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Global Mobile Payment Market: By Mode of Transaction: WAP, NFC, SMS, USSD, Others; By Application: Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality and Transportation, Others; Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Mobile Payment Market Outlook
The global mobile payment market size was nearly USD 1,140 billion in 2020. The industry is further expected to grow at a CAGR of 22.5% in the forecast period of 2021-2026 to attain USD 3852.3 billion by 2026.
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The global mobile payment market is being driven by the growing demand for convenient services, growth in the number of smartphone users, and rapid advancement in technology. The SMS (Short Message Service) segment, among various modes of transaction, dominates the industry. Currently, retail represents the leading application sector, accounting for the majority of the global market share.
Region-wise, the Asia Pacific dominates the global mobile payment market, accounting for a significant market share. The growth of the market in the region can be attributed to the factors like the increasing acceptance of technology, growing smartphone and internet penetration, and rising consumer awareness.
Properties and Applications
Mobile payment, generally referred to as m-payment, is an e-payment method which involves the use of mobile devices to authorise, initiate, and confirm an exchange or transfer of money. In 2000, the first-ever patent on the mobile payment technology was filed, and since then, this technology has been growing rapidly. This technology is facilitated by the availability of point-of-sale (POS) terminals, which allows the processing of transactions with the help of nearfield communications.
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On the basis of mode of transaction, the global mobile payment industry is divided into:
- WAP
- NFC
- SMS
- USSD
- Others
On the basis of application, the industry can be further segmented into:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
The report also covers the regional mobile payment markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
The mobile payment market has been witnessing a healthy growth with the rising acceptance of technology, coupled with the increased penetration of smartphones and internet, particularly in the emerging regions. With the advancement in technology, the mobile payment industry has been experiencing a continuous evolution. Mobile phone payments offer enhanced security features, such as OTP generation, password protection, and others, which is further boosting the industry growth.
Mobile payment services are gaining popularity due to the changing preference of customers. The growing consumer demand for quick and hassle-free services is supporting the industry growth. Enhanced security features in mobile payment technology have encouraged many banks to offer online services. The growing trend of immediate transactions and user-friendly applications are one of the major factors that will have a positive impact on the mobile payment market growth globally. In emerging nations like India, the government is taking several initiatives to promote digital payment services among consumers, which is anticipated to create enhanced opportunities for the mobile payment market expansion in such regions.
Digital payment makes the shopping experience for consumers much faster and more comfortable. Further, mobile payment services can be easily incorporated with loyalty and incentive programmes, providing consumers with various discounts and reward points. In addition to this, the growing number of competitors and increased investment in the industry with evolving security features are expected to further drive the growth of the mobile payment industry over the forecast period.
Competitive Landscape
The report gives a detailed analysis of the following key players in the global mobile payment market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Worldline
- Mastercard International Incorporated
- Apple Inc.
- PayPal
- American Express Banking Corp.
- Bank of America Corporation
- FIS
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Market 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 Industry Opportunities and Challenges
8 Global Mobile Payment Market Analysis
8.1 Key Industry Highlights
8.2 Global Mobile Payment Historical Market (2016-2020)
8.3 Global Mobile Payment Market Forecast (2021-2026)
8.4 Global Mobile Payment Market by Mode of Transaction
8.4.1 WAP
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2016-2020)
8.4.1.3 Forecast Trend (2021-2026)
8.4.2 NFC
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2016-2020)
8.4.2.3 Forecast Trend (2021-2026)
8.4.3 SMS
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2016-2020)
8.4.3.3 Forecast Trend (2021-2026)
8.4.4 USSD
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2016-2020)
8.4.4.3 Forecast Trend (2021-2026)
8.4.5 Others
8.5 Global Mobile Payment Market by Application
8.5.1 Entertainment
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2016-2020)
8.5.1.3 Forecast Trend (2021-2026)
8.5.2 Energy and Utilities
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2016-2020)
8.5.2.3 Forecast Trend (2021-2026)
8.5.3 Healthcare
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2016-2020)
8.5.3.3 Forecast Trend (2021-2026)
8.5.4 Retail
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2016-2020)
8.5.4.3 Forecast Trend (2021-2026)
8.5.5 Hospitality and Transportation
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2016-2020)
8.5.5.3 Forecast Trend (2021-2026)
8.5.6 Others
8.6 Global Mobile Payment Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2016-2020)
9.1.2 Forecast Trend (2021-2026)
9.1.3 Market by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2016-2020)
9.2.2 Forecast Trend (2021-2026)
9.2.3 Market by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2016-2020)
9.3.2 Forecast Trend (2021-2026)
9.3.3 Market by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2016-2020)
9.4.2 Forecast Trend (2021-2026)
9.4.3 Market by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2016-2020)
9.5.2 Forecast Trend (2021-2026)
9.5.3 Market by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyers Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 EMR’s Key Indicators for Demand
10.4 EMR’s Key Indicators for Price
11 Value Chain Analysis
12 Price Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players' Market Share
13.3 Company Profiles
13.3.1 Worldline
13.3.1.1 Company Overview
13.3.1.2 Demographic Reach and Achievements
13.3.1.3 Certifications
13.3.2 Mastercard International Incorporated
13.3.2.1 Company Overview
13.3.2.2 Demographic Reach and Achievements
13.3.2.3 Certifications
13.3.3 Apple Inc.
13.3.3.1 Company Overview
13.3.3.2 Demographic Reach and Achievements
13.3.3.3 Certifications
13.3.4 PayPal
13.3.4.1 Company Overview
13.3.4.2 Demographic Reach and Achievements
13.3.4.3 Certifications
13.3.5 American Express Banking Corp.
13.3.5.1 Company Overview
13.3.5.2 Demographic Reach and Achievements
13.3.5.3 Certifications
13.3.6 Bank of America Corporation
13.3.6.1 Company Overview
13.3.6.2 Demographic Reach and Achievements
13.3.6.3 Certifications
13.3.7 FIS
13.3.7.1 Company Overview
13.3.7.2 Demographic Reach and Achievements
13.3.7.3 Certifications
13.3.8 Others
14 Industry Events and Developments
List of Figures and Tables
1. Global Mobile Payment Market: Key Industry Highlights, 2016 and 2026
2. Global Mobile Payment Historical Market: Breakup by Mode of Transaction (USD Billion), 2016-2020
3. Global Mobile Payment Market Forecast: Breakup by Mode of Transaction (USD Billion), 2021-2026
4. Global Mobile Payment Historical Market: Breakup by Application (USD Billion), 2016-2020
5. Global Mobile Payment Market Forecast: Breakup by Application (USD Billion), 2021-2026
6. Global Mobile Payment Historical Market: Breakup by Region (USD Billion), 2016-2020
7. Global Mobile Payment Market Forecast: Breakup by Region (USD Billion), 2021-2026
8. North America Mobile Payment Historical Market: Breakup by Country (USD Billion), 2016-2020
9. North America Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2021-2026
10. Europe Mobile Payment Historical Market: Breakup by Country (USD Billion), 2016-2020
11. Europe Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2021-2026
12. Asia Pacific Mobile Payment Historical Market: Breakup by Country (USD Billion), 2016-2020
13. Asia Pacific Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2021-2026
14. Latin America Mobile Payment Historical Market: Breakup by Country (USD Billion), 2016-2020
15. Latin America Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2021-2026
16. Middle East and Africa Mobile Payment Historical Market: Breakup by Country (USD Billion), 2016-2020
17. Middle East and Africa Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2021-2026
18. Global Mobile Payment Market Structure
Key Questions Answered in the Report
The global mobile payment market reached a value of USD 1,140 billion in 2020.
The market is projected to grow at a CAGR of nearly 22.5% in the forecast period of 2021-2026.
The market is estimated to reach a value of about USD 3852.3 billion by 2026.
The major drivers of the industry include the rising disposable incomes, increasing population, rising demand for convenient services, rising number of smartphone users, rapid advancement in technology, increasing acceptance of technology, rising smartphone and internet penetration, and the growing consumer awareness.
The growing trends of immediate transactions and user-friendly applications, with governments taking several initiatives to promote digital payment services are expected to be the key trends guiding the growth of the industry.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the leading regions in the market, with the Asia Pacific accounting for the largest market share.
The major modes of transactions in the industry include WAP, NFC, SMS, and USSD, among others.
The major application sectors in the industry include entertainment, energy and utilities, healthcare, retail, and hospitality and transportation, among others.
The leading players in the market are Worldline, Mastercard International Incorporated, Apple Inc., PayPal, American Express Banking Corp., Bank of America Corporation, and FIS, among others.
Analyst Review
The global mobile payment market attained a value of USD 1,140 billion in 2020, driven by the increasing number of smartphone users. Aided by the increased internet penetration, the industry is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 22.5%. The industry is projected to reach USD 3852.3 billion by 2026.
EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on its modes of transaction, the global market for mobile payment can be segmented into WAP, NFC, SMS, and USSD, among others. On the basis of application, the industry can be divided into entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others. The major regional markets for mobile payment are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest share of the market. The key players in the above industry include Worldline, Mastercard International Incorporated, Apple Inc., PayPal, American Express Banking Corp., Bank of America Corporation, and FIS, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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