Mobile Payment Market (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) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 20222030

The global mobile payment market size was valued at USD 33.59 billion in 2021, and is predicted to be worth around USD 586.52 billion by 2030, registering a CAGR of 35.2% during the forecast period 2022 to 2030.

Growth Factors

The market growth can be attributed to the increasing shift toward contactless payment amid the COVID-19 pandemic. Moreover, the increasing popularity of the e-commerce industry across the globe is expected to accelerate the adoption of mobile payment over the forecast period.

The traditional payment market is witnessing a technological transformation, which is primarily disrupting legacy business models. The market for mobile payment is expected to revolutionize how customers make payments as it merges technological innovations such as biometrics, wearables, and blockchain technology. The market is expected to witness momentous shifts and provide unprecedented opportunities to the new and existing players.

The market growth can be attributed to factors such as the rising m-commerce industry and the surge in the penetration of smartphones across the globe. The increasing internet penetration for online shopping is expected to further propel market growth over the forecast period. Businesses across the globe are making their payment modes mobile-compatible, thereby creating growth opportunities for the market.

The increasing adoption of sound wave-based mobile payments is expected to drive market growth. Instead of using existing technologies, such as banking applications or mobile wallets, NFC, or card terminals, sound wave-based payment transactions are processed through unique sound waves containing encrypted information about the payments.

Report Coverage

By Technology Analysis

The mobile web payment segment dominated the market in 2021 with a revenue share of more than 23.0%. The growth of the segment can be attributed to the security and flexibility provided by mobile web payment solutions. The growing popularity of m-commerce also bodes well for the growth of the segment.

The near-field communication segment is expected to expand at the highest CAGR over the forecast period. NFC technology allows merchants to integrate customer loyalty programs into their payment processes and customers to redeem their coupons immediately using mobile phones.

By Payment Type Analysis

The B2B segment held the leading revenue share of more than 60.0% in 2021. Aggressive investments by private equity and venture capital firms in B2B payments are creating new growth opportunities.

The B2C segment is expected to expand at the highest CAGR over the forecast period. B2C payments are payments made by consumers while buying a product or subscribing to a service for personal use. The increasing share of mobile payments in the e-commerce industry vertical is driving the growth of the segment. 

By Location Analysis

The remote payment segment held the dominant revenue share of more than 59.0% in 2021. The popularity of remote payments is increasing, particularly due to the outbreak of the COVID-19 pandemic, as remote payments do not require any direct interaction while making payments. 

Several companies are launching remote payment apps to allow customers to make payments remotely. For instance, in March 2020, SumUp announced the launch of mobile payments and invoicing across Europe to help consumers in paying remotely and safely through smartphones. The increasing adoption of a virtual terminal for remote billing is expected to drive segment growth.

The proximity payment segment is expected to expand at the highest CAGR over the forecast period. Proximity payments require the payer and the payee to be in proximity and the transactions take place between the payer’s and the payee’s devices via QR codes, NFC, or Bluetooth connectivity.

By End-use Analysis

The BFSI segment dominated the market in 2021 with a revenue share of more than 22.0%. Several banks are trying aggressively to introduce mobile payments, thereby contributing to the growth of the segment. Businesses are also focusing on adopting a custom suite of comprehensive payment solutions, which helps resolve unique challenges across wealth management, lending, and insurance sectors.

Mobile banking and payments create new opportunities for banks to offer additional convenience to their existing customers and reach a large population of unbanked customers in developing countries.

The retail and e-commerce segment is expected to expand at the highest CAGR over the forecast period. The growing number of smartphone users and the subsequent rise in mobile commerce sales bode well for the growth of the segment.

By Regional Analysis

Asia Pacific dominated the market in 2021 with a revenue share of more than 34.0%. The changing lifestyle, latest online retailing trends, and increased smartphone penetration are expected to drive the regional market growth over the forecast period.

North America is anticipated to witness significant growth over the forecast period. It is characterized by the presence of several key market players. The region has also been an early adopter of the latest and advanced technologies.

Key Players

• Google (Alphabet Inc.)

• Alibaba Group Holdings Limited

• 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)

Market Segmentation

• By Technology 

  • Near Field Communication

  • Direct Mobile Billing

  • Mobile Web Payment

  • SMS

  • Interactive Voice Response System

  • Mobile App

  • Others

• By Payment Type

  • B2B

  • B2C

  • B2G

  • Others

• By Location 

  • Remote Payment

  • Proximity Payment

• By End-use

  • BFSI

  • Healthcare

  • IT & Telecom

  • Media & Entertainment

  • Retail & E-commerce

  • Transportation

  • Others

• Regional 

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa

The mobile payment market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of mobile payment market for the base year 2022 and the forecast between 2022 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global mobile payment market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the mobile payment market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted mobile payment market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the mobile payment capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of mobile payment by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global mobile payment market. These figures have been provided in terms of both revenue and volume for the period 2019 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major mobile payment market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of mobile payment market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the mobile payment industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

mobile payment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to mobile payment market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of mobile payment market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new mobile payment market. These factors have benefited the growth of the global market for mobile payment. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for mobile payment. The global market is segmented on the basis of region, application, end-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of mobile payment are as follows:

• History Year: 2019-2021

• Base Year: 2022

• Forecast Year 2022  to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2019-2022) and forecast (2022-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.