Redding, California - August 1, 2024
Mobile Payment Market to be Worth $3,929 Billion by 2031
Mobile Payment Market by Method (Mobile Wallets, QR Code, Mobile Commerce, Mobile Point of Sale), Application (B2B, B2C, B2G), Location (Remote, Proximity), End-user (BFSI, Retail & E-commerce, Healthcare), and Geography - Global Forecast to 2031
Meticulous Research®—leading global market research company, published a research report titled, ‘Mobile Payment Market by Method (Mobile Wallets, QR Code, Mobile Commerce, Mobile Point of Sale), Application (B2B, B2C, B2G), Location (Remote, Proximity), End-user (BFSI, Retail & E-commerce, Healthcare), and Geography - Global Forecast to 2031.
According to this latest publication from Meticulous Research®, the global mobile payment market is projected to reach $3,929 billion by 2031, at a CAGR of 27.2% from 2024–2031.The growth of the mobile payment market is driven by the growing digitalization of payment services through smartphones and growing government initiatives for cashless payment. However, the lack of infrastructure in developing countries restraints the growth of the market. Additionally, the increasing integration of near-field communication (NFC) technology in mobile payment for secure and contactless transactions is expected to create growth opportunities for market players. However, concerns over data breaches and identity theft present major challenges impacting market growth. Additionally, the increasing adoption of artificial intelligence-based applications in payment and the rising use of digital payment platforms at tourist destinations are emerging trends in the market.
The global mobile payment market is segmented by method (mobile wallets, mobile point of sale, mobile commerce, quick response (QR) code payment, SMS payment, and other methods), application (business-to-business, business-to-consumer, business-to-government, and other applications), location (remote and proximity), end-user (BFSI, retail & E-commerce, healthcare, travel & hospitality, transportation, IT & telecom, media & entertainment, energy & utilities, and other end-users), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
Based on method, the global mobile payment market is segmented into mobile wallets, mobile point of sale, mobile commerce, quick response (QR) code payment, SMS payment, and other methods. In 2024, the mobile wallets segment is expected to account for the largest share of over 49.0% of the global mobile payment market. The segment's large market share is attributed to the rising adoption of mobile wallets, driven by their advanced encryption techniques that protect user data during transactions, their convenience for quick and hassle-free payment through a simple tap or scan, and their expanding use in transportation for ticketing and parking. Additionally, the increasing integration of tokenization in mobile wallets further enhances security by protecting sensitive account data.
However, the quick response (QR) code payment segment is expected to register the highest CAGR during the forecast period. This segment's growth is attributed to the heightened government focus on cashless payment, the expanding adoption of QR code payment across retail, e-commerce, hospitality, and healthcare industries, and the increasing use of QR code payment due to their high security, achieved through encryption and tokenization to safeguard customer information.
Based on application, the global mobile payment market is segmented into business-to-business, business-to-consumer, business-to-government, and other applications. In 2024, the business-to-business segment is expected to account for the largest share of over 47.0% of the global mobile payment market. The segment's large market share is attributed to the rising adoption of mobile payment in B2B transactions, which offer faster processing compared to traditional methods such as checks or wire transfers. The increasing use of B2B mobile payment platforms is also driven by the need to manage growing transaction volumes and expanding business operations. Additionally, mobile payment enable businesses to initiate and manage transactions directly from their mobile devices, regardless of location or time zone.
However, the business-to-consumer segment is expected to register the highest CAGR during the forecast period. This segment's growth is driven by the increasing adoption of B2C mobile payment, which offer a convenient method for consumers to make purchases using their smartphones or mobile devices. The growing use of B2C mobile payment platforms also provides valuable data and analytics on consumer behavior, purchasing patterns, and preferences. Additionally, the rising adoption of mobile wallets helps businesses reduce costs related to payment processing fees and cash handling expenses.
Based on location, the global mobile payment market is segmented into remote and proximity. In 2024, the remote segment is expected to account for the larger share of over 61.0% of the global mobile payment market. The segment's substantial market share is attributed to the increasing use of mobile payment in remote locations, enabled by the widespread availability of mobile networks that allow transactions from virtually anywhere with cellular coverage. Additionally, the growing adoption of remote mobile payment helps businesses operating in remote areas accept digital payment from customers.
Also, the remote segment is expected to register a higher CAGR during the forecast period.
Based on end-user, the global mobile payment market is segmented into BFSI, retail & E-commerce, healthcare, travel & hospitality, transportation, IT & telecom, media & entertainment, energy & utilities, and other end-users. In 2024, the retail & E-commerce segment is expected to account for the largest share of over 24.0% of the global mobile payment market. The segment's large market share is attributed to the growing adoption of mobile wallets in retail shops for quick and hassle-free payment through a simple tap or scan, along with the increasing use of mobile payment to streamline the checkout process, which is enhancing customer satisfaction and boosting loyalty. Additionally, retail and e-commerce businesses are increasingly utilizing mobile payment to facilitate cross-border transactions by simplifying currency exchange and accommodating local payment preferences.
However, the BFSI segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising adoption of mobile payment in banks and financial institutions, which helps reduce costs related to physical infrastructure such as branches, ATMs, and cash handling. Additionally, the increasing use of mobile payment generates substantial transaction data, enabling a deeper understanding of customer behavior, preferences, and spending patterns. Additionally, the increasingly advanced technologies, such as encryption and authentication in mobile payment for security, reduced the risk associated with cash transactions, and unauthorized access to accounts, helping to increase demand for mobile payment in BFSI.
Based on geography, the global mobile payment market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 38.0% of the global mobile payment market. Asia-Pacific’s large market share can be attributed to the growing adoption of mobile payment in the region, driven by the rise in online shopping and e-commerce platforms among consumers. Additionally, increasing government initiatives in countries such as India, China, and Japan are promoting cashless payment in businesses. Furthermore, the rising use of mobile payment in the BFSI sector in the region is enhancing the security and authorization of transactions. Additionally, the increasing penetration of smartphones and widespread internet usage has accelerated the adoption of mobile payment in the region.
Also, Asia-Pacific is expected to register the highest CAGR of over 28.5% during the forecast period.
Key Players
The key players operating in the mobile payment market are MoneyGram Payment Systems, Inc. (U.S.), Apple Inc. (U.S.), Google LLC (A Subsidiary of Alphabet Inc.) (U.S.), Mastercard Inc (U.S.), Alibaba Group Holding Limited (China), PayPal Holdings, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Visa Inc. (U.S.), Tencent Holdings Ltd (China), Amazon.com, Inc. (U.S.), American Express Company (U.S.), M-Pesa (Vodafone Group Plc) (U.K.), One MobiKwik Systems Limited (India), Orange S.A. (France), and Oxigen Services (India) Pvt. Ltd (India).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of method, application, location, and end-user?
- What is the historical market size for global mobile payment?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global mobile payment market?
- Who are the major players in the global mobile payment market? What are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global mobile payment market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global mobile payment market, and how do they compete with other players?
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