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Global Mobile Payment Market Analysis by Technology, Payment Type, Location, End-use, Region and segments forecast till 2033
Market Overview
Global mobile payment market size was valued at USD 32,130 billion in 2022, and is projected to reach USD 263,700 billion by 2033, growing at a CAGR of 30.1% over 2023-2033.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 32,130 billion |
Market Forecast in 2033 | USD 263,700 billion |
CAGR % 2023-2033 | 30.1% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Alibaba Group Holdings Limited, Google LLC, Amazon.com Inc., Apple Inc., American Express Company, M Pesa, Money Gram International, PayPal Holdings Inc., Samsung Electronics Co. Ltd., Visa Inc., WeChat (Tencent Holdings Limited), PayOne, Square, Redeban, PayU, Utiba, Comviva, Xius, and Obopay |
Global Mobile Payment Market- Description
A mobile payment is referred to as a mode of payment for a service or a product using wireless devices like mobile phone. It is regarded as one of the most convenient alternatives to the traditional cash or card based transaction methods. Mobile payment is also predominantly used to transfer money to other individuals or business accounts. Moreover, with rapid digital advancements, mobile payment systems have been integrated with technologies like NFC to provide consumers with fast, secure, and easy transactional benefits.
The increasing proliferation of smart devices worldwide, prompt digital evolution, and economic developments across various regions are primarily augmenting the industry outlook. Furthermore, technological innovations in the field, rising availability of high speed internet, and widespread digitalization of payment services across the globe are positively swaying the market dynamics.
Also, surging focus of industry players to introduce innovative services in the field and rising adoption of artificial intelligence in the finance sector is adding momentum to the industry progression. On the flipside, rising concerns regarding the unauthorized usage of confidential data along with the threat of data breaches and other forms of cybercrime are hampering the market remuneration scope.
Global mobile payment market- Key trends
Demand for contactless payment methods amid COVID-19 outbreak to aid market expansion
The outrage of the COVID-19 pandemic had a positive impact on the market growth. Being a transmissible disease, the major way to prevent it was to follow the social distancing protocol suggested by health experts. This also led to a widespread demand for contactless transaction systems, which in turn created lucrative opportunities for the industry to prosper.
Reward strategies integrated in various mobile payment options is poised to augment industry outlook
Mobile payment service providers are focusing on the formulation of effective strategies to enhance their customer base. These companies have begun to offer benefits such as assured cash backs, rewards, and online shopping discounts for their loyal users. Citing an instance, Google Pay has integrated a scratch card option containing a certain amount or a gift voucher that can be obtained by a regular user over minimal transactions. This in turn is creating an upward trend for the market development.
Global mobile payment market- Segmental analysis
By Technology
Near Field Communication
Direct Mobile Billing
Mobile Web Payment
SMS
Interactive Voice Response System
Mobile App
Others
The mobile web payment segment is poised to garner notable gains owing to the widespread popularity of various e-commerce platforms across the globe.
By Payment Type
B2B
B2C
B2G
Others
The B2C segment is slated to expand with a substantial CAGR over the stipulated timeline ascribing to the increasing purchasing power of the masses and the rising adoption of digital wallets worldwide.
By Location
Remote Payment
Proximity Payment
The remote payment segment is anticipated to grow significantly over the estimated timeline. This is attributable to the rising costumer inclination towards online shopping.
By End-use
BFSI
Healthcare
IT & Telecom
Media & Entertainment
Retail & E-commerce
Transportation
Others
The retail & e-commerce segment is predicted to capture a high revenue share over the estimated timeline ascribing to the booming e-commerce sales.
Global mobile payment market- Geographical landscape
Considering the geographical frame of reference, North America, Middle East & Africa, Europe, Latin America, and Asia Pacific are the major benefactors to the expansion of this business vertical. Among these, North America is projected to dominate the overall market in terms of revenue share. This is attributable to the presence of noteworthy companies, booming e-commerce industry, and the growing adoption of smart devices in the region.
Global Mobile Payment Market- Recent Developments
Notably, in August 2021, Amazon Inc., inked a collaboration deal with Affirm Holdings of provide dedicated buy now pay later (BNPL) services to their loyal e-commerce customers.
Global Mobile Payment Market: Key Companies
Alibaba Group Holdings Limited
Google LLC
Amazon.com Inc.
Apple Inc.
American Express Company
M Pesa
Money Gram International
PayPal Holdings Inc.
Samsung Electronics Co. Ltd
Visa Inc.
WeChat (Tencent Holdings Limited
PayOne
Square
Redeban
PayU
Utiba
Comviva
Xius
Obopay
Others
Global Mobile Payment Market: Regional Scope
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
South Africa
Rest of Middle East and Africa
Why to buy this Report?
Market research: The report provides valuable insights into market trends, growth opportunities, and competitive landscapes. By reading a technology report, businesses and investors can gain a better understanding of the market they are operating in or considering entering, and make more informed decisions based on data and analysis.
Competitive analysis: The report reports provide detailed information on competitors' strengths, weaknesses, and strategies, which can help businesses identify potential threats and opportunities in the market.
Innovation: The report provides insights into emerging technologies and trends, which can help businesses stay up-to-date with the latest developments and make informed decisions about where to invest their resources.
Due diligence: The report can be used by investors and acquirers as part of their due diligence process when considering investing in or acquiring a technology company. These reports can provide valuable information on the company's financials, technology, market position, and other key factors.
Frequently Asked Questions
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What is the market size and growth projection for each of the market segments and sub-segments across Countries & Regions?
What are the top performing segments, and countries / regions of each of the markets?
What is the market size and growth rate across key countries / regions?
How big is the global & regional market in terms of revenue and volume?
How far market will grow in forecast period in terms of revenue and volume?
What factors will influence demand and supply trends across each markets during the forecast period?
What are the technology trends shaping various markets?
Which country / region has more opportunities?
What is the COVID-19 impact on the market and how long will it take to recover?
Who are the key competitors of market Players?
What are the market share (%) of Key Players?
What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?
1. Global Mobile Payment Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Mobile Payment Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years 2020 to 2021
1.3.2. Projected Data Reporting Years 2022 to 2033
1.3.3. Reporting Data Parameters Value (US$ Million)
1.4. Global Mobile Payment Market Scope and Market Estimation
1.4.1. Global Mobile Payment Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Mobile Payment Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Mobile Payment Market Segmentation
1.5.1. Technology of Global Mobile Payment Market
1.5.2. Payment Type of Global Mobile Payment Market
1.5.3. Location of Global Mobile Payment Market
1.5.4. End-use of Mobile Payment Market
1.5.5. Key Regions of Mobile Payment Market
2. Global Mobile Payment Market - Executive Summary
2.1. Global Mobile Payment Market Summary & Snapshot
2.2. Global Mobile Payment Market, By Technology (US$ Million)
2.3. Global Mobile Payment Market, By Payment Type (US$ Million)
2.4. Global Mobile Payment Market, By Location (US$ Million)
2.5. Global Mobile Payment Market, By End-use (US$ Million)
2.6. Global Mobile Payment Market, By Geography (US$ Million)
2.7. Global Mobile Payment Market Outlook & Future Opportunities
3. Mobile Payment Market Trends, Outlook, and Factors Analysis
3.1. Global Mobile Payment Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Mobile Payment Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Mobile Payment Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Increase in demand for fast and hassle-free transaction services.
3.2.2. Restraints
3.2.2.1. Security Concerns and Inconvenience of Using Cash to Impact Mobile-based Transaction.
3.2.3. Opportunities
3.2.3.1. Rise in adoption of mobile payment in emerging economies.
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porters Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Mobile Payment Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Mobile Payment Market
3.9.1. By Technology
3.9.2. By Payment Type
3.9.3. By Location
3.9.4. By End-use
3.9.5. By Regions
4. Global Mobile Payment Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Mobile Payment Market, 2020 2021 (US$ Million)
4.2. Global Mobile Payment Market, By Technology, 2020 To 2021 (US$ Million)
4.3. Global Mobile Payment Market, By Payment Type, 2020 To 2021 (US$ Million)
4.4. Global Mobile Payment Market, By Location, 2020 To 2021 (US$ Million)
4.5. Global Mobile Payment Market, By End-use 2020 To 2021 (US$ Million)
4.6. Global Mobile Payment Market, By Region, 2020 To 2021 (US$ Million)
5. Global Mobile Payment Market Estimates & Forecast Trend Analysis, by Technology
5.1. Global Mobile Payment Market Share (%) Estimates and Forecasts, by Technology, 2022 & 2033
5.2. Global Mobile Payment Market Revenue (US$ Million) Estimates and Forecasts, by Technology, 2022 to 2033
5.2.1. Near Field Communication
5.2.2. Direct Mobile Billing
5.2.3. Mobile Web Payment
5.2.4. SMS
5.2.5. Interactive Voice Response System
5.2.6. Mobile App
5.2.7. Others
6. Global Mobile Payment Market Estimates & Forecast Trend Analysis, by Payment Type
6.1. Global Mobile Payment Market Share (%) Estimates and Forecasts, By Payment Type, 2022 & 2033
6.2. Global Mobile Payment Market Revenue (US$ Million) Estimates and Forecasts, by Payment Type, 2022 to 2033
6.2.1. B2B
6.2.2. B2C
6.2.3. B2G
6.2.4. Others
7. Global Mobile Payment Market Estimates & Forecast Trend Analysis, by Location
7.1. Global Mobile Payment Market Share (%) Estimates and Forecasts, By Location, 2022 & 2033
7.2. Global Mobile Payment Market Revenue (US$ Million) Estimates and Forecasts, by Location, 2022 to 2033
7.2.1. Remote Payment
7.2.2. Proximity Payment
8. Global Mobile Payment Market Estimates & Forecast Trend Analysis, by End-use
8.1. Global Mobile Payment Market Share (%) Estimates and Forecasts, By End-use, 2022 & 2033
8.2. Global Mobile Payment Market Revenue (US$ Million) Estimates and Forecasts, by End-use, 2022 to 2033
8.2.1. BFSI
8.2.2. Healthcare
8.2.3. IT & Telecom
8.2.4. Media & Entertainment
8.2.5. Retail & E-commerce
8.2.6. Transportation
8.2.7. Others
9. Global Mobile Payment Market Analysis and Forecast, by Region
9.1. Global Mobile Payment Market Share (%) Estimates and Forecasts, By Region, 2022 & 2033
9.2. Global Mobile Payment Market Revenue (US$ Million) Estimates and Forecasts, By Region, 2022 To 2033
9.2.1. North America
9.2.2. Europe
9.2.3. Asia Pacific
9.2.4. Middle East and Africa
9.2.5. Latin America
10. North America Mobile Payment Market: Estimates & Forecast Trend Analysis
10.1. North America Mobile Payment Market Assessments & Key Findings
10.2. North America Mobile Payment Market Share (%) Estimates and Forecasts, 2022 & 2033
10.3. North America Mobile Payment Market Size Estimates and Forecast (US$ Million) (2022 To 2033)
10.3.1. By Technology
10.3.2. By Payment Type
10.3.3. By Location
10.3.4. By End-use
10.3.5. By Major Country
10.3.5.1. The U.S.
10.3.5.2. Canada
11. Europe Mobile Payment Market: Estimates & Forecast Trend Analysis
11.1. Europe Mobile Payment Market Assessments & Key Findings
11.2. Europe Mobile Payment Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Europe Mobile Payment Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
11.3.1. By Technology
11.3.2. By Payment Type
11.3.3. By Location
11.3.4. By End-use
11.3.5. By Major Country
11.3.5.1. Germany
11.3.5.2. The U.K.
11.3.5.3. France
11.3.5.4. Italy
11.3.5.5. Spain
11.3.5.6. Rest of Europe (includes all other European countries)
12. Asia Pacific Mobile Payment Market: Estimates & Forecast Trend Analysis
12.1. Asia Pacific Mobile Payment Market Assessments & Key Findings
12.2. Asia Pacific Mobile Payment Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Asia Pacific Mobile Payment Market Size Estimates and Forecast (US$ Million) (2022 To 2033)
12.3.1. By Technology
12.3.2. By Payment Type
12.3.3. By Location
12.3.4. By End-use
12.3.5. By Major Country
12.3.5.1. China
12.3.5.2. Japan
12.3.5.3. India
12.3.5.4. ASEAN
12.3.5.5. South Korea
12.3.5.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
13. Middle East & Africa Mobile Payment Market: Estimates & Forecast Trend Analysis
13.1. Middle East & Africa Mobile Payment Market Assessments & Key Findings
13.2. Middle East & Africa Mobile Payment Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Middle East & Africa Mobile Payment Market Size Estimates and Forecast (US$ Million) (2022 To 2033)
13.3.1. By Technology
13.3.2. By Payment Type
13.3.3. By Location
13.3.4. By End-use
13.3.5. By Major Country
13.3.5.1. GCC
13.3.5.2. South Africa
13.3.5.3. Egypt
13.3.5.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
14. Latin America Mobile Payment Market: Estimates & Forecast Trend Analysis
14.1. Latin America Market Assessments & Key Findings
14.2. Latin America Mobile Payment Market Share (%) Estimates and Forecasts, 2022 & 2033
14.3. Latin America Mobile Payment Market Size Estimates and Forecast (US$ Million) (2022 to 2033)
14.3.1. By Technology
14.3.2. By Payment Type
14.3.3. By Location
14.3.4. By End-use
14.3.5. By Major Country
14.3.5.1. Brazil
14.3.5.2. Mexico
14.3.5.3. Rest of Latin America (includes all other Latin America countries)
15. Competitive Landscape
15.1. Mobile Payment Market Revenue Share Analysis (%), By Major Players (2021)
15.2. Mobile Payment Market Competition Matrix, By Leading Players
15.3. Mobile Payment List of Emerging, Prominent & Leading Players
15.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, Etc.
16. Company Profiles
16.1. Google
16.1.1. Company Overview & Insights
16.1.2. Financial PerPayment Typeance
16.1.3. Product / Service Portfolio
16.1.4. Geographical Footprint & Share
16.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
16.2. Alibaba Group Holdings Limited
16.3. Amazon.com Inc
16.4. Apple Inc
16.5. American Express Company
16.6. M Pesa
16.7. Money Gram International
16.8. PayPal Holdings Inc
16.9. Samsung Electronics Co. Ltd
16.10. Visa Inc
16.11. WeChat (Tencent Holdings Limited)
16.12. PayOne
16.13. Square
16.14. Redeban
16.15. PayU
16.16. Utiba
16.17. Comviva
16.18. Xius
16.19. Obopay
16.20. Others
17. Assumptions and Research Methodology
17.1. Data Mining
17.2. Secondary Research
17.3. Primary Research
17.4. Subject Matter Expert Advice
17.5. Quality Check
17.6. Final Review
17.7. Data Triangulation
17.8. Bottom-Up Approach
17.9. Top Down Approach
17.10. Research Flow
17.11. Key Insights from Industry Experts
17.12. Data Technologys
17.13. Assumptions
17.14. Limitations
18. Conclusions and Recommendations
18.1. Key Research Findings and Conclusion
18.2. Key Insights & Recommendations from Analysts