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The global mobile payment market size reached a value of nearly USD 2986.00 Billion in 2024. The market is projected to grow at a CAGR of 18.80% between 2025 and 2034 to reach around USD 16720.69 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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In 2021, smartphone penetration increased to 85%. Around 15% of American adults only use their smartphones for internet access.
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American Express Company, Apple Inc., and Google LLC are a few of the major companies in the market.
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In terms of payment prototypes, the bank-centric model is rapidly being replaced by a more decentralised model that may involve settlement by non-financial service providers.
Global Mobile Payment Market Size
The global mobile payment market reached a value of nearly USD 2,986.00 billion in 2023. The market is projected to grow at a CAGR of 18.8% between 2024 and 2032 to reach around USD 14,422.00 billion by 2032.
Key Takeaways
- In 2021, smartphone penetration increased to 85%. Around 15% of American adults only use their smartphones for internet access.
- American Express Company, Apple Inc., and Google LLC are a few of the major companies in the market.
- In terms of payment prototypes, the bank-centric model is rapidly being replaced by a more decentralised model that may involve settlement by non-financial service providers.
Mobile payment (also known as mobile money, mobile money transfer, and mobile wallet) refers to payment services that are carried out from or via a mobile device and are governed by financial regulations. A user can use a mobile phone to pay for a variety of services and digital or tangible products instead of cash, check, or credit card.
Mobile payments have experienced significant growth, with smartphones becoming the preferred choice for financial management. The expansion of digital wallets is aiding the mobile payment market expansion. In 2023, 53% of Americans made more frequent use of digital wallets than traditional payment methods.
Another trend aiding the market is the rise of mobile point of sale (mPOS), which has shifted card payment processing to a wireless economy, offering a space-saving, wire-free solution for accepting payments. Apple has successfully integrated mPOS into its operations.
Some of the factors driving the mobile payment market growth are the rising internet penetration and growing smartphone ownership. Mobile payments are quick, simple, and linked to established, well-known financial processing systems and more retailers are rapidly supporting and encouraging them. Mobile payments are a viable alternative to cash, credit cards, and money held in the banking system. As a result, mobile payments are gaining popularity in developing economies.
Mobile Payment Market Report Snapshots
Mobile Payment Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the market value was nearly USD 2986.00 Billion.
The market is projected to grow at a CAGR of 18.80% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach around USD 16720.69 Billion by 2034.
The major market drivers include increasing smartphone users and rising internet penetration.
The key trends include technological advancements in the mobile payment landscape and the growth of the e-commerce sector.
The transaction modes of mobile payment include mobile web payments, near field communication, and SMS direct carrier billing, among others.
The major end users of mobile payment include personal, and business.
The major players in the market include American Express Company, Apple Inc., Google LLC, JPMorgan Chase & Co., Mastercard Incorporated, Paytm (One 97 Communications Limited), and PayPal Holdings, Inc.
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