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Global Mobile Payment Market: By Transaction Mode: Mobile Web Payments, Near Field Communication, Others; By End User: Personal, Business; By Purchase Type; By Application; Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments
Global Mobile Payment Market Outlook
The global mobile payment market attained a value of around USD 1,910 billion in 2020. The market is further expected to grow in the forecast period of 2021-2026 at a CAGR of 30%.
Growth in Use of Smartphones to Boost the Mobile Payment Industry
Consumers are increasingly using wireless devices as a part of their current lifestyles, resulting in significant development in mobile payments. Because mobile payments are quick, simple, and linked to established, well-known financial processing systems, more retailers are rapidly supporting and encouraging them. Similarly, for many individuals, the internet has become an integral part of their lives. This has boosted the global prevalence of smartphones and internet users, propelling the mobile payment industry forward.
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Mobile payments are a viable alternative to cash, credit cards, and even money held in the banking system. This is particularly true in underdeveloped nations, where present financial services are unavailable or limited. As there is a rise in the internet penetration in these regions, the demand for mobile payment has also expanded. Thus, the mobile payment industry has been growing at a robust rate.
During the COVID-19 pandemic, the high demand for contactless payments in retail stores propelled the market growth. In addition, the implementation and adoption of social distancing norms further boosted the consumer use of electronic payment systems.
Mobile Payment: Industry Definition and Segmentation
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.
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The major transaction modes of mobile payment are:
- Mobile Web Payments
- Near Field Communication
- Others
The market can be broadly categorised on the basis of its end user segments into:
- Personal
- Business
The market on the basis of purchase type can be segmented into:
- Airtime Transfer and Top Ups
- Money Transfer and Bill Payments
- Merchandise and Coupons
- Travel and Ticketing
- Others
The major applications of mobile payment are:
- Media and Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
The EMR report looks into the regional markets of mobile payments like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Progression in the Banking Sector to Flourish the Mobile Payment Industry
In terms of payment prototypes, the bank-centric model, in which traditional financial institutions are relied upon for clearing and settlement, is rapidly being replaced by a more decentralised model that at times may involve settlement by non-financial service providers, or on a peer basis, and/or a collaborative model. The latter approach involves collaboration between banks, mobile carriers, and other players in the mobile payments value chain, including a possible trusted third party that handles mobile application deployment. The growing popularity of the collaborative model is expected to boost the market growth of mobile payment in the coming years.
Key Industry Players in the Global Mobile Payment Market
The report presents a detailed analysis of the following key players in the global mobile payment market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- American Express Co.
- Apple Inc.
- Google LLC
- JPMorgan Chase & Co.
- Mastercard Incorporated
- One97 Communications Ltd.
- PayPal Holding, Inc.
- Others
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2020 |
| Historical Period | 2016-2020 |
| Forecast Period | 2021-2026 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Transaction Mode, End User, Purchase Type, Application, Region |
| Breakup by Transaction Mode | Mobile Web Payments, Near Field Communication, Others |
| Breakup by End User | Personal, Business |
| Breakup by Purchase Type | Airtime Transfer and Top Ups, Money Transfers and Bill Payments, Merchandise and Coupons, Travel and Ticketing, Others |
| Breakup by Application | Media and Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality and Transportation, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, EMR’s Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | American Express Company, Apple, Inc, Google LLC, JPMorgan Chase & Co, Mastercard Incorporated, One97 Communications Ltd., Paypal Holdings, Inc, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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 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 Transaction Mode
8.4.1 Mobile Web Payments
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 Near Field Communication
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2016-2020)
8.4.2.3 Forecast Trend (2021-2026)
8.4.2.4 SMS Direct Carrier Billing
8.4.2.5 Market Share
8.4.2.6 Historical Trend (2016-2020)
8.4.2.7 Forecast Trend (2021-2026)
8.4.3 Others
8.5 Global Mobile Payment Market by End User
8.5.1 Personal
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 Business
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2016-2020)
8.5.2.3 Forecast Trend (2021-2026)
8.6 Global Mobile Payment Market by Purchase Type
8.6.1 Airtime Transfer and Top Ups
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2016-2020)
8.6.1.3 Forecast Trend (2021-2026)
8.6.2 Money Transfers and Bill Payments
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2016-2020)
8.6.2.3 Forecast Trend (2021-2026)
8.6.3 Merchandise and Coupons
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2016-2020)
8.6.3.3 Forecast Trend (2021-2026)
8.6.4 Travel and Ticketing
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2016-2020)
8.6.4.3 Forecast Trend (2021-2026)
8.6.5 Others
8.7 Global Mobile Payment Market by Application
8.7.1 Media and Entertainment
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2016-2020)
8.7.1.3 Forecast Trend (2021-2026)
8.7.2 Energy and Utilities
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2016-2020)
8.7.2.3 Forecast Trend (2021-2026)
8.7.3 Healthcare
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2016-2020)
8.7.3.3 Forecast Trend (2021-2026)
8.7.4 Retail
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2016-2020)
8.7.4.3 Forecast Trend (2021-2026)
8.7.5 Hospitality and Transportation
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2016-2020)
8.7.5.3 Forecast Trend (2021-2026)
8.7.6 Others
8.8 Global Mobile Payment Market by Region
8.8.1 Market Share
8.8.1.1 North America
8.8.1.2 Europe
8.8.1.3 Asia Pacific
8.8.1.4 Latin America
8.8.1.5 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 Breakup 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 Breakup 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 Breakup 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 Breakup 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 Breakup 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 Buyer’s 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 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 American Express Company
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Apple, Inc
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Google LLC
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 JPMorgan Chase & Co
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Mastercard Incorporated
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 One97 Communications Ltd.
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Paypal Holdings, Inc
12.2.7.1 Company Overview
12.2.7.2 Product Portfolio
12.2.7.3 Demographic Reach and Achievements
12.2.7.4 Certifications
12.2.8 Others
13 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 Source (USD Billion), 2016-2020
3. Global Mobile Payment Market Forecast: Breakup by Source (USD Billion), 2021-2026
4. Global Mobile Payment Historical Market: Breakup by Transaction Mode (USD Billion), 2016-2020
5. Global Mobile Payment Market Forecast: Breakup by Transaction Mode (USD Billion), 2021-2026
6. Global Mobile Payment Historical Market: Breakup by End User (USD Billion), 2016-2020
7. Global Mobile Payment Market Forecast: Breakup by End User (USD Billion), 2021-2026
8. Global Mobile Payment Historical Market: Breakup by Purchase Type (USD Billion), 2016-2020
9. Global Mobile Payment Market Forecast: Breakup by Purchase Type (USD Billion), 2021-2026
10. Global Mobile Payment Historical Market: Breakup by Application (USD Billion), 2016-2020
11. Global Mobile Payment Market Forecast: Breakup by Application (USD Billion), 2021-2026
12. Global Mobile Payment Historical Market: Breakup by Region (USD Billion), 2016-2020
13. Global Mobile Payment Market Forecast: Breakup by Region (USD Billion), 2021-2026
14. North America Mobile Payment Historical Market: Breakup by Country (USD Billion), 2016-2020
15. North America Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2021-2026
16. Europe Mobile Payment Historical Market: Breakup by Country (USD Billion), 2016-2020
17. Europe Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2021-2026
18. Asia Pacific Mobile Payment Historical Market: Breakup by Country (USD Billion), 2016-2020
19. Asia Pacific Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2021-2026
20. Latin America Mobile Payment Historical Market: Breakup by Country (USD Billion), 2016-2020
21. Latin America Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2021-2026
22. Middle East and Africa Mobile Payment Historical Market: Breakup by Country (USD Billion), 2016-2020
23. Middle East and Africa Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2021-2026
24. Global Mobile Payment Market Structure
Key Questions Answered in the Report
In 2020, the global mobile payment market attained a value of nearly USD 1,910 billion.
The market is projected to grow at a CAGR of 30% between 2021 and 2026.
The major drivers for the mobile payment industry include the expanding use of smartphones, technological upgradation, and the rising prevalence of e-commerce industry.
The major industry trends are the growing use of artificial intelligence (AI), changes in the banking sector, and government initiatives like digitalisation.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major transaction modes of mobile payment in the industry are mobile web payments and near field communication, among others.
The leading end users in the market are personal and business.
The significant purchase types in the mobile payment industry are airtime transfer and top ups, money transfer and bill payments, merchandise and coupons, and travel and ticketing, among others.
The major application segments of mobile payments are media and entertainment, energy and utilities, healthcare, retail, and hospitality and transportation, among others.
The major players in the industry are American Express Co, Apple Inc, Google LLC, JPMorgan Chase & Co., Mastercard Incorporated, One97 Communications Ltd, and PayPal Holdings, Inc., among others.
Analyst Review
The global mobile payment market attained a value of USD 1,910 billion in 2020, driven by the rising prevalence of e-commerce among the growing population. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 30%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on the transaction mode, the industry can be divided into mobile web payments and near field communication, among others. Based on its end users, the mobile payment industry can be segmented into personal and business. On the basis of purchase type, the industry is divided into airtime transfer, money transfer and bill payments, merchandise and coupons, travel and ticketing, among others. On basis of applications, the mobile payment industry is divided into media and entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others. The major regional markets for mobile payments are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include American Express Co, Apple Inc, Google LLC, JPMorgan Chase & Co., Mastercard Incorporated, One97 Communications Ltd, PayPal Holdings, Inc., 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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