Global mobile payment market size was valued at USD 1.99 trillion in 2021, and is projected to reach USD 13.53 trillion by 2028, growing at a CAGR of 31.5% from 2022 to 2028.
Mobile payment is money paid through the mobile. In traditional payment systems, people use cash, cheques, or credit cards as a way to make payments. Mobile payment is allowing paying the money for products and services through a wireless portable electronic device like smartphones, desktop, and tablets. Mobile payments are done by using different technologies like NFC, direct mobile billing, and SMS-based transactional payments which provide safe transactions. This technology is used to send money to make B2B, B2C, transactions or to send money to friends and family with the use of the mobile application like venom, PayPal. In the second quarter of 2021, PayPal’s net payment volume amounted to around 311 billion U.S. dollars, representing a 41 percent growth.
In 2020, PayPal’s annual payment volume came to 936 billion U.S. dollars. Samsung Pay and Google Pay are reaching 100 million users each in 2020 Mobile payment market is getting popular, it is the easiest way to accept in-person payments, and it is fast, convenient, and secure. In businesses adopting mobile payment, technology is an essential thing for the growth of the business. Digitalization makes things easy efficient and fast with security and sending payment digitally is nothing but mobile payment people are accepting and using this method regularly which helps to grow the mobile payment market.
Major Key Players for Mobile Payments Market:
- American Express Company
- Isis Mobile Wallet
- Merchant Customer Exchange
Market Dynamics and Factors:
Mobile payment is gaining popularity due to its high efficiency. PayPal is the most used digital wallet service. Venom is owned by PayPal, in the fourth quarter of 2021; Venom’s total payment volume was 60.6 billion U.S. dollars, showing a growth of about 29 percent. It requires a smartphone to do all the activity and the internet and these facilities are available in the maximum area due to digitalization in the world. Digital transitions through wireless devices are easy to use, accessible, and secure which is making the easy and fast transition and due to this, there is growth in the adaption of mobile payment which increases the growth of the mobile payment market. There are so many new technologies that can help to transition safely through the phone by using the app. Different companies offer mobile payment apps. The most popular are Apple Pay (Apple’s mobile payments solution) and Google Pay (Google’s mobile payments solution). People have trust in this company's security techniques so it is boosting the mobile payment market.
Mobile Payments Market Report Highlight:
- By Type, the mobile phone is expected to have the maximum market share in the mobile payment market during the projected period. Mobile phones are so popular and essential devices that are handy and efficient for use. The availability of mobile phones is higher and people already know the advantage of this device.
- By Application, Enterprises are predicted to expand the most in the mobile payment market during the forecast year. Every company is using the mobile or online transition method for giving quick and secure services to the customer. The banking and insurance sector uses this payment mode on large scale.
- By region, Asia Pacific is expected to dominate the mobile payment market, during the projection period. The Asia Pacific is leading in the adaption of smartphone and digital market. New e-commerce techniques, portals, and government taking initiatives in various countries support digitalization helping to grow the mobile payment market in the region.
Key Industry Development:
- In March 2022, Visa acquired tink, Visa, and opened a banking platform that is used for financial businesses to give services, and financial products and do money transitions. Tink and Visa are commonly expected to work on providing better management of financial services, financial data, and money for their clients.
- In November 2021, the leading Japanese information and communication technology company Fujitsu Limited and, American Express International announced a new partnership to work on their global expense management by doing digital transformation in expense management.
Mobile Payments Market Segmentation:
- Mobile Phone
- Tablet PC
For this report, Introspective Market Research has segmented the Mobile Payments Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM