Mobile Payment Technologies Market Synopsis

Mobile Payment Technologies Market Size Was Valued at USD 69.54 Billion in 2023 and is Projected to Reach USD 1048.63 Billion by 2032, Growing at a CAGR of 35.1% From 2024-2032.

According to the Mobile Payment Forum, mobile payments are transactions with a monetary value that are conducted through a mobile telecommunications network through diverse mobile user devices, such as cellular telephones, smartphones or PDAs, and mobile terminals. Mobile payment is a transfer of funds in return for goods or services in which a mobile device is functionally involved in executing and confirming payment.

• Doing financial transactions with mobile phones eliminates the need for auxiliary payment instruments (like POS devices) while using the security features of the SIM card (as a smart card) yields a great level of security and dependability. A mobile payment service comprises all technologies that are offered to the user as well as all tasks that the payment service provider(s) perform to commit payment transactions.

• The International Finance Corporation of the World Bank Group has prepared mobile money scoping reports for a few countries in Asia and Africa. The reports assess the financial and telecom sectors and the policy and regulatory framework in place and evaluate existing mobile financial services to identify opportunities for support.

• In 2017, another focus group was created to discuss emerging questions about digital currency, especially digital fiat currency, like economic benefits, impact, interoperability, policy and regulation, and security and trust.38 The International Telecommunication Union also released a two-part Technology Watch report on mobile money in 2013 that focuses on NFC mobile payments and the financial inclusion aspect of such payments.

Mobile Payment Technologies Market Trend Analysis

Increasing Technological Advancement

• Consumer demand for quick and secure payment options is pushing the rise of contactless payments, especially through NFC and QR code methods. The trend has been sped up even more post-pandemic as individuals seek to limit in-person interactions. Mobile banking apps are now incorporating digital wallets to offer a comprehensive financial management platform with enhanced services.

• Facial recognition and fingerprint scanning are being adopted in mobile payment systems to enhance security and user convenience. Businesses are developing comprehensive payment ecosystems through a variety of methods and collaborations, improving user interaction and loyalty.

• Mobile wallets and payment platforms are incorporating digital currencies such as Bitcoin and Ethereum into their systems. The potential for improving payment security is being investigated through the exploration of blockchain technology. AI and machine learning are employed for detecting fraud and customizing payment experiences. The growing use of mobile payment solutions is playing a key role in improving financial inclusion in underserved regions of emerging markets such as Asia-Pacific, Latin America, and Africa, due to the rise in mobile penetration.

New Payment Technologies and Enhanced Security Measures Offer Industry Growth Opportunities

• Emerging payment technologies, such as biometric and voice-activated payments, provide chances for growth in the industry. Mobile payments can be combined with smart devices through the Internet of Things. Industry-specific implementations, such as in the fields of healthcare and education, have the potential to enhance effectiveness. The growth of digital content enables the use of mobile payment solutions for microtransactions.

• Using data analysis for tailored promotions can enhance customer satisfaction and trust. User experience can be improved by integrating seamlessly with POS systems and adhering to regulations like GDPR and PCI-DSS. Improvements in cross-border payments can be directed towards the worldwide e-commerce sector and customers from different countries.

• Utilizing digital wallets is essential for promoting financial inclusion among those without access to banking services. Combining mobile payments with microfinance can help people in underdeveloped areas. Forming alliances with banks, fintech firms, and technology providers can result in creative solutions and business growth.

Mobile Payment Technologies Market Segment Analysis:

The Mobile Payment Technologies Market is Segmented based on Payment Mode, Technology, Application, Security Type, Transaction Type, and End User.

By Technology, QR Code Segment Is Expected to Dominate the Market During the Forecast Period

• QR Code payments are utilized worldwide, notably in Asia, where users scan a code to conduct transactions. They are convenient, affordable, and can be used without any special equipment. QR codes have multiple uses, from different transactions to being able to enhance customer engagement by integrating with loyalty programs. QR codes are more appealing to small businesses due to their lower implementation costs compared to NFC technology. Both merchants and consumers find them attractive due to their simplicity and convenience.

• QR codes that utilize encryption and secure payment protocols provide increased security for transactions. Dynamic codes provide greater security in contrast to static codes. QR code payments in developing countries enhance financial inclusion by offering mobile payment options in areas with inadequate banking facilities, particularly in emerging markets.

• The rise in QR code usage is largely attributed to the quick rise of digital payments and the greater need for contactless choices amid the pandemic. Governments and financial institutions are also backing the use of QR code payments. Key players such as Alipay and WeChat Pay, as well as fintech startups, are putting resources into QR code solutions, incorporating them into different digital environments to promote broad acceptance and creativity.

By Application, Retail Segment Held the Largest Share

• Retailers control the mobile payment technologies market because of factors that are in line with the retail industry's requirements and current tendencies. Mobile payments are advantageous for high transaction volumes and small purchases due to their convenience. Incorporating loyalty programs improves customer satisfaction, while utilizing data from mobile payments enables personalized marketing and shopping experiences, leading to the prevalence of mobile payments in retail.

• Retailers have accepted NFC, QR codes, and mobile wallets for contactless payments to meet consumers' need for convenience. Mobile payments are a crucial component of omnichannel retailing, providing a smooth checkout process. After the pandemic, retailers are increasingly relying on contactless interactions, using technology to ensure fast and secure transactions at different stores.

• Retailers are using tokenization and biometric authentication to stop fraud and establish trust with consumers in mobile payments. Adherence to security regulations is essential when managing large transaction volumes. In countries such as China and India in Asia-Pacific, retailers are leading the way in embracing mobile payments through QR codes and mobile wallets. Emerging markets are using mobile payments to promote financial inclusion and access a broader customer demographic. The increase in contactless payments in retail has been driven by the COVID-19 pandemic, with mobile payments gaining popularity due to the growth of e-commerce. In general, mobile payment technologies are constantly changing the retail environment on a global scale.

Mobile Payment Technologies Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

• China and India are at the forefront of utilizing mobile payments, experiencing swift expansion through the popular platforms Alipay, WeChat Pay, Paytm, Google Pay, and PhonePe. Countries in the Asia-Pacific region such as South Korea, Japan, and China have sophisticated telecommunications systems that enable smooth mobile payment transactions. The fintech ecosystem in the area is being advanced through NFC, QR codes, and blockchain, leading to a broad acceptance of mobile payment technologies.

• The sizeable population in nations such as China and India leads to a significant number of users of mobile payment technologies in the Asia-Pacific region. Government initiatives and regulations promoting digital payments are driving the quick adoption of new payment technologies by the tech-savvy younger population.

• In various regions of Asia-Pacific, there is a change in culture leaning towards digital payments instead of traditional methods because of convenience, security, and rewards. Super apps in China have incorporated mobile payments into a variety of services, increasing their popularity even more. The region saw a faster adoption of contactless payments during the COVID-19 pandemic as both consumers and businesses looked for safer ways to make transactions. This has further solidified the presence of mobile payments in the Asia-Pacific economy.

Mobile Payment Technologies Market Active Players

• Alipay (Ant Group) - (China)
• WeChat Pay (Tencent) - (China)
• PayPal Holdings, Inc. - (United States)
• Apple Pay (Apple Inc.) - (United States)
• Google Pay (Alphabet Inc.) - (United States)
• Samsung Pay (Samsung Electronics Co., Ltd.) - (South Korea)
• Visa Inc. - (United States)
• Mastercard Incorporated - (United States)
• Square, Inc. (Block, Inc.) - (United States)
• Paytm (One97 Communications) - (India)
• PhonePe (Walmart Inc.) - (India)
• Amazon Pay (Amazon.com, Inc.) - (United States)
• Stripe, Inc. - (United States)
• Rakuten Pay (Rakuten, Inc.) - (Japan)
• M-Pesa (Vodafone Group and Safaricom) - (United Kingdom/Kenya)
• Adyen N.V. - (Netherlands)
• Tencent Holdings Ltd. - (China)
• American Express Co. - (United States)
• Boku, Inc. - (United States)
• Kakao Pay (Kakao Corp.) - (South Korea)
• Barclays PLC (Barclays Mobile Banking) - (United Kingdom)
• Orange Money (Orange S.A.) - (France)
• Tencent Fintech - (China)
• Revolut Ltd. - (United Kingdom)
• Zelle (Early Warning Services, LLC) - (United States)
• Venmo (PayPal Holdings, Inc.) - (United States)
• BitPay, Inc. - (United States)
• Klarna Bank AB - (Sweden)
• Gojek (GoPay) - (Indonesia)
• Naver Pay (Naver Corporation) - (South Korea), and other Active Players.

Key Industry Developments in the Mobile Payment Technologies Market:

• In April 2023, Visa announced it's partnering with PayPal and Venmo to pilot Visa+. This innovative service aims to help individuals move money quickly and securely between different person-to-person (P2P) digital payment apps. Through this collaboration, Visa+ will expand its reach and enable more use cases, including gig, creator, and marketplace payouts. Participating digital wallets, neo-banks, and other payment apps reaching millions of US users will be able to enable interoperability through Visa+.

• In March 2023, PayPal announced Secure Payments to customers to access their account by introducing passkeys on Apple iOS as a new, easy, and secure log-in method for eligible PayPal customers and passkeys to eligible customers on Google Android devices, starting on Android mobile web.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. MOBILE PAYMENT TECHNOLOGIES MARKET BY PAYMENT MODE (2017-2032)
   1. MOBILE PAYMENT TECHNOLOGIES MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. PROXIMITY PAYMENTS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors and Opportunities
      5. Geographic Segmentation Analysis
   4. REMOTE PAYMENTS
   5. IN-APP PAYMENTS
7. MOBILE PAYMENT TECHNOLOGIES MARKET BY TECHNOLOGY (2017-2032)
   1. MOBILE PAYMENT TECHNOLOGIES MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. NFC (NEAR FIELD COMMUNICATION)
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. QR CODE
   5. SMS PAYMENTS
   6. HCE (HOST CARD EMULATION)
8. MOBILE PAYMENT TECHNOLOGIES MARKET BY APPLICATION (2017-2032)
   1. MOBILE PAYMENT TECHNOLOGIES MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. RETAIL
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. TRANSPORTATION
   5. HEALTHCARE
   6. HOSPITALITY
   7. UTILITIES
9. MOBILE PAYMENT TECHNOLOGIES MARKET BY SECURITY TYPE (2017-2032)
   1. MOBILE PAYMENT TECHNOLOGIES MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. BIOMETRIC AUTHENTICATION
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. PIN-BASED AUTHENTICATION
   5. TOKENIZATION
10. MOBILE PAYMENT TECHNOLOGIES MARKET BY TRANSACTION TYPE (2017-2032)
    1. MOBILE PAYMENT TECHNOLOGIES MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. PERSON-TO-PERSON (P2P)
       1. Introduction And Market Overview
       2. Historic And Forecasted Market Size in Value (2017-2032F)
       3. Historic And Forecasted Market Size in Volume (2017-2032F)
       4. Key Market Trends, Growth Factors And Opportunities
       5. Geographic Segmentation Analysis
    4. PERSON-TO-MERCHANT (P2M)
    5. BUSINESS-TO-BUSINESS (B2B)
11. MOBILE PAYMENT TECHNOLOGIES MARKET BY END-USER (2017-2032)
    1. MOBILE PAYMENT TECHNOLOGIES MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. CONSUMER
       1. Introduction And Market Overview
       2. Historic And Forecasted Market Size in Value (2017-2032F)
       3. Historic And Forecasted Market Size in Volume (2017-2032F)
       4. Key Market Trends, Growth Factors And Opportunities
       5. Geographic Segmentation Analysis
    4. MERCHANT
12. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
       1. Competitive Benchmarking
       2. Mobile Payment Technologies Market Share By Manufacturer (2023)
       3. Industry BCG Matrix
       4. Heat Map Analysis
       5. Mergers & Acquisitions
    2. ALIPAY (ANT GROUP) - (CHINA)
       1. Company Overview
       2. Key Executives
       3. Company Snapshot
       4. Role of the Company in the Market
       5. Sustainability and Social Responsibility
       6. Operating Business Segments
       7. Product Portfolio
       8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
       9. Key Strategic Moves And Recent Developments
       10. SWOT Analysis
    3. WECHAT PAY (TENCENT) - (CHINA)
    4. PAYPAL HOLDINGS, INC. - (UNITED STATES)
    5. APPLE PAY (APPLE INC.) - (UNITED STATES)
    6. GOOGLE PAY (ALPHABET INC.) - (UNITED STATES)
    7. SAMSUNG PAY (SAMSUNG ELECTRONICS CO., LTD.) - (SOUTH KOREA)
    8. VISA INC. - (UNITED STATES)
    9. MASTERCARD INCORPORATED - (UNITED STATES)
    10. SQUARE, INC. (BLOCK, INC.) - (UNITED STATES)
    11. PAYTM (ONE97 COMMUNICATIONS) - (INDIA)
    12. PHONEPE (WALMART INC.) - (INDIA)
    13. AMAZON PAY (AMAZON.COM, INC.) - (UNITED STATES)
    14. STRIPE, INC. - (UNITED STATES)
    15. RAKUTEN PAY (RAKUTEN, INC.) - (JAPAN)
    16. M-PESA (VODAFONE GROUP AND SAFARICOM) - (UNITED KINGDOM/KENYA)
    17. ADYEN N.V. - (NETHERLANDS)
    18. TENCENT HOLDINGS LTD. - (CHINA)
    19. AMERICAN EXPRESS CO. - (UNITED STATES)
    20. BOKU, INC. - (UNITED STATES)
    21. KAKAO PAY (KAKAO CORP.) - (SOUTH KOREA)
    22. BARCLAYS PLC (BARCLAYS MOBILE BANKING) - (UNITED KINGDOM)
    23. ORANGE MONEY (ORANGE S.A.) - (FRANCE)
    24. TENCENT FINTECH - (CHINA)
    25. REVOLUT LTD. - (UNITED KINGDOM)
    26. ZELLE (EARLY WARNING SERVICES, LLC) - (UNITED STATES)
    27. VENMO (PAYPAL HOLDINGS, INC.) - (UNITED STATES)
    28. BITPAY, INC. - (UNITED STATES)
    29. KLARNA BANK AB - (SWEDEN)
    30. GOJEK (GOPAY) - (INDONESIA)
    31. NAVER PAY (NAVER CORPORATION) - (SOUTH KOREA)
13. GLOBAL MOBILE PAYMENT TECHNOLOGIES MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Payment Mode
       4. Historic And Forecasted Market Size By Technology
       5. Historic And Forecasted Market Size By Application
       6. Historic And Forecasted Market Size By Security Type
       7. Historic And Forecasted Market Size By Transaction Type
       8. Historic And Forecasted Market Size By End User
       9. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
14. INVESTMENT ANALYSIS
15. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies
       1. 1. Thailand
          2. Vietnam
          3. The Philippines
          4. Australia
          5. New-Zealand
          6. Rest Of APAC
    3. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    4. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
16. INVESTMENT ANALYSIS
17. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies