The global Mobile Payments market size was accounted at $1.48 trillion in 2019 and is projected to reach $12.06 trillion by 2027 with a growing CAGR of 30.1% over the forecast period.
The method of paying for products or services or exchanging money using mobile/smartphones is known as mobile payment. The mobile payment industry has grown dramatically over the years, with major brands entering the market and developing cutting-edge technology that make mobile/smartphone payments simple. The demand for low-cost and convenient payment methods has aided the creation of new and emerging mobile transaction technologies significantly. Banking entities, businesses and payment processors, and payment gateways are expanding with the growing payment technologies.
Similarly, in countries like India and China, where mobile phones are commonly used, service providers have been encouraged to provide cashless payment options. Many industry players are planning to launch their own mobile wallet in the future to take advantage of the increasing opportunities in emerging markets, which would significantly contribute to business growth. Countries like Singapore, Australia, and Japan are among the major markets that have a deep desire to go cashless. Due to convenient payment options and government initiatives toward a cashless society, mobile payment transactions using NFC technology are expected to expand significantly in the Asia-Pacific region.
The Mobile Payments market is segmented by Type (Remote, Proximity), by End-User (Personal, Business), by Purchase Type (Airtime transfer & topups, Merchandise & Coupons, Money Transfers, Bill Payments, Travel & Ticketing, Others), by Transaction Mode (Mobile Web Payments, SMS/direct Carrier Billing, Near Field Communication, Others). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings from the Report Suggest
- According to the E-commerce Foundation, more than 25% of customers shop weekly on their mobile devices, with the majority of purchases made via a retailer's app or website.
- With a population of 1.32 billion people, India is increasingly changing and becoming more interested in digital services, paving the way for the mobile payment industry.
- The Asia-Pacific region is becoming increasingly well-known for its electronic payment models. Countries such as India, Japan, China, and Australia are creating a healthy environment for the mobile payment market to expand.
Key Participants like Apple Inc., Google, LLC, American express company, JPMorgan Chase & Co, PayPal Holdings, Inc., PayU, Samsung and Visa Inc., Mastercard, One97 Communications Limited, and many others.
For this report, Introspective Market Research have segmented the Mobile Payments markets market on the basis of Region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2019-2026)
- North America
- 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