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Global Mobile Payment Market Size, Share, Report, Analysis: By Transaction Mode: Mobile Web Payments, Near Field Communication, Others; By End User: Personal, Business; By Purchase Type: Airtime Transfer and Top Ups, Money Transfers and Bill Payments, Others; By Application, Others; Regional Analysis; Competitive Landscape; 2024-2032
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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Application
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Mobile Payment Market Analysis
8.1 Key Industry Highlights
8.2 Global Mobile Payment Historical Market (2018-2023)
8.3 Global Mobile Payment Market Forecast (2024-2032)
8.4 Global Mobile Payment Market by Transaction Mode
8.4.1 Mobile Web Payments
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Near Field Communication
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 SMS Direct Carrier Billing
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Mobile Payment Market by End User
8.5.1 Personal
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Business
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Mobile Payment Market by Purchase Type
8.6.1 Airtime Transfer and Top Ups
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Money Transfers and Bill Payments
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Merchandise and Coupons
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Travel and Ticketing
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Others
8.7 Global Mobile Payment Market by Application
8.7.1 Media and Entertainment
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Energy and Utilities
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Healthcare
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Retail
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Hospitality and Transportation
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Others
8.8 Global Mobile Payment Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Mobile Payment Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Mobile Payment Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Mobile Payment Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Mobile Payment Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Mobile Payment Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 American Express Company
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Apple, Inc.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Google LLC
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 JPMorgan Chase & Co.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Mastercard Incorporated
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Paytm (One 97 Communications Limited)
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Paypal Holdings, Inc.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Mobile Payment Market: Key Industry Highlights, 2018 and 2032
2. Global Mobile Payment Historical Market: Breakup by Source (USD Billion), 2018-2023
3. Global Mobile Payment Market Forecast: Breakup by Source (USD Billion), 2024-2032
4. Global Mobile Payment Historical Market: Breakup by Transaction Mode (USD Billion), 2018-2023
5. Global Mobile Payment Market Forecast: Breakup by Transaction Mode (USD Billion), 2024-2032
6. Global Mobile Payment Historical Market: Breakup by End User (USD Billion), 2018-2023
7. Global Mobile Payment Market Forecast: Breakup by End User (USD Billion), 2024-2032
8. Global Mobile Payment Historical Market: Breakup by Purchase Type (USD Billion), 2018-2023
9. Global Mobile Payment Market Forecast: Breakup by Purchase Type (USD Billion), 2024-2032
10. Global Mobile Payment Historical Market: Breakup by Application (USD Billion), 2018-2023
11. Global Mobile Payment Market Forecast: Breakup by Application (USD Billion), 2024-2032
12. Global Mobile Payment Historical Market: Breakup by Region (USD Billion), 2018-2023
13. Global Mobile Payment Market Forecast: Breakup by Region (USD Billion), 2024-2032
14. North America Mobile Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
15. North America Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Europe Mobile Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Europe Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Asia Pacific Mobile Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Asia Pacific Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Latin America Mobile Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Latin America Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Middle East and Africa Mobile Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Middle East and Africa Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. Global Mobile Payment Market Structure
Key Questions Answered in the Report
In 2023, the market value was nearly USD 2,986.00 billion.
The market is projected to grow at a CAGR of 18.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 14,422.00 billion by 2032.
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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