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Mobile Payments Market Size - By Technology(Near Field Communication, Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App), by Payment Type(B2B, B2C, B2G), by Location(Remote Payment, Proximity Payment), by End-use(BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation) & Region - Forecasts 2023 - 2033

  • PUBLISHED ON
  • 2024-09-27
  • NO OF PAGES
  • 257
  • CATEGORY
  • Information Communication & Technology

 

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

• What is the market size and growth projections?

• 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. Porter’s 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

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

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