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M-commerce Payment Global Market Report 2024 To 2033 | ACI Worldwide Inc., Alphabet Inc., Bharat Interface for Money, Fidelity National Information Services (FIS), Fiserv Inc
M-commerce Payment Market Share
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According to The Business Research Company's, The m-commerce payment market size has grown exponentially in recent years. It will grow from $9.84 billion in 2023 to $13.63 billion in 2024 at a compound annual growth rate (CAGR) of 38.5%. The growth in the historic period can be attributed to mobile internet adoption, secure payment technologies, e-wallets and mobile apps, convenience, improved mobile user experience.
The m-commerce payment market size is expected to see exponential growth in the next few years. It will grow to $52.31 billion in 2028 at a compound annual growth rate (CAGR) of 40.0%. The growth in the forecast period can be attributed to contactless payments growth, biometric authentication, blockchain in mobile payments, integration of ai and machine learning, expansion of cryptocurrency payments. Major trends in the forecast period include qr code payments, in-app purchases, mobile banking integration, wearable device payments, peer-to-peer mobile payments.
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Market Drivers and Trends:
The increasing mobile and internet penetration is expected to propel the growth of the m-commerce payment market. M-commerce payment is the use of wireless handheld devices like mobile phones and tablets to conduct commercial transactions online, including the purchase and sale of products, online banking, and paying bills. The increasing internet access and penetration allow more people to access m-commerce services, driving the market. According to Data Reportal, a Singapore-based business intelligence company, as of October 2021, 4.88 billion people (almost 62%) in the world are using the internet. According to forecasts from Ericsson and The Radicati Group, the number of smartphone users is expected to increase from 6.05 billion in 2020 to nearly 7.33 billion by 2025. Therefore, increasing mobile and internet penetration is driving the m-commerce payment market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
ACI Worldwide Inc., Alphabet Inc., Bharat Interface for Money, Fidelity National Information Services (FIS), Fiserv Inc., Freecharge, Mastercard Inc., MobiKwik, Orange S. A, PayPal Holdings Inc., PayU, Samsung Group, Square Inc., Visa Inc., Alibaba Group, American Express Company, Apple Inc., UnionPay, DH Corporation (D+H now part of Finastra), Discover Financial Services LLC, Ingenico SA, Jack Henry & Associates Inc., Tencent Holdings Ltd., Boku Inc., Telefonaktiebolaget LM Ericsson, Thales Group, International Business Machines Corporation (IBM), Oxygen8 Solutions Inc., SAP SE, BlueSnap Inc., Global Payments Inc., Klarna Bank AB, Payoneer Global Inc., Paysafe Limited, Stripe Inc.
M-commerce Payment Market 2024 Key Insights:
• The m-commerce payment market size is expected to see exponential growth in the next few years. It will grow to $52.31 billion in 2028 at a compound annual growth rate (CAGR) of 40.0%.
• Rising Mobile And Internet Penetration Fuels M-Commerce Payment Market Growth
• Digital Wallets Gain Traction In The M-Commerce Payment Market
• Asia-Pacific was the largest region in the m-commerce payment market in 2023
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