Pune, India, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Global mobile payment market size was valued at USD 2.32 trillion in 2022 and is projected to reach USD 18.84 Trillion by 2030, exhibiting a CAGR of 30.1% during the forecast period. Paybacks and Reward Strategies to Augment Growth. Fortune Business Insights presents this information in their latest report titled "Global Mobile Payment Market Forecast, 2023-2030."
Customers can securely replace cash-based transactions with mobile payments, allowing rapid money transfers. The use of mobile-based payment solutions is being boosted by the expansion of high-speed mobile networks and the proliferation of smartphones. Growing e-commerce companies and the digitization of payment systems are fueling industry developments. During the forecast period, the payment industry is expected to benefit greatly from the digital generation or generation.
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Key Industry Development:
February 2023 – Visa Inc. announced a partnership with Tingo Mobile, to boost and expand its digital payment solutions across Africa. The company collaborated with Tingo Mobile to target its existing 9.3 million users to expand its payment business.
Key Takeaways
- Mobile Payment Market Size in Asia Pacific was USD 1.02 Trillion in 2022
- Adoption of Contactless Payment to Soar Amid COVID-19 Pandemic
- Artificial Intelligence (AI) is expected to increase demand for mobile payment solutions.
- Security Concerns and Inconvenience of Using Cash to Impact Mobile-based Transaction
- Surge in Online Banking and Digitalization to Boost BFSI Segment Share
Discover the Leading Players Featured in the Report:
“Companies leading the Mobile Payment Market are Alipay.com Co., Ltd. (China), Amazon.com, Inc. (U.S.), American Express Co. (U.S.), Boku Inc. (U.S.), Google LLC (U.S.), MasterCard International Inc. (U.S.), Obopay (U.S.), Fidelity National Information Services (FIS), Inc. (U.S.), PayPal, Inc. (U.S.), Visa, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 30.1% |
| 2030 Value Projection | USD 18.84 Trillion |
| Base Year | 2022 |
| Mobile Payment Market Size in 2022 | USD 2.32 Trillion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | Payment Type, Industry, and Geography |
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Drivers & Restraints:
Strategies for Paybacks and Rewards to Accelerate Market Growth
There is intense rivalry in the consumer market due to numerous payment service providers investing in their companies. Companies that make payment apps, including Alipay, Amazon Pay, Google Pay, and others are utilizing new strategies to keep their existing user base and attract new ones. For instance, Google Pay offers scratch cards that could be obtained with few purchases and include a specific amount. Such programs are supporting in maintaining client loyalty among those who use their smartphones to make payments. These features are expected to increase the mobile payment market share.
Most people still prefer cash and are reluctant to use online applications for payments, which may stifle the mobile payment market growth.
Segments
By Payment Type
- Proximity Payment
- Near Field Communication
- Quick Response (QR) Code
- Remote Payment
- Internet Payments
- Direct Operator Billing
- Digital Wallet
- SMS Payments
By Industry
- Media & Entertainment
- Retail and E-commerce
- BFSI
- Automotive
- Medical & Healthcare
- Transportation
- Consumer Electronics
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Regional Insights
Asia Pacific Dominates the Market due to Government Programs for Digitalization
The research report predicts that Asia Pacific (APAC) will hold the largest market share during the forecast period. Following the government's demonetization initiative, digital wallets and QR code services have skyrocketed in India. Government programs, such as digitalization, are also anticipated to help the India market grow further. During the projection period, innovative payment options, increased online purchasing, and the advent of new e-commerce channels are anticipated to assist Asia Pacific the market growth.
North America is anticipated to account for the second-highest market share. The U.S. has well-developed payment methods, and a significant number of key players have their headquarters in the country.
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Competitive Landscape
Companies Focus on Introduction of New Payment Platforms to Drive Market Expansion
Major corporations are making investments in the creation of innovative mobile device payment solutions. Several network operators and mobile payment companies are working together to enter the industry. Major companies in various sectors use these payment solutions to offer value-added services and improve consumer experience. The businesses integrate payment choices with their internal app to offer a simple payment process.
FAQ’s
What was the value of the global mobile payment market in 2022?
Mobile Payment Market size was USD 2.32 Trillion in 2022.
How much will be the global mobile payment market worth in the year 2030?
The mobile payment market is projected to reach USD 18.84 Trillion by 2030.
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