

9.3.4.2.1.               By Payment Type

9.3.4.2.2.               By Type

9.3.5.Spain Mobile Payment Market Outlook

9.3.5.1.      Market Size & Forecast

9.3.5.1.1.    By Value

9.3.5.2.      Market Share & Forecast

9.3.5.2.1.               By Payment Type

9.3.5.2.2.               By Type

9.3.6.Netherlands Mobile Payment Market Outlook

9.3.6.1.      Market Size & Forecast

9.3.6.1.1.    By Value

9.3.6.2.      Market Share & Forecast

9.3.6.2.1.               By Payment Type

9.3.6.2.2.               By Type

9.3.7.Belgium Mobile Payment Market Outlook

9.3.7.1.      Market Size & Forecast

9.3.7.1.1.    By Value

9.3.7.2.      Market Share & Forecast

9.3.7.2.1.               By Payment Type

9.3.7.2.2.               By Type

10.      South America Mobile Payment Market Outlook

10.1. Market Size & Forecast

10.1.1.     By Value

10.2. Market Share & Forecast

10.2.1. By Payment Type

10.2.2. By Type

10.2.3. By Country

10.3. South America: Country Analysis

10.3.1.     Brazil Mobile Payment Market Outlook

10.3.1.1.   Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2.   Market Share & Forecast

10.3.1.2.1.            By Payment Type

10.3.1.2.2.            By Type

10.3.2.     Colombia Mobile Payment Market Outlook

10.3.2.1.   Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2.   Market Share & Forecast

10.3.2.2.1.            By Payment Type

10.3.2.2.2.            By Type

10.3.3.     Argentina Mobile Payment Market Outlook

10.3.3.1.   Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2.   Market Share & Forecast

10.3.3.2.1.            By Payment Type

10.3.3.2.2.            By Type

10.3.4.     Chile Mobile Payment Market Outlook

10.3.4.1.   Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2.   Market Share & Forecast

10.3.4.2.1.            By Payment Type

10.3.4.2.2.            By Type

11.      Middle East & Africa Mobile Payment Market Outlook

11.1. Market Size & Forecast

11.1.1.     By Value

11.2. Market Share & Forecast

11.2.1. By Payment Type

11.2.2. By Type

11.2.3. By Country

11.3. Middle East & Africa: Country Analysis

11.3.1.     Saudi Arabia Mobile Payment Market Outlook

11.3.1.1.   Market Size & Forecast

11.3.1.1.1. By Value

11.3.1.2.   Market Share & Forecast

11.3.1.2.1.            By Payment Type

11.3.1.2.2.            By Type

11.3.2.     UAE Mobile Payment Market Outlook

11.3.2.1.   Market Size & Forecast

11.3.2.1.1. By Value

11.3.2.2.   Market Share & Forecast

11.3.2.2.1.            By Payment Type

11.3.2.2.2.            By Type

11.3.3.     South Africa Mobile Payment Market Outlook

11.3.3.1.   Market Size & Forecast

11.3.3.1.1. By Value

11.3.3.2.   Market Share & Forecast

11.3.3.2.1.            By Payment Type

11.3.3.2.2.            By Type

11.3.4.     Turkey Mobile Payment Market Outlook

11.3.4.1.   Market Size & Forecast

11.3.4.1.1. By Value

11.3.4.2.   Market Share & Forecast

11.3.4.2.1.            By Payment Type

11.3.4.2.2.            By Type

12.      Asia Pacific Mobile Payment Market Outlook

12.1. Market Size & Forecast

12.1.1.     By Value

12.2. Market Share & Forecast

12.2.1. By Payment Type

12.2.2. By Type

12.2.3. By Country

12.3. Asia-Pacific: Country Analysis

12.3.1.     China Mobile Payment Market Outlook

12.3.1.1.   Market Size & Forecast

12.3.1.1.1. By Value

12.3.1.2.   Market Share & Forecast

12.3.1.2.1.            By Payment Type

12.3.1.2.2.            By Type

12.3.2.     India Mobile Payment Market Outlook

12.3.2.1.   Market Size & Forecast

12.3.2.1.1. By Value

12.3.2.2.   Market Share & Forecast

12.3.2.2.1.            By Payment Type

12.3.2.2.2.            By Type

12.3.3.     Japan Mobile Payment Market Outlook

12.3.3.1.   Market Size & Forecast

12.3.3.1.1. By Value

12.3.3.2.   Market Share & Forecast

12.3.3.2.1.            By Payment Type

12.3.3.2.2.            By Type

12.3.4.     South Korea Mobile Payment Market Outlook

12.3.4.1.   Market Size & Forecast

12.3.4.1.1. By Value

12.3.4.2.   Market Share & Forecast

12.3.4.2.1.            By Payment Type

12.3.4.2.2.            By Type

12.3.5.     Australia Mobile Payment Market Outlook

12.3.5.1.   Market Size & Forecast

12.3.5.1.1. By Value

12.3.5.2.   Market Share & Forecast

12.3.5.2.1.            By Payment Type

12.3.5.2.2.            By Type

12.3.6.     Thailand Mobile Payment Market Outlook

12.3.6.1.   Market Size & Forecast

12.3.6.1.1. By Value

12.3.6.2.   Market Share & Forecast

12.3.6.2.1.            By Payment Type

12.3.6.2.2.            By Type

12.3.7.     Malaysia Mobile Payment Market Outlook

12.3.7.1.   Market Size & Forecast

12.3.7.1.1. By Value

12.3.7.2.   Market Share & Forecast

12.3.7.2.1.            By Payment Type

12.3.7.2.2.            By Type

13.      Market Dynamics

13.1. Drivers

13.2. Challenges

14.      Market Trends and Developments

15.      Company Profiles

15.1.  Google LLC (Alphabet Inc.)

15.1.1.     Business Overview

15.1.2.     Key Revenue and Financials  

15.1.3.     Recent Developments

15.1.4.     Key Personnel/Key Contact Person

15.1.5.     Key Product/Services Offered

15.2.  Samsung Electronics Co Ltd.

15.2.1.     Business Overview

15.2.2.     Key Revenue and Financials  

15.2.3.     Recent Developments

15.2.4.     Key Personnel/Key Contact Person

15.2.5.     Key Product/Services Offered

15.3.  Amazon.com Inc.

15.3.1.     Business Overview

15.3.2.     Key Revenue and Financials  

15.3.3.     Recent Developments

15.3.4.     Key Personnel/Key Contact Person

15.3.5.     Key Product/Services Offered

15.4.  Apple Inc.

15.4.1.     Business Overview

15.4.2.     Key Revenue and Financials  

15.4.3.     Recent Developments

15.4.4.     Key Personnel/Key Contact Person

15.4.5.     Key Product/Services Offered

15.5.  Paypal Holdings Inc.

15.5.1.     Business Overview

15.5.2.     Key Revenue and Financials  

15.5.3.     Recent Developments

15.5.4.     Key Personnel/Key Contact Person

15.5.5.     Key Product/Services Offered

15.6.  Mastercard Inc.

15.6.1.     Business Overview

15.6.2.     Key Revenue and Financials  

15.6.3.     Recent Developments

15.6.4.     Key Personnel/Key Contact Person

15.6.5.     Key Product/Services Offered

15.7.  Visa Inc.

15.7.1.     Business Overview

15.7.2.     Key Revenue and Financials  

15.7.3.     Recent Developments

15.7.4.     Key Personnel/Key Contact Person

15.7.5.     Key Product/Services Offered

15.8.  American Express Co.

15.8.1.     Business Overview

15.8.2.     Key Revenue and Financials  

15.8.3.     Recent Developments

15.8.4.     Key Personnel/Key Contact Person

15.8.5.     Key Product/Services Offered

15.9.  Comviva Technologies Limited (A Tech Mahindra Company)

15.9.1.     Business Overview

15.9.2.     Key Revenue and Financials  

15.9.3.     Recent Developments

15.9.4.     Key Personnel/Key Contact Person

15.9.5.     Key Product/Services Offered

15.10.   WeChat (Tencent Holdings Limited)

15.10.1.   Business Overview

15.10.2.   Key Revenue and Financials  

15.10.3.   Recent Developments

15.10.4.   Key Personnel/Key Contact Person

15.10.5.   Key Product/Services Offered

16.      Strategic Recommendations

17.    About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Mobile Payment Market was USD 95.04 billion in 2023.

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In 2023, the QR-based segment showcased notable dominance within the Global Mobile Payment Market. This was driven by its simplicity, cost-effectiveness, and widespread acceptance among merchants and consumers. The segment's convenience, security features, and compatibility across diverse platforms contributed to its remarkable market penetration and growth.

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In 2023, North America emerged as the dominant region in the Global Mobile Payment Market, fueled by robust adoption of smartphones, widespread availability of high-speed internet, favorable regulatory environment, and strong consumer inclination towards innovative payment technologies.

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The Global Mobile Payment Market is primarily propelled by increasing smartphone penetration, rising demand for convenient payment solutions, the proliferation of digital wallets, expanding e-commerce activities, and a shift towards contactless transactions.

Related Reports

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Sakshi Bajaal

Business Consultant
Press Release

Mobile Payment Market is expected to grow at a CAGR of 33.81% through 2029

Apr, 2024

Smartphone Penetration and Expansion of Mobile Wallets are factors driving the Global Mobile Payment Market in the forecast period 2025-2029.

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