Press Release

United States Mobile Payment Market to Grow at a CAGR of 23.7% During 2024-2032, Aided by the Increasing Proliferation and Widespread Adoption of Mobile Devices

United States Mobile Payment Market

According to a new report by EMR titled, ‘The United States Mobile Payment Market Report and Forecast 2024-2032’, the market attained a value of nearly USD 641.79 billion in 2023. The market is further estimated to grow at a CAGR of 23.7% between 2024 and 2032 to reach a value of USD 4,474.00 billion by 2032.

The growth of the United States mobile payment market is driven by the surge in smartphone use, the rising trend of contactless payments, the push for secure and efficient digital transactions, and increased government initiatives and regulatory support. Mobile payments enable financial transactions via smartphones, using tools like mobile browsers and virtual wallets. Types include proximity and remote payments, employing technologies like NFC, QR codes, and mobile apps. This innovation offers convenience, speed, and security, linking bank accounts or credit cards for seamless transactions in retail, online shopping, peer-to-peer transfers, and public transport fare payments.


Fig.: Individuals using the Internet (% of population) in the United States, 2000-2021

United States Mobile Payment Market


The U.S. mobile payment market benefits from the rising popularity of mobile wallets, valued for their ease of use, convenience, and security. Open mobile wallets enhance flexibility by enabling users to store various payment methods not restricted to a single company.


Government initiatives and regulatory support have significantly boosted mobile payments in the U.S. By promoting secure, efficient digital transactions and encouraging the adoption of modern payment technologies, policies have fostered a favourable environment for the growth of mobile payments.


The rise of contactless payments is transforming the mobile payment landscape. With growing hygiene and convenience concerns, consumers seek safer, seamless transaction methods. Mobile payment platforms provide a compelling solution, enabling secure payments with a simple phone tap on contactless terminals. This meets modern consumers' preferences for speed, efficiency, and minimal physical contact during financial interactions.


Read more about this report REQUEST FREE SAMPLE COPY IN PDF


Market Breakup by Technology, Payment Type, Location, End Use, and Region:

  • The market is segmented based on technology into direct mobile billing, near field communication, mobile web payment, SMS, and mobile application, among others.
  • Based on the payment type, the market is segregated into B2B, B2C, and B2G.
  • On the basis of location, the market can be categorised into remote payment and proximity payment.
  • The market is further divided based on end use into BFSI, healthcare, IT and telecom, media and entertainment, retail and e-commerce, and transportation, among others.
  • By region, the market is categorised into New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.


Key Findings of the Report:

  • Remote payments maintain a substantial portion of the mobile payment market in the United States, primarily due to the implementation of strong security measures such as biometrics, two-factor authentication, and OTPs. The escalating requirement for recurring payment solutions, propelled by the ascent of subscription-based services, serves to further bolster the growth of this segment.
  • The retail and e-commerce sectors are poised for substantial expansion, propelled by the integration of mobile payment systems that enhance both speed and convenience. Retailers' introduction of rewards and loyalty programs for mobile payment use further boosts U.S. mobile payment market demand.
  • The proliferation of smartphones and the widespread accessibility of the internet have enabled users to conduct financial transactions without being bound by physical locations. Mobile payments enable anytime, anywhere purchases, fund transfers, and bill settlements, reducing cash reliance. Apps and platforms allow storing multiple payment methods, including credit cards, debit cards, and digital wallets, in one application.
  • With online shopping booming, consumers demand seamless, secure payment options. Mobile payment platforms meet this need by storing payment credentials and enabling swift transactions, eliminating the need to manually enter details for each purchase.


Key Offerings of the Report:

  • The EMR report gives an overview of the mobile payment market in the United States for the periods (2018-2023) and (2024-2032).
  • The report also offers historical (2018-2023) and forecast (2024-2032) market information for the technology, payment type, location, end use, and region of the United States mobile payment market.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.


The major players in the United States mobile payment market are PayPal Holdings Inc., Apple Inc., Alphabet Inc., Block, Inc., Samsung Electronics Co. Ltd., Microsoft Corp., Mastercard Inc., Inc., MoneyGram International, Inc., and Visa Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.


Key Highlights of the Report

Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Technology
  • Payment Type
  • Location
  • End Use
  • Region
Breakup by Technology
  • Direct Mobile Billing
  • Near Field Communication
  • Mobile Web Payment
  • SMS
  • Mobile Application
  • Others
Breakup by Payment Type
  • B2B
  • B2C
  • B2G
Breakup by Location
  • Remote Payment
  • Proximity Payment
Breakup by End Use
  • BFSI
  • Healthcare
  • IT and Telecom
  • Media and Entertainment
  • Retail and E-Commerce
  • Transportation
  • Others
Breakup by Region
  • New England
  • Mideast
  • Great Lakes
  • Plains
  • Southeast
  • Southwest
  • Rocky Mountain
  • Far West
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • PayPal Holdings Inc. 
  • Apple Inc. 
  • Alphabet Inc. 
  • Block, Inc. 
  • Samsung Electronics Co. Ltd. 
  • Microsoft Corp. 
  • Mastercard Inc. 
  • Inc. 
  • MoneyGram International, Inc.  
  • Visa Inc. 
  • Others


About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.


EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.


Contact Us:

Expert Market Research
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790


*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

Why Expert Market Research?

Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.