M-commerce Payment Global Market Report 2024

M-commerce payments involve utilizing mobile phones and tablets to conduct online transactions for the purchase of goods or services. This method is advantageous as it offers convenience to users, saving time and effort, and facilitating the buying and selling of products through smartphones and tablets.

The primary payment methods in the m-commerce market include near-field communication (NFC), premium SMS, wireless application protocol (WAP), and direct carrier billing. Near-field communication is a wireless technology that enhances the functionality of smartphones, tablets, wearables, payment cards, and other devices within a short distance. Contactless payments, facilitated by NFC technology, are commonly used in mobile wallets. Various modes of m-commerce transactions include mobile retailing, mobile booking or ticketing, mobile banking, and mobile billing. These transaction modes find applications in end-use industries such as retail, hospitality and tourism, IT and telecommunication, BFSI, media and entertainment, healthcare, and airlines.

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

The m-commerce payment market size has grown exponentially in recent years. It will grow from $9.84 billion in 2023 to $13.63 billion in 2024 at a compound annual growth rate (CAGR) of 38.5%. The growth observed in the historical period can be attributed to the adoption of mobile internet, the implementation of secure payment technologies, the popularity of e-wallets and mobile apps, the convenience they offer, and enhancements in the overall mobile user experience.

The m-commerce payment market size is expected to see exponential growth in the next few years. It will grow to $52.31 billion in 2028 at a compound annual growth rate (CAGR) of 40.0%. The anticipated growth in the forecast period can be attributed to the expansion of contactless payments, the increasing use of biometric authentication, the integration of blockchain in mobile payments, advancements in AI and machine learning, and the broader acceptance of cryptocurrency payments. Key trends expected in the forecast period encompass the rise of QR code payments, the prevalence of in-app purchases, the integration of mobile banking services, the emergence of wearable device payments, and the growth of peer-to-peer mobile payments.

The anticipated rise in mobile and internet penetration is poised to drive the expansion of the m-commerce payment market. M-commerce payment involves the utilization of wireless handheld devices, such as mobile phones and tablets, to conduct various online commercial transactions, encompassing the buying and selling of products, online banking, and bill payments. The increasing prevalence of internet access facilitates greater accessibility to m-commerce services, thereby propelling market growth. Data Reportal reported that as of October 2021, approximately 4.88 billion individuals worldwide, constituting nearly 62%, were internet users. Forecasts from Ericsson and The Radicati Group predict an escalation in smartphone users from 6.05 billion in 2020 to nearly 7.33 billion by 2025. Thus, the expanding mobile and internet penetration serves as a driving force behind the m-commerce payment market's growth.

The burgeoning e-commerce industry is expected to be a significant driver for the continued growth of the m-commerce payment market. E-commerce involves the online buying and selling of goods and services, and m-commerce payment methods play a pivotal role in providing convenient, secure, and swift payment options for consumers within this industry. In September 2022, the International Trade Administration reported that consumer e-commerce accounted for 30% of the UK's total retail sector, with an annual revenue exceeding $120 billion. The growth trajectory of the e-commerce industry, where 82% of people in the UK made at least one online purchase in 2021, is poised to contribute substantially to the expansion of the m-commerce payment market.

The adoption of digital wallets emerges as a prominent trend gaining traction in the m-commerce payment market. Digital wallets, software-based systems securely storing users' payment information and passwords, offer a streamlined and efficient means for users to complete purchases. For instance, in 2021, Comviva, an India-based mobility solutions company, launched mobiquity Pay X, its next-generation digital wallet and payment platform. The platform prioritizes security with robust authentication and authorization modules, supporting over 70 digital wallets and payment services.

Major players in the m-commerce payment industry are strategically engaging in partnerships to create an integrated ecosystem of mobile payment services, providing customers with diverse payment options and an enhanced overall experience. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits. In June 2023, AppTech Payments Corp., a US-based specialty payments company, joined forces with InstaCash Inc., a US-based fintech company, to introduce an innovative mobile-to-mobile payment system. This initiative includes digital banking services, and with sponsorship from Visa or Mastercard, AppTech will develop mobile and web-based applications.

In August 2021, Paysafe Limited, a UK-based specialized payment solutions company, completed the acquisition of SafetyPay, a US-based online payment service provider, for $441 million. This strategic move aims to reinforce Paysafe Limited's position in the Latin American alternative payment solutions market.

Major companies operating in the in the m-commerce payment market report are ACI Worldwide Inc., Alphabet Inc., Bharat Interface for Money, Fidelity National Information Services (FIS), Fiserv Inc., Freecharge, Mastercard Inc., MobiKwik, Orange S. A, PayPal Holdings Inc., PayU, Samsung Group, Square Inc., Visa Inc., Alibaba Group, American Express Company, Apple Inc., UnionPay, DH Corporation (D+H now part of Finastra), Discover Financial Services LLC, Ingenico SA, Jack Henry & Associates Inc., Tencent Holdings Ltd., Boku Inc., Telefonaktiebolaget LM Ericsson, Thales Group, International Business Machines Corporation (IBM), Oxygen8 Solutions Inc., SAP SE, BlueSnap Inc., Global Payments Inc., Klarna Bank AB, Payoneer Global Inc., Paysafe Limited, Stripe Inc.

Asia-Pacific was the largest region in the m-commerce payment market in 2023. Asia-Pacific is expected to have the highest CAGR in m-commerce payment market share. The regions covered in the m-commerce payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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

The m-commerce payments market includes revenues earned by entities by offering M-commerce payment solutions that can be used to provide users with transactions using mobile devices by enhancing the speed of transactions, secured payment methods, integrated loyalty programs, and convenient options for payment. The market value includes the value of related goods sold by the service provider or included within the service offering. 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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