Mobile Payment Market - By Technology (Near Field Communication (NFC), Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App, Others), By Type (B2B, B2C, B2G), By Location, By End Use, Forecast 2023 – 2032

Published Date: March - 2025 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format

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Mobile Payment Market - By Technology (Near Field Communication (NFC), Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App, Others), By Type (B2B, B2C, B2G), By Location, By End Use, Forecast 2023 – 2032

Mobile Payment Market Size

You might have already noticed that more and more individuals are making payments using their phones. This trend is only going to grow, and experts predict that the global mobile payment market will be more than $965 billion in 2022 and increasing by over 14.5% annually until 2032. One of the key drivers of this increase is the fact that so many individuals now have smartphones. This allows it to be simple for them to make mobile payment app purchases so they can quickly and securely buy what they need. The convenience of paying with your phone rather than a card or cash is leading a large number of individuals to utilize these apps. As more and more people turn to mobile payments, the market will keep expanding.

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The increasing digitization of payment services is one of the major drivers of the mobile payment market expansion. With traditional payment systems becoming more digital in nature, customers are getting more comfortable with cashless payments. This has spurred the use of mobile payment applications and services, providing easy, secure & convenient means of payment. The convenience of use as well as the incorporation of mobile payment options into daily routines further promote consumers and enterprises to adopt this revolution in digital payments.
 

Mobile Payment Market Report Attributes
Report Attribute Details
Base Year 2022
Mobile Payment Market Size in 2022 USD 965.9 Billion
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 14.5%
2032 Value Projection USD 3,911.5 Billion
Historical Data for 2018 to 2022
No. of Pages 350
Tables, Charts & Figures 385
Segments covered Technology, Type, Location, End Use
Growth Drivers
  • Rising smartphone users across the globe
  • The rising digitization of payment services
  • Rising popularity of mobile wallets
  • Growing e-commerce businesses
  • Proliferation of financial services in developing countries
Pitfalls & Challenges
  • Data breaches and identity theft concerns
  • Stringent regulatory landscape

What are the growth opportunities in this market?

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Security issues present a major hurdle to the expansion of the mobile payment market. With more online transactions, data breaches, identity theft, and fraud become likely. Consumers fear the security of their financial details, which has an impact on their confidence in mobile payment platforms. These issues need to be addressed through secure encryption, authentication processes, and cybersecurity measures. Ongoing work to improve security features is key to building trust among consumers and encouraging mass uptake of mobile payment technologies.

Impact of COVID-19
The COVID-19 pandemic has further boosted the take-up of mobile payment solutions. Fears surrounding physical contact with cash resulted in a sharp spike in contactless payments, which were enabled through mobile applications and digital wallets. Consumers, firms, and governments alike promoted mobile payments to help reduce virus transmission. This change in attitude not only added convenience but also created a more secure and sanitary payment environment, resulting in global acceptance and additional expansion of the mobile payment sector.

Mobile Payment Market Trends
Human-Like RewriteArtificial Intelligence (AI) is similar to a forceful tool that's assisting companies in combating fraud like never before. Businesses are investing a lot of cash in building brilliant AI systems capable of identifying and preventing fraud in its tracks, like a good guard dog. For instance, in August 2023, the big boss of Paytm announced that they're investing lots of money in AI to make super-intelligent software that is able to differentiate between good people and bad guys when dealing with money. They're doing this so that financial institutions such as banks and credit unions can remain ahead of fraud and keep their funds secure. The AI system they're developing is able to sniff out even the most cunning frauds and prevent businesses from being caught out by the newest tricks that fraudsters attempt to play. It's like having a financial superhero watch your back, guarding your hard-earned cash.

Mobile Payment Market Analysis
Discover more about the major segments influencing this market

Suppose you're running around town, wanting to purchase a new T-shirt. You can go into a shop and pay cash or use a card, but you don't feel like it. That's where mobile payments are useful—you can pull out your phone and pay immediately. Now, there are two broad categories of mobile paymentsremote payments and proximity payments. Remote payments are payments you make while you're not in the presence of the individual or business that you're making the payment to. Such as when you're shopping online or paying bills from an app. These kinds of payments are ridiculously popular because they're just that easy. You can pay for things from the comfort of your couch, while wearing your jammies, at 2 AM—it's all the same! The other is proximity payments, which you employ when you're standing next to the person or store you're paying. Consider tapping your phone against a payment terminal in a coffee shop. These payments are frequently even faster and more convenient than remote payments. Both forms of mobile payments have their benefits, and they're both making it more convenient for us to purchase items and handle our finances.

Find out more about the dominant segments driving this market

So, you're out shopping and it's time to pay. You've got lots of choices these days, and one of them is to use your phone to pay. That's called mobile payment. Now, there are various sorts of mobile payment depending on what you're purchasing. For instance, you can pay for banking services, healthcare, even entertainment using your phone. But the lion's share of mobile payment goes to the banking and financial services sector. That's what the BFSI sector is. Banks held around 23% of the mobile payment market in 2022. That's because banks have been launching these nifty digital payment apps. These apps allow us to do our banking easily and securely, and they're very popular. For instance, Canara Bank recently released an app that allows you to pay with digital currency. You simply scan a QR code on your phone, and voila, you're finished. This is significant because it makes digital currency more convenient and accessible. All these new applications are creating innovation in the mobile payment market. Banks are competing to provide the best and most convenient service to their users. And that's causing the entire industry to grow and evolve.

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Asia Pacific dominated the world market with a significant share of approximately 46% in 2022. Government efforts in the Asia Pacific region have been instrumental in fueling the growth of the mobile payment market. Governments across the world have supported digital payments as part of their overall financial inclusion policies. Governments have incentivized consumers and businesses alike through regulatory support, awareness campaigns & subsidies to embrace mobile payment solutions. These schemes not only enable easy transactions but also help considerably in minimizing cash dependence, enhancing the efficient and secure financial system in the region.

Mobile Payment Market Share

Major players operating in the mobile payment market are

Google and Apple are dominating the mobile payment industry with a prominent market share. The mobile payment industry is intense with key players continuously innovating to offer secure, convenient, and user-friendly solutions, driving market growth and shaping industry standards.

Mobile Payment Industry News

  • In October 2023, Global Payments Inc. and Visa launched Mobile Tap, a payment solution that enables Singaporean sellers to accept payments using smartphones, thus eliminating the requirement for additional hardware. Utilizing Visa’s Tap to Phone (TTP) technology, this solution is accessible to merchants with NFC-enabled Android devices via a designated app. Consequently, traditional point-of-sale terminals are rendered unnecessary, simplifying the payment process for merchants and customers alike.

The mobile payment market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion), transactional value (USD Billion) and transactional volume (million) from 2018 to 2032, for the following segments

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By Technology

  • Near Field Communication (NFC)
  • Direct Mobile Billing
  • Mobile Web Payment
  • SMS
  • Interactive Voice Response System
  • Mobile App
  • Others

By Type

  • B2B
  • B2C
  • B2G
  • Others

By Location

  • Remote Payment
  • Proximity Payment

By End Use

  • BFSI
  • Healthcare
  • IT & Telecom
  • Media & Entertainment
  • Retail & E-commerce
  • Transportation
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
    • Thailand
    • Indonesia
    • Philippines 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa

 

 

 

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Table of Content

Here’s a Table of Contents (ToC) for a report on the Mobile Payment Market:

Table of Contents

  1. Executive Summary

    • Market Overview

    • Key Findings

    • Market Trends and Opportunities

  2. Introduction

    • Definition of Mobile Payment

    • Scope of the Report

    • Research Methodology

  3. Market Dynamics

    • Market Drivers

    • Market Restraints

    • Opportunities and Challenges

  4. Market Segmentation

    • By Payment Type

      • Proximity Payment

      • Remote Payment

    • By Technology

      • Near Field Communication (NFC)

      • QR Code Payment

      • Mobile Wallets

      • SMS-based Payments

      • Direct Carrier Billing

      • Others

    • By Transaction Mode

      • Point of Sale (POS) Transactions

      • Online Payments

      • Peer-to-Peer (P2P) Transfers

    • By End-User

      • Individuals

      • Businesses

    • By Industry Vertical

      • Banking, Financial Services, and Insurance (BFSI)

      • Retail & E-commerce

      • Healthcare

      • Transportation & Logistics

      • IT & Telecommunications

      • Entertainment & Media

      • Government & Public Sector

      • Hospitality & Travel

      • Others

  5. Regional Analysis

    • North America

    • Europe

    • Asia-Pacific

    • Latin America

    • Middle East & Africa

  6. Competitive Landscape

    • Market Share Analysis

    • Key Players and Company Profiles

    • Recent Developments & Strategies

  7. Market Forecast and Future Trends

    • Growth Projections

    • Emerging Technologies (AI, Blockchain, 5G, Biometrics)

    • Regulatory and Compliance Impact

  8. Case Studies and Use Cases

    • Successful Implementations

    • Industry Best Practices

  9. Conclusion and Recommendations

  10. Appendix

  • List of Abbreviations

  • References

 

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