Newark, July 21, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global mobile payment market is expected to grow from USD 942.42 billion in 2021 to USD 9924.92 billion by 2030, at a CAGR of 29.90% during the forecast period 2022-2030.
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Mobile payment is a kind of online money payment made for a product or service via an electronic gadget such as a tablet, smartphone, and other. Mobile payment is also utilized in paying bills on-site at stores by scanning a barcode & accepting payments from comfort stores to large, multi-national retailers. The long-term objective of mobile payment is to combine all legacy payments (those potential bank transfers with cash, credit cards, etc.) and offer an option that homogeneously utilizes the various channels. Mobile payments provide additional privacy & safety advantages compared to physical cards.
The increasing m-commerce enterprise and the surge in the penetration of smartphones over the world are expected to expand demand for the mobile payment market during the projection period. The factors such as expansion in adoption of mobile payment services in developing countries, payment promotion in demand for fast & hassle-free transaction services, and the growth in the use of NFC, RFID, and host card emulation technology in mobile payment are fostering the market growth. Additionally, the proliferation of the tech-savvy youth generation, the development in the middle-class segment, upgrade in literacy level, and rapid urbanization would raise the consumption pace in emerging economies, boosting the market growth. Also, the rising internet penetration for online shopping ishelping to drive the market’s growth. Furthermore, integrating biometric authentication methods with mobile payment applications to minimize the prospects of protection scams or robberies by securing the payment gateway also helps drive market growth. Additionally, the changing purchasing ways of consumers & utilization of e-payments due to the rapid development of e-commerce platforms also propel the market growth during the forecast period.
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Key players operating in the global mobile payment market are Vodacom Group Limited, Bharti Airtel Limited, Orange S.A., MTN Group Limited, Google, Amazon.com Inc, MasterCard Incorporated, Econet Wireless Zimbabwe Limited, Samsung Electronics Co. Ltd, Alibaba Group Holdings Limited, American Express Company, Millicom International Cellular SA, PayPal Holdings, Inc., WeChat (Tencent Holdings Limited), Apple Inc., and Safaricom Limited, and among others. To enhance their market position in the global mobile payment market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
The remote payment type segment led the market with a market share of 57.15% and a market value of around 538.60 billion in 2021.
The type segment is divided into proximity payment and remote payment. The remote payment type segment led the market with a market share of 57.15% and a market value of around 538.60 billion in 2021. This growth is attributed to the adoption of contactless technology. Additionally, by 2030, the proximity payment type segment will likely dominate the market due to the increasing adoption of payment systems based on Bluetooth, NFC, and Wi-Fi connectivity.
The mobile web payment technology segment led the market with a market share of 23.30% and a market value of around 219.59 billion in 2021.
The technology segment is divided into mobile web payment, direct mobile billing, near field communication, SMS, mobile app, interactive voice response system, and others. The mobile web payment technology segment led the market with a market share of 23.30% and a market value of around 219.59 billion in 2021. This growth is attributed to the increasing popularity of m-commerce.
The BFSI end-user industry segment led the market with a market share of 20.51% and a market value of around 193.30 billion in 2021.
The end-user industry segment is divided into BFSI, healthcare, IT & telecommunication, government, transportation & logistics, retail, media & entertainment, and others. The BFSI end-user industry segment led the market with a market share of 20.51% and a market value of around 193.30 billion in 2021. This growth is attributed to the rapid digitalization of banks & other financial organizations. Additionally, by 2030, the retail end-user industry segment will likely dominate the market due to the rising preference for contactless payments.
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Regional Segment Analysis of the Mobile Payment Market:
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region occurred as the largest market for the global mobile payment market, with a market share of 42.18% and a market value of around 397.51 billion in 2021. The Asia Pacific currently dominates the mobile payment market due to the increasing adoption of the smartphone. Additionally, the growing government enterprise and rising initiative from mobile corporations providing fast internet service also help to promote the market growth during the forecast period. Moreover, the ever-increasing m-commerce is also helping to drive the region’s growth. Furthermore, the North American region is expected to show the fastest CAGR of 33.17% over the projection period. This growth is attributed to the mobile industry's growing partnerships & acquisitions. Moreover, the development of micropayment options & a high internet penetration rate will support the market's growth during the projection period. Also, the increase in the e-commerce enterprise is specifically responsible for the comprehensive adoption of mobile payment solutions in North America.
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About the report:
The global mobile payment market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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