The ‘Mobile Payment Global Market Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global mobile payment market, assessing the market on the basis of its segments like transaction mode, end user, purchase type, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Mobile Payment Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 30%
Mobile devices have extensive penetration around the world, and with advancements in technology, processing payments through mobile devices has gained rapid popularity. Mobile devices such as smartphones and tablets can be used for quick and simplified payments to sellers and between users. This payment method is being supported by retailers and shopkeepers from all over the world, including online retailers, which is helping in the growth of the mobile payment market.
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Prevalence of fast and reliable internet along with smartphones and tablets are further fuelling the growth of the market. Mobile payment has become a leading alternative to payment modes such as debit cards, credit cards, and cash. Not carrying cash and debit/credit cards in hand reduces the risk of them getting stolen or lost, providing an extra layer of security to the monetary assets of individuals. In developing economies, mobile payments are being adopted at a rapid rate, supported by government initiatives, banking authorities, and retailers.
The demand for contactless payments increased during the COVID-19 pandemic, surging the demand for online and mobile payment methods, thereby fuelling the growth of the mobile payment market. Post-pandemic, consumers continue to prefer the convenience of mobile payments, indicating lucrative long-term opportunities for the market.
Mobile Payment Industry Definition and Major Segments
Mobile payment is a refers to a mode of payment where the transaction is completed through a mobile electronic device such as a smartphone or a tablet. Mobile payments can be done in various ways, for example, through mobile wallets or banking apps. By using their mobile devices, users can make payments from any location without the need of carrying physical cash or debit/credit cards.
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Based on transaction mode, the market is segmented into:
• Mobile Web Payments
• Near Field Communication
• SMS Direct Carrier Billing
On the basis of end user, the market is classified into:
Based on purchase type, the market is divided into:
• Airtime Transfer and Top Ups
• Money Transfers and Bill Payments
• Merchandise and Coupons
• Travel and Ticketing
On the basis of application, the market is segmented into:
• Media and Entertainment
• Energy and Utilities
• Hospitality and Transportation
Based on region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Mobile Payment Market Trends
The key trends in the global mobile payment market include advancements in the banking sector. The replacement of traditional financial institutions to a more decentralised model is becoming a key trend in the market. Instead of relying upon the banks or other financial institutions for settling and clearing of transactions, users are preferring to non-financial service providers.
As mobile payments increasingly become the norm and preference for people worldwide, these payments are becoming commonly used for routine payments such as bills, retail, travel, and entertainment. For offline shop retailers, mobile payments speed up the billing process and do not require the retailers to stock up on physical change or card charging machines.
Asia Pacific is expected to account for a larger share in the mobile payment market because of rising adoption of QR code services and digital wallets in countries like India, further supported by the government. The Indian government has been taking initiatives to increase the digitalisation in the country which is another major factor fuelling the growth of the market for mobile payments.
The presence of a large number of key players in China is further supporting the growth of the Asia Pacific region in the mobile payment market. Growth of e-commerce companies and increased online shopping are expected to help Asia Pacific retain a strong position in the market in the forecast period.
Key Market Players
The major players in the mobile payment market report are:
- American Express Company
- Apple Inc.
- Google LLC
- JPMorgan Chase & Co
- Mastercard Incorporated
- One97 Communications Ltd.
- Paypal Holdings Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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