Mobile Payment Market Size Worth USD 3,717.00 Billion in 2032 | Emergen Research

Increasing use of contactless payments and rising number of loyalty benefits in a mobile environment are key factors driving mobile payment market revenue growth

Vancouver, Dec. 28, 2023 (GLOBE NEWSWIRE) — The global mobile payment market size was USD 972.40 Billion in 2022 and is expected to register a rapid revenue CAGR of 14.3% during the forecast period. In a dynamic market landscape, the global mobile payment market is experiencing significant growth, driven by the increasing popularity of contactless payments and a surge in loyalty benefits within the mobile environment. The rise of mobile payment apps has transformed the way customers conduct online transactions, offering a convenient and secure alternative. Technological advancements, particularly in Near Field Communication (NFC) and Quick Response (QR) codes, have facilitated Point-of-Sale (POS) mobile payments, allowing renowned brands to enter the mobile payment space and cater to the evolving needs of businesses and consumers.

Major developments include Samsung Electronics partnering with Naver Financial to enhance the mobile payment experience, benefitting users of Naver Pay and Samsung Pay. The collaboration enables Naver Pay users to utilize Samsung Pay’s Magnetic Security Transport (MST) option for offline payments, creating a seamless synergy between the two platforms.

The market’s growth is further propelled by the rapid expansion of the E-commerce sector and increased internet penetration. Notably, mobile wallets accounted for approximately 50% of global e-commerce payments in 2022. In India, Paytm introduced the Card Soundbox device, enabling merchants to accept both mobile and card payments across various networks, fostering versatility in payment options.

However, despite the remarkable progress, security concerns remain a key factor potentially hindering market growth. Traditional payment methods have ingrained trust among consumers over the years, and the adoption of new technologies faces resistance, primarily due to the increasing threat of fraud. The storage of personal data in mobile payment methods poses a risk of unauthorized access, raising concerns about data security among users.

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Key Findings by Transaction Mode:

Mobile Application Dominates: In 2022, the mobile application segment captured the largest revenue share in the global mobile payment market. The widespread adoption of mobile apps, offering secure storage of payment information and utilizing various technologies such as NFC and QR codes, contributes to this dominance. Mobile apps incorporating Buy-Now-Pay-Later strategies are anticipated to gain significant traction, especially among younger consumers.

Location Insights:

Remote Payment Gains Momentum: The remote payment segment is projected to witness moderately fast revenue growth, driven by the increasing use of remote payments that securely store payment and user identity information. Remote wallets, exemplified by PayPal, serve as aggregators for various payment methods, enhancing security and convenience for users.

Proximity Payments Drive Innovation: Proximity payments at physical POS terminals are expected to exhibit steady revenue growth. This method, utilizing mobile phones and devices for transactions, aligns with the digitalization trend. Proximity mobile wallets, akin to virtual credit cards, enhance the digital experiences of consumers and streamline payment processes for businesses.

End-Use Dynamics:

BFSI Leads the Way: The Banking, Financial Services, and Insurance (BFSI) segment is poised to secure the largest revenue share in the global mobile payment market. Banks are increasingly developing customized payment solutions to address specific challenges in wealth management, lending, and insurance. Initiatives such as the Federal Reserve’s FedNow Service signify a concerted effort to provide instant payment solutions.

Regional Insights:

Asia Pacific Takes the Lead: The Asia Pacific market claimed the largest revenue share in 2022, driven by shifting lifestyles, online retail developments, and increased smartphone usage. Government initiatives promoting cashless transactions further contribute to the region’s growth. Notable partnerships, such as Apple Pay’s collaboration with Hyundai Card in South Korea, exemplify the region’s commitment to digital payment evolution.

North America Displays Rapid Growth: With multiple key industry players and early adoption of innovations, the North America market is anticipated to witness the fastest revenue growth. The expansion of e-commerce, coupled with government initiatives to modernize payment options, positions North America as a hub for mobile payment solutions.

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Scope of Research

Report Details Outcome
Market Size in 2022 USD 972.40 Billion
CAGR (2023–2032) 14.3%
Revenue Forecast To 2032 USD 3,717.00 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Location, mode of transaction, payment type, end-use, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Google LLC, Samsung Group, Inc., Apple Inc., Paypal Inc., Visa Inc., MasterCard Inc.,, American Express Banking Corp., and MobiKwik System Limited
Customization Scope 10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global mobile payment market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective mobile payments solutions in the market. Some major players included in the global mobile payment market report are:

  • Google LLC
  • Samsung Group
  • Inc.
  • Apple Inc.
  • Paypal Inc.
  • Visa Inc.
  • MasterCard Inc.
  • American Express Banking Corp.
  • MobiKwik System Limited

Strategic Development

  • On 11 April 2023, Visa announced its partnership with PayPal and Venmo to pilot Visa+. This innovative service promises to make it easier for users to transfer funds swiftly and securely between various Peer-to-Peer (P2P) digital payment apps. Through this partnership, Visa+ will broaden its audience and enable other use cases, such as gig, creator, and marketplace payouts,. Through Visa+, participating neo-banks, digital wallets, and other payment applications with millions of U.S. users will be able to allow interoperability.
  • On 23 March 2023, PayPal announced Secure Payments to customers to operate its account by introducing passkeys on Apple iOS as a safe and secure log-in method for eligible PayPal customers and passkeys to eligible customers on Google Android devices, starting on Android mobile web.
  • On 14 February 2023, Visa Inc. announced its collaboration with Tingo Mobile, to expand its digital payment solutions across Africa. The company collaborated with Tingo Mobile to focus on its existing users to enhance its payment services.

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For the purpose of this report, Emergen Research has segmented the global mobile payment market on the basis of location, mode of transaction, payment type, and end-use, and region:

  • Location (Revenue, USD Billion; 2019-2032)
    • Proximity
    • Remote
  • Mode of Transaction Outlook (Revenue, USD Billion; 2019-2032)
    • Mobile Web Payments
    • Near Field Communication
    • Mobile Application
    • Others
  • Payment Type (Revenue, USD Billion; 2019-2032)
    • Business to Business (B2B)
    • Business to Customer (B2C)
    • Business to Government (B2G)
    • Others
  • End-use Outlook (Revenue, USD Billion; 2019-2032)
    • Banking, Financial Services, and Insurance (BFSI)
    • Media & Entertainment
    • Retail & E-commerce
    • Healthcare
    • Information Technology (IT) & Telecom
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Russia
      8. Rest of Europe
    • Asia Pacific
      1. China
      2. Japan
      3. South Korea
      4. India
      5. ASEAN Countries
      6. Oceania
      7. Rest of APAC
    • Latin America
      1. Brazil
      2. Mexico
      3. Rest of LATAM
    • Middle East & Africa
      1. GCC Countries
      2. Israel
      3. Turkey
      4. South Africa
      5. Rest of Middle East & Africa

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