Dublin, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The "Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global mobile payment market has achieved remarkable growth, surging to an impressive $2,127.1 billion in 2022. Looking ahead, experts anticipate the market to expand further, reaching a substantial $6,132.5 billion by 2028, at an impressive Compound Annual Growth Rate (CAGR) of 19.6% during 2023-2028.
Mobile Payment Revolutionizes Financial Transactions
Mobile payment, a cutting-edge automated payment method under strict financial regulatory oversight, harnesses the power of mobile devices to initiate and authorize transactions securely. This form of electronic payment relies on mobile applications linked to users' financial credentials and employs point-of-sale (POS) terminals and near-field communications for seamless money exchange. Unlike traditional payment methods, mobile POS systems do not store users' data, ensuring enhanced safety during transactions. The adoption of mobile payments has streamlined financial transactions, offering convenience and robust data security. Consequently, they are widely embraced across various industries, including food service, retail, and entertainment.
Driving Forces Behind Market Growth
The global mobile payment market is primarily propelled by the widespread availability of smartphones and advancements in network infrastructure worldwide. High-speed internet connectivity empowers numerous retail outlets to offer mobile-based payment options, driven by growing awareness of their enhanced security. These payments are highly secure as they do not store users' account details or sensitive information. Instead, they generate tokens as substitutes for personal details, enhancing security. The integration of mobile payment applications with passcodes and biometric authentication further fortifies the payment gateway and personal data, minimizing the risk of security breaches or fraud.
Integration with Innovative Technologies Fuels Growth
To attract a broader consumer base, numerous vendors offer attractive loyalty programs, discount coupons, and cashback offers for mobile commerce (m-commerce) platform usage. Additionally, the introduction of pre-payment instruments (PPI) facilitates interpersonal transactions, spurring mobile payment adoption. Key players have introduced easy payment options through unique barcodes or QR codes, enabling secure bank-to-bank transfers with reduced transaction time. The integration of artificial intelligence with these payment solutions allows retailers to identify customer buying patterns, offering tailored services. Governments worldwide are promoting digital payment methods, creating substantial growth prospects. Leading global players are expanding their businesses into untapped regions, especially in developing nations, to drive digital transformation and foster market growth.
Rising Demand for Contactless Payments Amid Pandemic
Contactless payments are gaining popularity over traditional methods due to social distancing practices, driven by the global COVID-19 pandemic. Lockdowns forced the temporary closure of many brick-and-mortar stores, leading consumers to embrace e-commerce platforms for essential and non-essential purchases. The surge in e-commerce has accelerated e-payment adoption, positively impacting the market. This shift is also attributed to changing consumer purchasing habits, flexible return and exchange policies, and diverse product availability at competitive prices.
Key Market Segmentation:
Mode of Transaction:
- WAP (Wireless Application Protocol)
- NFC (Near Field Communications)
- SMS (Short Message Service)
- USSD (Unstructured Supplementary Service Data)
- Others
Applications:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
Asia Pacific Leads the Way
Asia Pacific dominates the market, driven by high smartphone adoption rates, digitalization trends, and government initiatives promoting cashless transactions. This region is at the forefront of mobile payment evolution.
Competitive Landscape:
- FIS
- Gemalto (Thales Group)
- MasterCard, Alipay (Ant Group)
- Visa
- Apple
- Samsung Electronics
- Bharti Airtel
- American Express
- Bank of America
- Citrus Payment Solutions
- LevelUp (Grubhub Inc.)
- MobiKwik
- One97 Communication
- Orange
- Oxigen
- Square
- Venmo (PayPal Inc.)
- ZipCash Card Services
Key Questions Answered in This Report
1. What was the size of the global mobile payment market in 2022?
2. What is the expected growth rate of the global mobile payment market during 2023-2028?
3. What are the key factors driving the global mobile payment market?
4. What has been the impact of COVID-19 on the global mobile payment market?
5. What is the breakup of the global mobile payment market based on the mode of transaction?
6. What is the breakup of the global mobile payment market based on the application?
7. What are the key regions in the global mobile payment market?
8. Who are the key players/companies in the global mobile payment market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 135 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2127.1 Billion |
| Forecasted Market Value (USD) by 2028 | $6132.5 Billion |
| Compound Annual Growth Rate | 19.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/87m241
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