Mobile Payment Market Size Worth USD 3,717.00 Billion in 2032 | Emergen Research

The global mobile payment market size was USD 972.40 Billion in 2022 and is expected to register a rapid revenue CAGR of 14.3% during the forecast period. The global mobile payment market is witnessing robust growth, fueled by the increasing adoption of contactless payments and the proliferation of loyalty benefits within mobile environments. According to recent market research, advancements in technology such as Near Field Communication (NFC) and Quick Response (QR) codes are facilitating seamless Point-of-Sale (POS) transactions through mobile devices, driving the expansion of mobile payment apps and services.

As consumers increasingly prefer the convenience and security of mobile transactions, major brands are entering the mobile payment space, offering diverse options for customers to make payments using their smartphones and wearables. Notable partnerships, such as Samsung Electronics' collaboration with Naver Financial, further enhance the mobile payment experience, allowing users to enjoy improved offline and online payment capabilities.

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The rapid growth of e-commerce and mobile commerce (m-commerce) is also contributing significantly to market revenue. With approximately 50% of global e-commerce payments made through mobile wallets, companies like Paytm are introducing innovative solutions like the Card Soundbox device in India, enabling merchants to accept both mobile and card payments seamlessly.

However, amidst this growth, security concerns remain a key restraint. Despite the convenience offered by mobile payments, customers are wary of potential cyber threats and unauthorized access to personal data. This underscores the importance of robust security measures to ensure consumer trust and confidence in mobile payment systems.

Key Market Segment Insights:

Mobile Payment Mode of Transaction:

• The dominance of the mobile application segment is attributed to the rising popularity of mobile payment apps, which securely store payment information and offer various transaction options such as NFC and QR codes.

• Mobile apps incorporating the Buy-Now-Pay-Later strategy are expected to gain traction, particularly among younger consumers.

Mobile Payment Location:

• The remote payment segment, which enables secure online transactions, is witnessing moderate growth, driven by the increasing use of remote wallets for e-commerce and m-commerce transactions.

• Proximity payments, conducted at physical POS terminals, are expected to grow steadily as banks, fintech companies, and merchants focus on enhancing digital experiences.

End-Use Segments:

• The BFSI segment is poised to dominate the market, with banks offering customized mobile payment solutions to address specific needs in wealth management, lending, and insurance.

• Initiatives such as the Federal Reserve's FedNow Service are facilitating instant payments, providing convenience to customers and targeting unbanked populations in developing nations.

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Mobile Payment Top Companies and Competitive Landscape

The global mobile payment market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective mobile payments solutions in the market.

Some major players included in the global mobile payment market report are:

• Google LLC
• Samsung Group
• com Inc.
• Apple Inc.
• Paypal Inc.
• Visa Inc.
• MasterCard Inc.
• com
• American Express Banking Corp.
• MobiKwik System Limited

Mobile Payment Latest Industry News

• On 11 April 2023, Visa announced its partnership with PayPal and Venmo to pilot Visa+. This innovative service promises to make it easier for users to transfer funds swiftly and securely between various Peer-to-Peer (P2P) digital payment apps. Through this partnership, Visa+ will broaden its audience and enable other use cases, such as gig, creator, and marketplace payouts, Through Visa+, participating neo-banks, digital wallets, and other payment applications with millions of U.S. users will be able to allow interoperability.

• On 23 March 2023, PayPal announced Secure Payments to customers to operate its account by introducing passkeys on Apple iOS as a safe and secure log-in method for eligible PayPal customers and passkeys to eligible customers on Google Android devices, starting on Android mobile web.

• On 14 February 2023, Visa Inc. announced its collaboration with Tingo Mobile, to expand its digital payment solutions across Africa. The company collaborated with Tingo Mobile to focus on its existing users to enhance its payment services.

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Mobile Payment Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global mobile payment market on the basis of location, mode of transaction, payment type, and end-use, and region:

• Location Outlook (Revenue, USD Billion; 2019-2032)
o Proximity
o Remote
• Mode of Transaction Outlook (Revenue, USD Billion; 2019-2032)
o Mobile Web Payments
o Near Field Communication
o Mobile Application
o Others
• Payment Type (Revenue, USD Billion; 2019-2032)
o Business to Business (B2B)
o Business to Customer (B2C)
o Business to Government (B2G)
o Others
• End-use Outlook (Revenue, USD Billion; 2019-2032)
o Banking, Financial Services, and Insurance (BFSI)
o Media & Entertainment
o Retail & E-commerce
o Healthcare
o Information Technology (IT) & Telecom
o Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Russia
8. Rest of Europe
o Asia Pacific
1. China
2. Japan
3. South Korea
4. India
5. ASEAN Countries
6. Oceania
7. Rest of APAC
o Latin America
1. Brazil
2. Mexico
3. Rest of LATAM
o Middle East & Africa
1. GCC Countries
2. Israel
3. Turkey
4. South Africa
5. Rest of Middle East & Africa

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