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Global Mobile Payment Market Size, Share, Report, Analysis: By Transaction Mode: Mobile Web Payments, Near Field Communication, Others; By End User: Personal, Business; By Purchase Type: Airtime Transfer and Top Ups, Money Transfers and Bill Payments, Others; By Application, Others; Regional Analysis; Competitive Landscape; 2024-2032
Global Mobile Payment Market Outlook
The global mobile payment market size reached a value of nearly USD 2,986.00 billion in 2023. The market is projected to grow at a CAGR of 18.8% between 2024 and 2032 to reach around USD 14,422.00 billion by 2032.
Key Takeaways
- In 2021, smartphone penetration increased to 85%. Around 15% of American adults only use their smartphones for internet access.
- American Express Company, Apple Inc., and Google LLC are a few of the major companies in the market.
- In terms of payment prototypes, the bank-centric model is rapidly being replaced by a more decentralised model that may involve settlement by non-financial service providers.
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.
Mobile payments have experienced significant growth, with smartphones becoming the preferred choice for financial management. The expansion of digital wallets is aiding the mobile payment market expansion. In 2023, 53% of Americans made more frequent use of digital wallets than traditional payment methods.
Another trend aiding the market is the rise of mobile point of sale (mPOS), which has shifted card payment processing to a wireless economy, offering a space-saving, wire-free solution for accepting payments. Apple has successfully integrated mPOS into its operations.
Some of the factors driving the mobile payment market growth are the rising internet penetration and growing smartphone ownership. Mobile payments are quick, simple, and linked to established, well-known financial processing systems and more retailers are rapidly supporting and encouraging them. Mobile payments are a viable alternative to cash, credit cards, and money held in the banking system. As a result, mobile payments are gaining popularity in developing economies.
Key Trends and Developments
Increasing internet penetration; surging smartphone users; government initiatives to promote digital payments; and technological advancements and innovations support the mobile payment market growth.
| Date | Company | Details |
| October 2023 | Google LLC | Google Pay India introduced a loan option to support small traders, eliminating the need for traditional banks. |
| October 2023 | CCAvenue | The payment gateway CCAvenue.ae, a subsidiary of the fintech company Infibeam Avenues, unveiled a mobile-based QR Code payment solution tailored for merchants operating in the UAE market. |
| September 2023 | Mastercard | Mastercard and UK fintech Paysend partnered to improve cross-border payments for SMEs. |
| September 2023 | Paytm | In a groundbreaking initiative, the fintech behemoth Paytm unveiled the Paytm Card Soundbox, which facilitates card payments alongside mobile payments through QR codes, all the while delivering immediate audio payment notifications. |
| Trends | Impact |
| Increasing smartphone users | In 2023, 54% of the world's population owned a smartphone. This rising adoption of smartphones offers a growth opportunity for the utilisation of mobile payment applications. |
| Rising internet penetration | Global internet usage via mobile devices has surged by 67% in 2022-23, and the number of internet users is rising. According to industry reports, the percentage of mobile data traffic that uses 5G is expected to increase to 76% by 2029. |
| Government investments aimed at enhancing digital payment accessibility | Governments of the USA, EU, and India are investing substantial amounts to make digital payments more accessible. |
| Technological advancements | By incorporating cutting-edge technological advancements like wearables, biometrics, and the integration of blockchain technology, the mobile payment market is poised to transform the payment landscape. |
| Growth in e-commerce | The growing e-commerce market is driving a heightened demand for convenient online payment solutions such as mobile payment applications. |
Figure: Global Internet Users (in Billion), 2021
Global Mobile Payment Market Trends
Mobile payment adoption varies by region due to economic, regulatory, and banking differences. The Asia Pacific is the largest adopter, driven by its significant unbanked population, followed by Europe and North America. Companies from various backgrounds are drawn to this market, leading to competition between newcomers such as Samsung and Google, and traditional financial players.
Furthermore, the widespread availability of internet connectivity in both developed and developing economies is anticipated to be a significant catalyst for the mobile payment market growth in the coming years. The increasing adoption of QR codes allows smaller merchants to begin accepting electronic payments.
Figure: Country-wise Representation of Credit Card Ownership (age 15+) w.r.t. % of Population, 2021
Market Segmentation
Global Mobile Payment Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| Transaction Mode | Mobile Web Payments, Near Field Communication, SMS Direct Carrier Billing, Others |
| End User | Personal, Business |
| Purchase Type | Airtime Transfer and Top Ups, Money Transfers and Bill Payments, Merchandise and Coupons, Travel and Ticketing, Others |
| Application | Media and Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality and Transportation, Others |
| Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
By transaction type, mobile web payments are expected to hold a significant market share due to the flexibility and security offered by this technology
The global mobile web payments market is expected to grow in the forecast period due to the increasing use of mobile devices and the increasing popularity of mobile payments. Mobile wallets are becoming increasingly popular, as they offer a convenient and secure way to make payments. Due to the increasing e-commerce market, there is a growing demand for mobile web payments for online transactions.
The adoption of mobile payment solutions by businesses is significantly increasing
Businesses are widely employing mobile payment methods for B2B transactions, such as EFT, wire transfers, and corporate credit cards. Additionally, banks are increasingly adopting B2B mobile payments to enhance the experience for business customers. In 2022, the B2B segment led with over 60.0% of the total revenue share. Notably, substantial investments from private equity and venture capital firms in B2B payments are opening new growth avenues.
Meanwhile, individuals use mobile payment to reduce expenses, improve cash flow, enhance convenience, simplify bookkeeping, and surge payment security. The low cost of usage and adoption of mobile wallets, coupled with the speed of payments offered by this method, further aids the mobile payment market growth.
The use of mobile payment for money transfers and bill payments is expected to rise in the forecast period
Money transfers and bill payments are anticipated to hold a substantial mobile payment market share due to the rising popularity of contactless payment. In 2022, money transfer operators represented over 73.68% of global revenue. The introduction of digital-first operators and enhanced digital capabilities from established operators are expected to drive this segment's growth in the forecast period.
In travel and ticketing applications, mobile payments are preferred as alternatives to credit cards. They simplify the payment process, build customer engagement, and increase traveller satisfaction. Reportedly, three-quarters of travellers use mobile payments for shopping and around 68% use it for beverage, food, and restaurants.
Competitive Landscape
Market players are increasing their collaboration, partnership, and research and development activities to gain a competitive edge
| Company Name | Year Founded | Headquarters | Products/Services |
| American Express Company | 1850 | United States | Provides AMEX Pay, a secure and user-friendly mobile payment solution accessible through the American Express Mobile App. |
| Apple Inc. | 1976 | United States | Provides a comprehensive suite of mobile payment services through offerings like Wallet, Apple Card, Apple Pay, and Apple Cash. |
| Google LLC | 1998 | United States | Provides mobile payment solutions via Google Pay, enabling users to transfer funds without incurring fees directly from their bank accounts to nearly anyone |
| JPMorgan Chase & Co. | 1968 | United States | provides J.P. Morgan Wallet™, an accounting-based mobile payment solution that offers real-time sub-ledger creation across multiple platforms. |
Other key players in the mobile payment market include Mastercard Incorporated, Paytm (One 97 Communications Limited), and PayPal Holdings, Inc.
Global Mobile Payment Market Analysis by Region
North America is anticipated to dominate the mobile payment market share in the forecast period. In 2023, 104 million Americans aged 14 years and older used in-store mobile payment apps, marking a significant milestone. By 2028, use is expected to reach 58% of all smartphone users in the coming years. By the end of 2025, over 85% of Americans are likely to own smartphones, leading to a greater uptake of mobile payments at the business-to-consumer level.
The Europe mobile payment market is being driven by the consumer preference for digital payments, easier cross-border transactions, and the launch of the European Digital Identity Wallet. Mobile online payment systems in Europe have surged by over 30% in the past three years. In Germany, around 44% of all domestic online transactions are done using digital wallets.
The Asia Pacific is expected to hold a prominent market share in the coming years, driven by the rise of e-commerce and the O2O (Online to Offline) market. The mobile payment market landscape across the Asia Pacific region is changing rapidly owing to unsettling digital transformation. Technological developments in the smartphone and government initiatives have enabled POS at retail terminals and on-the-go fund transfers, which are fuelling the market growth.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| 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:
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| Breakup by Transaction Mode |
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| Breakup by End User |
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| Breakup by Purchase Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| 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. |
*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.
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 Opportunities and Challenges in the Market
8 Global Mobile Payment Market Analysis
8.1 Key Industry Highlights
8.2 Global Mobile Payment Historical Market (2018-2023)
8.3 Global Mobile Payment Market Forecast (2024-2032)
8.4 Global Mobile Payment Market by Transaction Mode
8.4.1 Mobile Web Payments
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Near Field Communication
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 SMS Direct Carrier Billing
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Mobile Payment Market by End User
8.5.1 Personal
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Business
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Mobile Payment Market by Purchase Type
8.6.1 Airtime Transfer and Top Ups
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Money Transfers and Bill Payments
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Merchandise and Coupons
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Travel and Ticketing
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Others
8.7 Global Mobile Payment Market by Application
8.7.1 Media and Entertainment
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Energy and Utilities
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Healthcare
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Retail
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Hospitality and Transportation
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Others
8.8 Global Mobile Payment Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Mobile Payment Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Mobile Payment Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Mobile Payment Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Mobile Payment Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Mobile Payment Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 American Express Company
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Apple, Inc.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Google LLC
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 JPMorgan Chase & Co.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Mastercard Incorporated
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Paytm (One 97 Communications Limited)
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Paypal Holdings, Inc.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Mobile Payment Market: Key Industry Highlights, 2018 and 2032
2. Global Mobile Payment Historical Market: Breakup by Source (USD Billion), 2018-2023
3. Global Mobile Payment Market Forecast: Breakup by Source (USD Billion), 2024-2032
4. Global Mobile Payment Historical Market: Breakup by Transaction Mode (USD Billion), 2018-2023
5. Global Mobile Payment Market Forecast: Breakup by Transaction Mode (USD Billion), 2024-2032
6. Global Mobile Payment Historical Market: Breakup by End User (USD Billion), 2018-2023
7. Global Mobile Payment Market Forecast: Breakup by End User (USD Billion), 2024-2032
8. Global Mobile Payment Historical Market: Breakup by Purchase Type (USD Billion), 2018-2023
9. Global Mobile Payment Market Forecast: Breakup by Purchase Type (USD Billion), 2024-2032
10. Global Mobile Payment Historical Market: Breakup by Application (USD Billion), 2018-2023
11. Global Mobile Payment Market Forecast: Breakup by Application (USD Billion), 2024-2032
12. Global Mobile Payment Historical Market: Breakup by Region (USD Billion), 2018-2023
13. Global Mobile Payment Market Forecast: Breakup by Region (USD Billion), 2024-2032
14. North America Mobile Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
15. North America Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Europe Mobile Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Europe Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Asia Pacific Mobile Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Asia Pacific Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Latin America Mobile Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Latin America Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Middle East and Africa Mobile Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Middle East and Africa Mobile Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. Global Mobile Payment Market Structure
Key Questions Answered in the Report
In 2023, the market value was nearly USD 2,986.00 billion.
The market is projected to grow at a CAGR of 18.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 14,422.00 billion by 2032.
The major market drivers include increasing smartphone users and rising internet penetration.
The key trends include technological advancements in the mobile payment landscape and the growth of the e-commerce sector.
The transaction modes of mobile payment include mobile web payments, near field communication, and SMS direct carrier billing, among others.
The major end users of mobile payment include personal, and business.
The major players in the market include American Express Company, Apple Inc., Google LLC, JPMorgan Chase & Co., Mastercard Incorporated, Paytm (One 97 Communications Limited), and PayPal Holdings, Inc.
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