Mobile Payment - Global Strategic Business Report

The global market for Mobile Payment was valued at US$113 Billion in 2024 and is projected to reach US$494.5 Billion by 2030, growing at a CAGR of 27.9% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Mobile Payment Market - Key Trends and Drivers Summarized

The growth in the mobile payment market is driven by several factors, including technological advancements, changing consumer behavior, and the increasing demand for convenience and security in financial transactions. Technological innovations, such as the integration of biometric authentication and blockchain technology, have significantly enhanced the security and reliability of mobile payments. Biometric authentication, including fingerprint and facial recognition, adds an extra layer of security, ensuring that transactions are authorized only by the account holder. Blockchain technology, with its decentralized and tamper-proof nature, offers a secure framework for conducting transactions, reducing the risk of fraud and enhancing trust in mobile payment systems. The widespread adoption of smartphones and the proliferation of high-speed internet access have also contributed to the expansion of the mobile payment market. Consumers are increasingly relying on their smartphones for everyday tasks, including shopping and financial transactions, driving the demand for mobile payment solutions. Additionally, the increasing popularity of e-commerce and the growing preference for contactless transactions have propelled the demand for mobile payment solutions. Businesses are leveraging mobile payment technologies to provide seamless and personalized customer experiences, which in turn drives customer loyalty and retention. Furthermore, regulatory support and the establishment of industry standards have created a favorable environment for the growth of mobile payments, ensuring that these systems are safe, efficient, and accessible. These factors collectively drive the robust growth of the mobile payment market, highlighting its critical role in the future of financial transactions. The ongoing developments in mobile payment technologies and the evolving consumer preferences indicate that mobile payments will continue to play a pivotal role in shaping the future of commerce and financial services globally.

The adoption of mobile payments has been significantly accelerated by the shift towards digital commerce and the need for more secure and hygienic payment methods, especially in the wake of the COVID-19 pandemic. The versatility of mobile payments extends beyond retail transactions; they are also widely used for utility bill payments, public transportation fares, and charitable donations. Moreover, mobile payments have gained significant traction in developing countries, where they provide a viable alternative to traditional banking, offering financial inclusion to the unbanked and underbanked populations. In regions with limited access to banking infrastructure, mobile payments enable individuals to participate in the digital economy, facilitating economic growth and development. This growing global acceptance has led to substantial investments in mobile payment technologies, further advancing the capabilities and security of these systems, and enabling the development of innovative features and services.

Mobile payment systems have revolutionized the way consumers and businesses conduct financial transactions, offering a convenient and efficient alternative to traditional payment methods. These systems encompass a variety of technologies, including Near Field Communication (NFC), QR codes, and mobile wallets, which enable users to make purchases and transfer money using their smartphones. NFC technology allows for contactless payments by simply tapping a smartphone near a compatible terminal, while QR codes can be scanned to initiate a transaction. Mobile wallets, such as Apple Pay, Google Pay, and Samsung Pay, integrate with users' bank accounts and credit cards, allowing for seamless transactions across various platforms. These mobile wallets not only facilitate contactless payments at retail locations but also support online shopping and peer-to-peer transactions, providing a comprehensive payment solution. The rise of mobile payments has been facilitated by the widespread adoption of smartphones, advances in mobile technology, and the increasing availability of secure and user-friendly payment applications, making it easier for consumers to transition from cash and card-based transactions to digital payments.

Report Scope

The report analyzes the Mobile Payment market, presented in terms of market value (USD). The analysis covers the key segments and geographic regions outlined below.

Segments

Technology (Near Field Communications (NFC), Direct Mobile Billing, Mobile Web Payment, Mobile App, SMS, Other Technologies); Location (Remote Payment, Proximity Payment); End-Use (BFSI, IT & Telecom, Entertainment & Media, Healthcare, Retail & eCommerce, Transportation, Other End-Uses).

Geographic Regions/Countries

World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Near Field Communications (NFC) Technology segment, which is expected to reach US$166.2 Billion by 2030 with a CAGR of a 33.6%. The Direct Mobile Billing Technology segment is also set to grow at 30.1% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, valued at $27.6 Billion in 2024, and China, forecasted to grow at an impressive 35.8% CAGR to reach $155.7 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Mobile Payment Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Mobile Payment Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Mobile Payment Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of players such as Bharti Airtel Ltd., Comviva Technologies Limited, FIS, Gemalto NV, Google LLC and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 98 companies featured in this Mobile Payment market report include:

• Bharti Airtel Ltd.
• Comviva Technologies Limited
• FIS
• Gemalto NV
• Google LLC
• MasterCard International, Inc.
• Orange SA
• PayPal, Inc.
• Vodafone Group PLC