Mobile Payment Technologies Global Market Report 2024

The mobile payment technologies market size has grown exponentially in recent years. It will grow from $109.58 billion in 2023 to $137.73 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The expansion observed in the historical period can be credited to the increased penetration of smartphones, the adoption of digital wallets, improved consumer convenience, enhanced security measures, and the rise in contactless payment methods.

The mobile payment technologies market size is expected to see exponential growth in the next few years. It will grow to $339.86 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The anticipated growth in the forecast period is primarily driven by the ongoing surge in contactless payments, the expanding adoption of emerging markets, integration with Internet of Things (IoT), and the increasing use of QR code payments. Key trends expected during this period encompass the rise of biometric authentication, the integration of blockchain and cryptocurrency, the development of retailer-specific applications, and the evolution of IoT-based payments.

Government initiatives aimed at promoting a cashless economy play a pivotal role in propelling the growth of the mobile payment technologies market. A cashless economy is characterized by the absence of physical currency in financial transactions, with digital payment methods taking precedence. Governments worldwide, in collaboration with central banks, are actively taking steps to transition towards a cashless economy, thereby contributing to the expansion of the mobile payment technologies sector. An illustrative example of such initiatives is the Government of India's introduction of e-RUPI in August 2021, a cashless and contactless digital payment method. e-RUPI serves as a digital voucher delivered to beneficiaries via SMS or QR code, functioning as a pre-paid coupon accepted at various locations.

The payment solutions encompass several types, including point-of-sale (PoS) for in-store and remote transactions. The PoS, the point of customer payment in retail, includes various solutions like near-field communication (NFC), soundwave-based, magnetic secure transmission (MST) payments, and in-store methods such as mobile wallets and quick response (QR) code payments. Remote payment options cover internet payments, SMS transactions, direct carrier billing, and mobile banking. The applications of mobile payment technologies span across retail, e-commerce, healthcare, BFSI (Banking, Financial Services, and Insurance), and enterprise sectors.

The mobile payment technologies market research report is one of a series of new reports that provides mobile payment technologies market statistics, including mobile payment technologies industry global market size, regional shares, competitors with a mobile payment technologies market share, detailed mobile payment technologies market segments, market trends and opportunities, and any further data you may need to thrive in the mobile payment technologies industry. This mobile payment technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Mobile payment technologies fall under the governance of the Payment Services Directives (PSD2), a regulatory framework that extends its jurisdiction throughout the European Union (EU) and the European Economic Area (EEA). This directive is primarily focused on fostering a more unified and harmonized payment landscape within Europe while actively encouraging non-banking entities to participate in this sector, thereby intensifying competition. PSD2 also places a strong emphasis on enhancing the security and safety of payments, leading to increased customer protection and data security. Consequently, these regulatory measures are expected to be a significant driver in the ongoing expansion of the mobile payment technologies market, ensuring a smooth and secure payment experience for both customers and payment service providers.

Security concerns and the risk of data breaches constitute significant impediments to the mobile payment technologies market. This challenge arises due to the extensive transfer of information and data inherent in digital payments, creating vulnerabilities for data security. Various security issues, including frauds, chargebacks, technical integration challenges, malicious app clones, and mobile frauds, have adverse effects on this market. As an example, PayPal experienced a security breach that exposed the data of over 1.6 million customers, necessitating the provision of free credit monitoring services as compensation to affected individuals. These security issues and potential data breaches remain critical concerns affecting the mobile payment technologies sector.

An emergent trend within the mobile payment technologies market is the convergence of Internet of Things (IoT) with mobile payments. IoT represents a network where diverse computing devices, mechanical and digital machines, or individuals can exchange data across networks without direct human-to-human or human-to-computer interactions. The integration of IoT with mobile payment technologies significantly streamlines the payment experience for consumers and merchants, ensuring seamless and efficient transactions on both ends. The enhanced convenience and safety offered by IoT-based mobile payments have spurred a considerable shift towards mobile payment technologies. For instance, MasterCard's integration of IoT aims to extend payments to an estimated 44 billion connected devices by 2021, offering a diverse array of consumer products. Moreover, the company is planning to introduce advanced IoT-based devices to further advance digital payments.

Key players in the mobile payment technologies market are dedicated to pioneering innovative technologies like PIN on mobile to deliver dependable services to consumers. PIN on mobile, also known as PIN on Consumer-Off-The-Shelf (COTS) devices, is a payment authentication method enabling customers to enter their PIN on a merchant's mobile device. An example of such innovation is evident in the March 2023 launch of Axis Bank's 'MicroPay,' a distinctive 'PIN on Mobile' solution. This solution transforms a retailer's smartphone into a Point-of-Sale (POS) terminal, streamlining digital payments and enhancing the customer experience. With MicroPay, merchants can accept various payment methods, including cards, UPI, and QR codes, at a reasonable cost, leveraging mobile technology and PIN entries on smartphones. This secure card reader allows customers to enter their PIN directly on the merchant's smartphone via Bluetooth connectivity.

In March 2022, RAZORPAY, a comprehensive financial solutions provider based in India, acquired IZealiant Technologies for an undisclosed sum. Through this acquisition, RAZORPAY aims to bolster banks with robust technological infrastructure, enriching the end-user payment experience. IZealiant Technologies, based in India, specializes in providing software solutions to financial institutions. This strategic move reflects the industry's pursuit of enhancing technological capabilities and improving the overall payment experience for users, positioning RAZORPAY to offer advanced services to financial institutions.

Major companies operating in the mobile payment technologies market include PayPal Holdings Inc., Mastercard Incorporated, Bharti Airtel Limited, Google LLC, Apple Inc., First Data Corporation, American Express Company, Vodacom Group Limited, Millicom International Cellular S.A., Mahindra Comviva Technologies Limited, Orange S.A., Dwolla Inc., Worldpay Inc., One97 Communications Limited, AT&T Inc., Safaricom Limited, MTN Group Limited, Econet Wireless Zimbabwe Limited, Visa Inc., BlueSnap Inc., PayU Holdings Pvt. Ltd., Bank of America Corporation, Amazon.com Inc., Citrus Payment Solutions Pvt. Ltd., Stripe Inc., SIX Payment Services AG, Paysafe Group Limited, Wirecard AG, Novatti Group Limited, Vodafone Group Plc, Microsoft Corporation, Samsung Electronics Co. Ltd., Square Inc., Ant Group Co. Ltd., Tencent Holdings Limited, Discover Financial Services, JPMorgan Chase & Co.

The Asia-Pacific was the largest region in the mobile payment technologies market in 2023. Asia-Pacific is expected to be the fastest-growing region in the mobile payment technologies industry report during the forecast period. The regions covered in the mobile payment technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the mobile payment technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The mobile payment technologies market includes revenues earned by entities by technologies, which can be used as a method of payment that does not involve cash or cheques but allows consumers to make immediate payments using portable electronic devices such as smartphones or tablets. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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