New York, US, July 11, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Mobile Payments Market Analysis by Mode of Payment (m wallet and mobile money), Mode of Transaction (SMS, WAP, NFC), By End Use Application (Retail, Entertainment, Education, Healthcare, Hospitality) - Forecast 2030” valuation is poised to reach USD 11.85 Billion by 2030, registering an 29.5% CAGR throughout the forecast period (2021–2030).
Mobile Payments Market Overview
Mobile payments refer to the digitalized form of paying cash and behave as a cashless medium for daily transactions in the modern-day world. The rapid technological developments in making payments digitally show the massive potential of the market.
Mobile Payments Market Report Scope:
| Report Metric | Details |
| Market Size in 2030 | USD 11.85 Billion |
| CAGR (2021 to 2030) | 29.5% |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Mode of Payment, Mode of Transaction and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | MasterCard Incorporated (U.S.), Square, Inc. (U.S.), Starbucks Corporation (U.S.), Paytm (India), Samsung Group (South Korea), PayPal Holdings, Inc. (U.S.), General Motors Company (U.S.) and Apple (U.S.) |
| Key Market Opportunities | Constant innovations and Developments in technology |
| Key Market Drivers | Increasing awareness of mobile banking and mobile wallets |
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Market USP Covered
Market Drivers
The global mobile payments market has registered an enormous rise in the growth rate in the last few years. The market's growth is mainly credited to the growing number of smartphone users across the globe. These payments allow users to go cashless, which is the major selling point for the market. Furthermore, the rapid adoption of technologies such as near field communications or NFC is another crucial parameter supporting the market's growth.
The rapid digitization across the globe is likely to offer lucrative opportunities to the players across the global market over the assessment timeframe.
Market Restraints
The occurrence of the COVID-19 pandemic has impacted the growth of the mobile payments market. Furthermore, the vulnerability of mobile payments to cyber-attacks is also anticipated to restrict the market's growth over the coming years.
Mobile Payments Market Segments
Among all the technologies, the mobile web payment segment is anticipated to secure the top position across the global market over the coming years. The growth of the segment is primarily credited to the flexibility and security offered by mobile web payment solutions. The increasing popularity of m-commerce is also one of the crucial parameters supporting the segment's growth. On the other hand, the near-field communication segment is projected to register the fastest growth over the assessment timeframe. Factors such as the repeated implementation of the latest technologies in financial transactions and the rise in e-commerce platforms are likely to catalyze the demand for the segment.
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Among all the payment insights, the B2B segment is anticipated to account for the highest revenue share across the global market over the forecasted timeframe. The segment's growth is credited to the growing investments by private equity and venture capital firms in B2B payments. The expanding share of mobile payments in the e-commerce industry is another crucial parameter supporting the segment's growth.
Among all the location types, the remote payment segment is projected to account for the highest revenue share across the global market over the assessment timeframe. The major aspect causing an upsurge in the segment's growth is the growing popularity of remote payments owing to the outbreak of the COVID-19 pandemic. Furthermore, the preference for proximity payments has also boosted the market's growth.
Among all the end-users, the BFSI segment is anticipated to secure the leading position across the global mobile payments market over the coming years. The aggressive launch of new mobile payments is the primary factor boosting the segment's growth. On the other hand, the retail and e-commerce segments are expected to register the highest CAGR over the assessment era. The rapid increase in the number of smartphone users and the consequent rise in mobile commerce sales are likely to catalyze the segment's growth.
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Mobile Payments Market Regional Analysis
The global market for mobile payments is analyzed across five major regions such as Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa.
According to the MRFR analysis reports, the Asia-Pacific region will dominate the global mobile payments market over the assessment timeframe. The growing awareness of mobile banking and wallets is the major driving factor for the regional market. Furthermore, the factors such as the usage of wearable devices and better technological advancements across the region are anticipated to boost the growth of the market over the coming years. in addition, the growing number of government initiatives is also likely to influence the growth of the regional market over the forecasted era.
The mobile payments market for the North American region is anticipated to grow substantially over the forecasted timeframe. The regional market's growth is mainly credited to the presence of several key market players.
COVID-19 Impact
The global COVID19 pandemic has affected most of the market sectors across the globe. The global health crisis has caused major chaos globally in recent times in terms of both health and revenues. The global economy has been massively affected by the global pandemic, and the economic growth rate has witnessed a massive fall in recent times. The global economy will take time to get back on track again. During the pandemic, the businesses and working sector became incapable of functioning properly, which caused a major financial loss. Several countries across the globe imposed partial or complete lockdowns in order to stop the spread of the disease. The imposition of travel restrictions has led to causing a major disruption of supply chain networks across the globe. The disturbance in the supply chain networks across the globe led to major financial losses to the market sectors across the globe. On the other hand, the mobile payments market experienced a positive impact of the pandemic as the maximum population switched to mobile payments amid the spread of the disease.
During the lockdown period, the mass population stayed in their homes and needed a payment medium without going outside. The benefits such as convenience and speed offered by mobile payments accelerate the market demand during the pandemic and anticipate the market's growth over the coming years.
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Mobile Payments Market Competitive Analysis
Dominant Key Players on Mobile Payments Market Covered are:
- MasterCard Incorporated (U.S.)
- Square Inc. (U.S.)
- Starbucks Corporation (U.S.)
- Paytm (India)
- Samsung Group (South Korea)
- PayPal Holdings Inc. (U.S.)
- General Motors Company (U.S.)
- Apple (U.S.)
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