Global Mobile Payment Technologies Market Expected to Achieve 26.2% CAGR by 2029: Growth Forecast Insights

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What Will the Mobile Payment Technologies Industry Market Size Be by 2025?_x000D_
The market size of mobile payment technologies has seen a substantial increase in the past few years. There is expected growth from $135.03 billion in 2024 to $166.92 billion in 2025, with a compound annual growth rate (CAGR) of 23.6%. Factors such as the increasing penetration of smartphones, use of digital wallets, consumer convenience, enhanced security measures, and contactless payment options have been instrumental in the historic growth of this market._x000D_
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What's the Long-Term Growth Forecast for the Mobile Payment Technologies Market Size Through 2029?_x000D_
The market for mobile payment technologies is anticipated to witness significant expansion in the coming years, with a projected value of $423.49 billion by 2029 and a compound annual growth rate (CAGR) of 26.2%. Factors contributing to this predicted growth during the forecast period include the increasing prevalence of contactless payments, adoption by emerging markets, the integration of IoT, and QR code payments. The projection period is further characterized by key trends such as biometric authentication, the use of blockchain and cryptocurrency, retailer-specific applications and IoT payments._x000D_
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What Are the Key Growth Drivers Fueling the Mobile Payment Technologies Market Expansion?_x000D_
The growth of the mobile payment technologies market is significantly fueled by the steps taken by various governments to advocate a cashless economy. A society where monetary transactions are conducted not with paper money or physical coins, but through electronic payment methods, is envisioned as a cashless economy. Governments globally, in collaboration with central banks, are undertaking numerous actions to facilitate a transformation towards a cashless society, thereby propelling the expansion of the mobile payment technologies market. For example, CTMfile, a payment technologies company based in the Netherlands, revealed in September 2023 that Japan saw an extraordinary sum of roughly $830 billion (111 trillion yen) in cashless transactions in 2022._x000D_
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What Are the Key Trends Driving Mobile Payment Technologies Market Growth?_x000D_
Combining Internet of Things (IoT) with mobile payment technologies is becoming a popular trend in the realm of mobile payments. IoT involves interconnected computing devices, mechanical and digital systems, and humans that can disseminate data across a network without necessitating person-to-person or person-to-machine communication. When incorporated into mobile payment technologies, IoT enhances the overall payment process for both consumers and merchants, making it smoother and more efficient. Many individuals are gravitating towards mobile payment technologies due to the improved convenience and security facilitated by IoT-guided mobile payments. For instance, in September 2024, PayPal introduced its PayPal Complete Payments platform in China with an aim to simplify payment and receivables procedures for businesses of all sizes and facilitate international transactions. The platform offers features such as expedited fund settlements, comprehensive reporting and analysis, risk management, and detection of fraud._x000D_
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How Is the Mobile Payment Technologies Market Segmented?_x000D_
The mobile payment technologiesmarket covered in this report is segmented - _x000D_
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1) By Solutions: Point-Of Sale (POS), In-Store Payments, Remote Payments _x000D_
2) By Remote Payments: Internet Payments, SMS Payments, Direct Carrier Billing, Mobile Banking_x000D_
3) By Application: Retail And E-Commerce, Healthcare, BFSI, Enterprise _x000D_
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Subsegments: _x000D_
1) By Point-Of-Sale (POS): Contactless Payments, Mobile Wallets (Apple Pay, Google Pay), Near Field Communication (NFC)-enabled Devices, QR Code-based Payments _x000D_
2) By In-Store Payments: Digital Wallets, Mobile Banking Apps, NFC-enabled Payment Terminals _x000D_
3) By Remote Payments: Mobile Websites/Apps for E-commerce, Subscription-Based Payments (Streaming Services), Peer-to-Peer (P2P) Payment Apps, Mobile Payment Platforms (PayPal, Venmo)_x000D_
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Which Companies Are Leading the Charge in Mobile Payment Technologies Market Innovation?_x000D_
Major companies operating in the mobile payment technologies market include PayPal Holdings Inc., Mastercard Incorporated, Bharti Airtel Limited, Google LLC, Apple Inc., First Data Corporation, American Express Company, Vodacom Group Limited, Millicom International Cellular S.A., Mahindra Comviva Technologies Limited, Orange S.A., Dwolla Inc., Worldpay Inc., One97 Communications Limited, AT&T Inc., Safaricom Limited, MTN Group Limited, Econet Wireless Zimbabwe Limited, Visa Inc., BlueSnap Inc., PayU Holdings Pvt. Ltd., Bank of America Corporation, Amazon.com Inc., Citrus Payment Solutions Pvt. Ltd., Stripe Inc., SIX Payment Services AG, Paysafe Group Limited, Wirecard AG, Novatti Group Limited, Vodafone Group Plc, Microsoft Corporation, Samsung Electronics Co. Ltd., Square Inc., Ant Group Co. Ltd., Tencent Holdings Limited, Discover Financial Services, JPMorgan Chase & Co._x000D_
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Which Regions Are Leading the Global Mobile Payment Technologies Market in Revenue?_x000D_
Asia-Pacific was the largest region in the mobile payment technologies market in 2024. Asia-Pacific is expected to be the fastest-growing region in the mobile payment technologies industry report during the forecast period. The regions covered in the mobile payment technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa_x000D_
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