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By 2023, the mobile payments industry had grown to a size of $13.19. With a predicted CAGR (compound annual growth rate) of 9.89% from 2024 to 2031, the mobile payments market is expected to expand from $14.99B in 2024 to $23.7B in 2031.
A number of factors have contributed to the growth of the market, the most important of which are the increasing number of people using smartphones and the booming mobile commerce sector. Market growth is expected to be accelerated in the near future due to the increasing number of consumers who buy online. Potential new growth areas for the market are emerging as a result of companies' efforts to make their payment systems mobile-friendly.
Both people and the world's economy have been hit hard by the coronavirus COVID-19. There has been a dramatic shift in the channels and ways in which businesses and customers conduct business as a result. People nowadays are warier about using cash when purchasing goods in public areas. Mobile wallets, near field communication (NFC), QR codes, and other contactless payment mechanisms have seen an unexpected uptick in demand as a result of this. The World Health Organization (WHO) called for the widespread use of contactless payment methods in March 2020. As a result, more and more people are making purchases through mobile devices, and the use of contactless payment methods including QR codes, tap-to-pay with near field communication (NFC), and carrier billing payment has increased.
In order to stay clean and safe throughout the epidemic, 79% of consumers worldwide used contactless payments, according to a poll by MasterCard. Even after the pandemic has passed, these customers will probably keep using the same payment method. The market is anticipated to have substantial growth throughout the forecast period, notwithstanding a temporary decrease in transaction volume and cross-border payments caused by the shutdown of manufacturing and production facilities. Accordingly, following the pandemic, mobile-based payment mode is anticipated to have quick expansion because to the accessibility of numerous payment methods and the relative convenience of transactions.
The key drivers propelling the market forward are the proliferation of smartphones worldwide and the burgeoning m-commerce sector in developing nations. Another factor driving market expansion is the rising use of mobile payment systems in developing nations. In addition, the market is being held back by the increasing number of data breaches and security risks related to mobile payments. Market opportunities are anticipated to be bolstered by the increasing need for quick and painless transaction services, as well as the proliferation of technologies such as near field communication (NFC), radio frequency identification (RFID), and host card emulation in mobile payment systems.
We anticipate that the mobile online payments segment will capture a sizable portion of the market throughout the projection period. Due to the convenience of using a smartphone, mobile online payments have quickly become the preferred means of conducting mobile payments. This trend is fueling the expansion of the mobile payment business. For a number of reasons, including increased security, quicker transaction processing, and rising demand from end users, the near field communication segment is anticipated to expand at the fastest rate over the projection period.
The increasing use of mobile payment methods that utilize sound wave technology is expected to drive the market expansion. Instead of using a standard method like a mobile wallet, banking app, card terminal, or near field communication (NFC) payment transaction, sound wave technology uses separate sound waves to transport encrypted payment data. You don't need an internet connection to use mobile payments that are based on sound waves. Sound wave-based payment solutions are appealing in places where people don't have access to sophisticated cellphones since they are easy to implement and don't cost a fortune.
One of the many benefits of mobile payment solutions based on sound waves is how straightforward and cheap they are to implement. Because of this, they are a good choice for companies, especially in areas where residents cannot afford high-tech cellphones. The simplicity and portability of the technology have also played a role in its widespread acceptance, and its users anticipate that it will keep growing in popularity.
Report Coverage
Global Mobile Payments research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Mobile Payments report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Mobile Payments competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Mobile Payments market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Mobile Payments market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Mobile Payments market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
JPMORGAN CHASE CO, PAYPAL HOLDINGS, INC, SAMSUNG, VISA, INC, PAYU, GOOGLE LLC, AMERICAN EXPRESS COMPANY, APPLE, INC, MASTERCARD, ONE COMMUNICATIONS LIMITED
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Mobile Payments market based on the below-mentioned segments:
Global Mobile Payments Market, By Purchase Type
AIRTIME TRANSFER AND TOP UPS
MONEY TRANSFERS AND BILL PAYMENTS
MERCHANDISE AND COUPONS
TRAVEL AND TICKETING
OTHERS
Global Mobile Payments market, By Application
Media & Entertainment
Energy & Utilities
Healthcare
Retail
Hospitality & Transportation
Others
Global Mobile Payments Market, By End User
Personal
Business
Global Mobile Payments market, Regional Analysis
A number of factors have contributed to the growth of the market, the most important of which are the increasing number of people using smartphones and the booming mobile commerce sector. Market growth is expected to be accelerated in the near future due to the increasing number of consumers who buy online. Potential new growth areas for the market are emerging as a result of companies' efforts to make their payment systems mobile-friendly.
Both people and the world's economy have been hit hard by the coronavirus COVID-19. There has been a dramatic shift in the channels and ways in which businesses and customers conduct business as a result. People nowadays are warier about using cash when purchasing goods in public areas. Mobile wallets, near field communication (NFC), QR codes, and other contactless payment mechanisms have seen an unexpected uptick in demand as a result of this. The World Health Organization (WHO) called for the widespread use of contactless payment methods in March 2020. As a result, more and more people are making purchases through mobile devices, and the use of contactless payment methods including QR codes, tap-to-pay with near field communication (NFC), and carrier billing payment has increased.
In order to stay clean and safe throughout the epidemic, 79% of consumers worldwide used contactless payments, according to a poll by MasterCard. Even after the pandemic has passed, these customers will probably keep using the same payment method. The market is anticipated to have substantial growth throughout the forecast period, notwithstanding a temporary decrease in transaction volume and cross-border payments caused by the shutdown of manufacturing and production facilities. Accordingly, following the pandemic, mobile-based payment mode is anticipated to have quick expansion because to the accessibility of numerous payment methods and the relative convenience of transactions.
The key drivers propelling the market forward are the proliferation of smartphones worldwide and the burgeoning m-commerce sector in developing nations. Another factor driving market expansion is the rising use of mobile payment systems in developing nations. In addition, the market is being held back by the increasing number of data breaches and security risks related to mobile payments. Market opportunities are anticipated to be bolstered by the increasing need for quick and painless transaction services, as well as the proliferation of technologies such as near field communication (NFC), radio frequency identification (RFID), and host card emulation in mobile payment systems.
We anticipate that the mobile online payments segment will capture a sizable portion of the market throughout the projection period. Due to the convenience of using a smartphone, mobile online payments have quickly become the preferred means of conducting mobile payments. This trend is fueling the expansion of the mobile payment business. For a number of reasons, including increased security, quicker transaction processing, and rising demand from end users, the near field communication segment is anticipated to expand at the fastest rate over the projection period.
The increasing use of mobile payment methods that utilize sound wave technology is expected to drive the market expansion. Instead of using a standard method like a mobile wallet, banking app, card terminal, or near field communication (NFC) payment transaction, sound wave technology uses separate sound waves to transport encrypted payment data. You don't need an internet connection to use mobile payments that are based on sound waves. Sound wave-based payment solutions are appealing in places where people don't have access to sophisticated cellphones since they are easy to implement and don't cost a fortune.
One of the many benefits of mobile payment solutions based on sound waves is how straightforward and cheap they are to implement. Because of this, they are a good choice for companies, especially in areas where residents cannot afford high-tech cellphones. The simplicity and portability of the technology have also played a role in its widespread acceptance, and its users anticipate that it will keep growing in popularity.
Report Coverage
Global Mobile Payments research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Mobile Payments report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Mobile Payments competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Mobile Payments market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | JPMORGAN CHASE CO, PAYPAL HOLDINGS, INC, SAMSUNG, VISA, INC, PAYU, GOOGLE LLC, AMERICAN EXPRESS COMPANY, APPLE, INC, MASTERCARD, ONE COMMUNICATIONS LIMITED |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Mobile Payments Market from 2021 to 2031.
- Market Forecast for Mobile Payments Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Mobile Payments competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Mobile Payments
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Mobile Payments market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Mobile Payments market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
JPMORGAN CHASE CO, PAYPAL HOLDINGS, INC, SAMSUNG, VISA, INC, PAYU, GOOGLE LLC, AMERICAN EXPRESS COMPANY, APPLE, INC, MASTERCARD, ONE COMMUNICATIONS LIMITED
Primary Target Market
- Market Players of Mobile Payments
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Mobile Payments market based on the below-mentioned segments:
Global Mobile Payments Market, By Purchase Type
AIRTIME TRANSFER AND TOP UPS
MONEY TRANSFERS AND BILL PAYMENTS
MERCHANDISE AND COUPONS
TRAVEL AND TICKETING
OTHERS
Global Mobile Payments market, By Application
Media & Entertainment
Energy & Utilities
Healthcare
Retail
Hospitality & Transportation
Others
Global Mobile Payments Market, By End User
Personal
Business
Global Mobile Payments market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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Through INFINITIVE Data Expert is a professional Market Research services, I will identify the mobile payments market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.