Mobile Payment Market is calculated to hit USD 365.6 billion in 2029, growing at 31.1% CAGR during 2022-2029 | Size, Share & Report

Mobile Payment Market

Mobile Payment Market was valued at USD 41.9 billion in 2021, and estimated to touch USD 365.6 billion in 2029, growing at a significant CAGR of 31.1% from 2022-2029.

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The factors driving the growth of Mobile Payment Market includes proliferation of smartphones, rise in digital transactions around the world, rapid growth in the e-commerce sector, improvements in internet connectivity, increase in the number of fintech companies and growing popularity of mobile wallets. According to the report published by Statista, the digital transactions globally were calculated around USD 8.49 trillion for 2022 and the total digital transactions in estimated to reach USD 15.17 trillion by the end of 2027, growing at a CAGR of 12.31% over the forecast period (2022-2027), which will boost the Mobile Payment Market share in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT), Government initiatives to promote digitalization and increasing acceptance for digital payment platforms such as Google Pay, Pay Pal and Apple Pay, are some of the additional factors supplementing the Mobile Payment Market Growth. In addition, increasing demand for fast transaction services, rising investments by leading players on research and development and growing population growth rates, are further pushing the Mobile Payment Market size.

However, the growth of the Mobile Payment Market is hindered attributed to rising concerns related to security.

The prominent players operating in the Mobile Payment Market are American Express Company, Alipay.com, Boku Inc., PayPal, Inc., Visa Inc, Google LLC, Apple Inc., Samsung Group and Amazon.com Inc., among others.

Based on Type, the Proximity Payment segment is predicted to grow at significant CAGR during the forecast period

As per the Mobile Payments Market Report, growing focus by major companies such as AT&T and Vodafone Group to provide sim-based NFCs, is propelling the growth of the segment.

Based on End-Use Industry, the BSFI segment is projected to expand at a remarkable CAGR over the forecast period

According to the Mobile Payment Market Research, technological advancements in mobile payment applications and growing emphasis by various banks to provide fast transaction payment options to consumers, are some for the factors responsible for the growth of the segment. 

Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period

Rise in the number of digital transactions, Government initiatives to promote digitalization, expansion of the e-commerce sector, rapid urbanization, rising disposable incomes, improvements in the living standards and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific. 

Key Development

n 2020, Boku Inc, partnered with the South Korean game developer Peral Abyss, through this partnership both the companies will launch direct carrier billing (DCB) and eWallet payment services in countries such as Turkey, Indonesia, Russia, Malaysia, Singapore, and Philippines.
In 2020, Logitech G, launched a wireless gaming headset, the Logitech 'G733 LIGHTSPEED' headset in India. The G733 wireless headset has new colorful and reversible suspension headbands and is equipped with soft dual-layer memory foam ear pads.
In 2020, American Express planned to acquire Kabbage, through this acquisition American Express plans to expand its Digital Cash Flow Management Offerings for Small Businesses.

Market Segmentation

Segmentation by Type

Proximity Payment
Remote Payment

Segmentation by End-Use Industry

BFSI
IT and Telecommunication
Retail
Healthcare
Government
Media and Entertainment
Transportation and Logistics
Other End-user Industries

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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