Consumer Insights
Uncover trends and behaviors shaping consumer choices today
Procurement Insights
Optimize your sourcing strategy with key market data
Industry Stats
Stay ahead with the latest trends and market analysis.
The United States mobile payment market value reached approximately USD 453.8 billion in 2023. The market is further projected to grow at a CAGR of 15.6% between 2024 and 2032, reaching a value of USD 1,644.8 billion by 2032.
Base Year
Historical Year
Forecast Year
United States Mobile Payment Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 453.8 |
Market Size 2032 | USD Billion | 1,644.8 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 15.6% |
CAGR 2024-2032 - Market by Region | Far West | 18.1% |
CAGR 2024-2032 - Market by Region | Southeast | 15.5% |
CAGR 2024-2032 - Market by Payment Type | Contactless Payments | 17.7% |
CAGR 2024-2032 - Market by End Use | Retail | 17.8% |
Market Share by Region | Southeast | 14.0% |
Mobile payments refer to the payment or transfer of funds from person to person or businesses and merchants for products services or bills. The payment tools include mobile browsers and e- or virtual wallets, among others. The different types of mobile payments include proximity payments and remote payments.
The growing popularity of mobile wallets due to their easy usage and convenient and secure nature is supporting the United States mobile payment industry growth. The open mobile wallets offer flexibility by allowing users to store different payment methods that are not tied to a specific company.
The United States mobile payment market dynamics and trends are increasingly influenced by rising concerns about cleanliness and hygiene. This has heightened the demand for seamless and secure payment options like mobile payments. These solutions cater to many consumers who prefer less physical contact, faster transactions, and greater efficiency.
Additionally, the expanding popularity of subscription-based services such as Spotify, Amazon Prime, Netflix, and Audible is further fuelling the need for mobile payment solutions, thus driving the United States mobile payment market demand.
According to industry reports, smartphone adoption in the U.S. was 84% in 2022 and is anticipated to grow to 89% by 2030. The number of smartphone connections is anticipated to reach 377 million by 2030. This steady rise in smartphone adoption is expected to stimulate mobile payments, thereby driving the United States mobile payment industry revenue. As a result, the ecosystem will experience increased consumer engagement and higher transaction volumes.
As per the US Census Bureau, retail sales in the U.S. have demonstrated steady growth, adjusted for seasonal variations, in the 1st quarter of 2024 total retail sales reached USD 1,820,022 million, compared to USD 1,792,376 million in the 1st quarter of 2023. E-commerce sales have similarly increased, from USD 266,314 million in the 1st quarter of 2023 to USD 289,204 million in the 1st quarter of 2024. E-commerce has maintained its importance, representing 15.9% of total retail sales in the 1st quarter of 2024, up from 14.9% in the same period of 2023. The 4th quarter of 2023 saw an e-commerce contribution of USD 283,293 million to total retail sales, marking a 15.6% share of total sales. This represented a significant rise from the 3rd quarter of 2023, where e-commerce sales accounted for 15.4% of the total, with USD 279,739 million. In the 2nd quarter of 2023, retail sales amounted to $1,787,398 million, with e-commerce contributing USD 272,821 million, making up 15.3% of the total. Additionally, unadjusted for seasonal fluctuations, retail sales reached a peak of USD 1,892,581 million in the fourth quarter of 2023, with e-commerce contributing USD 322,862 million, which accounts for a notable 17.1% of total sales. The growth of e-commerce is having a significant impact on the expansion of the United States mobile payment market revenue by enhancing convenience, security, and the overall user experience.
PayPal Holdings Inc.
Apple Inc.
Block, Inc.
Samsung Electronics Co. Ltd.
“United States Mobile Payment Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Technology
Market Breakup by Payment Type
Market Breakup by Location
Market Breakup by End Use
Market Breakup by Region
CAGR 2024-2032 - Market by | Region |
Far West | 18.1% |
Southeast | 15.5% |
New England | 14.5% |
Great Lakes | 11.7% |
Mideast | XX% |
Plains | XX% |
Southwest | XX% |
Rocky Mountain | XX% |
Retail and e-commerce are anticipated to witness significant growth over the forecast period. The integration of the retail and e-commerce sectors with mobile payment solutions has enhanced the shopping experience for consumers by offering unprecedented speed and convenience. The introduction of rewards and loyalty programs by various retailers on the utilisation of mobile payment solutions is further boosting the United States mobile payment demand growth.
Remote payments account for a significant United States mobile payment market share. This growth can be attributed to the secure nature of the payments owing to the presence of various security measures including biometrics, two-factor authentication, and OTPs, among others. The rising requirement for recurring payment solutions due to the growing popularity of subscription-based services is supporting the United States mobile payment industry growth.
The companies offer a versatile digital payment solution that enables individuals and businesses to securely send and receive money online.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
The market reached a value of approximately USD 453.8 billion in 2023.
The market is projected to grow at a CAGR of 15.6% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 1,644.8 billion by 2032.
The major market drivers include rising concerns regarding cleanliness and hygiene and integration of the retail and e-commerce sectors with mobile payment solutions.
The key trends fuelling the growth of the market include growing popularity of mobile wallets and increasing popularity of subscription-based services.
The market is broken down into New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
The end uses include BFSI, healthcare, IT and telecom, media and entertainment, retail and e-commerce, transportation, and others.
The competitive landscape consists of PayPal Holdings Inc., Apple Inc., Alphabet Inc., Block, Inc., Samsung Electronics Co. Ltd., Microsoft Corp., Mastercard Inc., Amazon.com Inc., MoneyGram International, Inc., and Visa Inc., among others.
Based on technology, mobile payments are subdivided into direct mobile billing, near-field communication, mobile web payment, SMS, mobile application, and others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
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:
|
Breakup by Technology |
|
Breakup by Payment Type |
|
Breakup by Location |
|
Breakup by End Use |
|
Breakup by Region |
|
Market Dynamics |
|
Competitive Landscape |
|
Companies Covered |
|
Purchase Full Report
Datasheet
Single User License
One User
Five User License
Five Users
Corporate License
Unlimited Users
How To Order
Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
Share