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Consumer Mobile Payment Global Market is Likely to Upsurge $236.53 billion at a CAGR of 30.3% Globally By 2028, Size, Share, Trends, Demand, Growth Forecast and Opportunity outlook
Consumer Mobile Payment Market
According to The Business Research Company's, The consumer mobile payment market size has grown exponentially in recent years. It will grow from $63.01 billion in 2023 to $82 billion in 2024 at a compound annual growth rate (CAGR) of 30.1%. The growth in the historic period can be attributed to increasing smartphone penetration and internet connectivity, growth of digital wallets and mobile payment apps, convenience and ease of use in conducting transactions, adoption by merchants and businesses for cashless payments, rise in consumer preference for contactless and secure payment methods, expansion of e-commerce and online shopping platforms, government initiatives promoting digital payment adoption.
The consumer mobile payment market size is expected to see exponential growth in the next few years. It will grow to $236.53 billion in 2028 at a compound annual growth rate (CAGR) of 30.3%. The growth in the forecast period can be attributed to continuation of smartphone proliferation and mobile internet access, expansion of mobile payment acceptance in retail and service sectors, growth of peer-to-peer payment platforms and social commerce, increasing demand for financial inclusion and accessibility, adoption of mobile payments in emerging markets and unbanked populations. Major trends in the forecast period include integration of biometric authentication, growth in demand for peer-to-peer platforms, development of solutions for in-store and online purchases, collaboration between providers and merchants, expansion of options for transportation services, adoption of qr code technology, integration into messaging platforms, increasing emphasis on cybersecurity.
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Market Drivers and Trends:
The surge in the penetration of contactless payments is expected to drive the growth of the consumer mobile payment market going forward. Contactless payment is a secure transaction method where users can tap or wave their card, smartphone, or wearable device near a compatible terminal to purchase without physically swiping or inserting the card. Contactless payment adoption offers convenience, security, and improved consumer experiences, making it a valuable trend in modern payment systems. The surge in contactless payment penetration enhances convenience and safety, driving growth in the consumer mobile payment market by encouraging the adoption of mobile payment platforms and accelerating the shift towards cashless transactions. For instance, in September 2023, according to reports published by the Consumer Financial Protection Bureau (CFPB), a US-based independent agency of the United States government, U.S. consumers spent $65.2 billion at stores using Google Pay in 2022, which is an increase from $24.8 billion in 2021. Therefore, the surge in the penetration of contactless payment is driving the growth of the consumer mobile payment market.
Major companies operating in the consumer mobile payment market are focused on adopting advanced payment solutions such as microPay, to simplify digital payments. A micropayment is a small financial transaction, typically less than a dollar, conducted online for various goods or services such as online purchases, freelance work, or digital content. For instance, in March 2023, Axis Bank Ltd., an India-based multinational banking and financial services company, launched MicroPay, a Pin on Mobile' technology for accepting digital payments. It converts a merchant's smartphone into a point-of-sale (POS) terminal to simplify digital payments. It offers them a cost-effective means to accept payments through card, UPI, BQR code, etc., while maintaining the highest security standards.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Amazon.com Inc, Apple Inc, Alphabet Inc, Samsung Electronics Co. Ltd, Alibaba Group Holdings Limited, American Express Company, Visa Inc, PayPal Holdings Inc, MasterCard Incorporated, Thales Group, Fiserv Inc, Square Inc, Bharti Airtel Ltd, Fidelity National Information Services Inc, Orange Polska SA, Grubhub Inc, Jack Henry & Associates Inc, Block Inc, ACI Worldwide Inc, Money Gram International Inc, Dawood Hercules Corporation Limited, Oxigen S.ervices Pvt. Ltd, Mobikwik Systems Ltd, ZipCash Card Services Pvt. Ltd, Vodafone M-pesa Limited, One97 Communication India Ltd, Citrus Payment Solutions Pvt. Ltd
Consumer Mobile Payment Market 2024 Key Insights:
• The consumer mobile payment market size is expected to see exponential growth in the next few years. It will grow to $236.53 billion in 2028 at a compound annual growth rate (CAGR) of 30.3%.
• Contactless Payment Surge Fuels Consumer Mobile Payment Market Growth
• Tech Innovations Transforming Consumer Mobile Payments
• North America was the largest region in the consumer mobile payment market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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