Consumer Mobile Payment Market

Consumer Mobile Payment Market Study by Remote and Proximity for Retail, Hospitality & Tourism, IT and Telecommunication, BFSI, Media & Entertainment, and Others from 2024 to 2034

Analysis of Consumer Mobile Payment Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Consumer Mobile Payment Market Outlook

The global consumer mobile payment market size is estimated to be US$ 76,501.3 million in 2024. The market is predicted to evolve at a noteworthy CAGR of 27.2% throughout the projected period, attaining a value of US$ 8,50,251.2 million by 2034.

Catalysts Accelerating Consumer Mobile Payment Adoption

The consumer mobile payment market has grown due to consumers' desire for contactless purchases. Mobile devices offer contactless payments, which are fast and secure, which consumers appreciate. Easy access to the Internet for mobile payments is accelerating the rise of smartphone users. The increase in smartphone adoption directly impacts mobile payment market expansion.

Government initiatives and supportive regulatory regimes can positively impact the adoption of mobile payments by consumers. Through well-defined standards and legislation, businesses and consumers are encouraged to utilize mobile payment solutions.

Those who do not have easy access to traditional banking infrastructure benefit from mobile payments as a vehicle for financial inclusion, bringing banking and financial services to them. In developing economies, this can encourage the adoption of consumer mobile payments.

Report Attributes Details
Estimated Market Value (2024E) US$ 76,501.3 million
Forecasted Market Value (2034F) US$ 8,50,251.2 million
Global Market Growth Rate (2024 to 2034) 27.2%
Remote Segment Growth Rate (2024 to 2034) 28.2%
BFSI Segment Growth Rate (2024 to 2034) 30.5%
North America Market Share (2024) 27.8%
East Asia Market Share (2024) 27.8%
Key Companies Profiled
  • ACI Worldwide
  • Alphabet
  • Samsung Electronics
  • DH
  • Fidelity National Information Services
  • Fiserv
  • Jack Henry & Associates
  • MasterCard
  • PayPal Holdings
  • Square
  • Visa
  • Apple

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Restraints Influencing the Adoption of Consumer Mobile Payments

Concerns regarding the security of their financial information prevent consumers from embracing mobile payment alternatives. The apprehension of data breaches, identity theft, or unapproved access impedes extensive consumer mobile payment adoption. The accessibility and dependability of mobile payment systems are restricted by weak telecommunications and internet infrastructure, which hinders the adoption of mobile payment.

Many customers do not completely understand the advantages and features of mobile payment systems. Slower adoption rates can be attributed to a lack of knowledge about these systems' benefits and operations. Transaction costs connected to specific mobile payment systems could turn off some customers. Reluctance to accept mobile payments can originate from the belief that more traditional payment methods are more economical.

Country-wise Analysis

The consumer mobile payment market in North America to develop at a CAGR of 27.8% through 2034. Rising demand for consumer mobile payment in key countries, especially the United States and Canada, is the primary catalyst behind the spike.The United States consumer mobile payment industry will acquire a share of 73.3% by 2034.

The consumer smartphone payment market in East Asia to advance at a 27.8% CAGR through 2034. China has emerged as the dominant force, with a 69.1% market share in East Asia by 2034.

How Does the North America Consumer Mobile Payment Market Look in the Future?

“Mobile Payment Partnerships Between Tech Giants and Financial Institutions Reshape the Market”

The United States mobile payment market is expected to increase steadily due to the country's high rate of smartphone use and technologically literate populace. The United States consumer smartphone payment market has witnessed a proliferation of mobile payment solutions that cater to different tastes due to consumers' growing need for secure and seamless transactions. In 2024, the consumer smartphone payment market in the United States is expected to account for 72.2% of the share.

Attributes Details
United States Market CAGR 28%
United States Market Size (2024) US$ 15,189.3 million
Canada Market CAGR 28.1%
Canada Market Size (2024) US$ 7 2,692.8 million

Due to the nation's preference for cutting-edge payment technologies, Canada's mobile payment sector is distinguished by a gradual transition towards contactless transactions. A high smartphone penetration rate and a populace that values technology improvements in financial services are two factors influencing the adoption of consumer mobile payment in Canada. In 2024, Canada's consumer mobile payment sector is expected to gain a 12.8% market share.

What Are the Projections for the Asia Pacific Consumer Mobile Payment Market Outlook?

“E-commerce Boom Fuels the Market Growth of Mobile Payments”

With many retailers taking this practical and effective consumer mobile payment option, QR code-based transactions have increased in China. They are helping the nation's transition to a cashless society. China's mobile payment market is continually expanding and changing owing to the government's encouragement of new developments in the field and the country's technologically literate populace. In 2024, China's consumer mobile payment sector is expected to account for 67.9% of the market share.

Attributes Details
China Market CAGR 28.1%
China Market Size (2024) US$ 18,959.7 million
Japan Market CAGR 28.4%
Japan Market Size (2024) US$ 6,729.4 million

A diverse range of services that cater to varying consumer preferences characterizes Japan's consumer mobile payment landscape, creating a dynamic ecosystem where consumers can select from a range of solutions based on their requirements and interests. Japan has a distinct market dynamic from other Asia-Pacific countries due to its hybrid approach, which allows traditional and mobile payment systems to coexist. This indicates the cultural influence on payment practices in Japan. In 2024, Japan's consumer mobile payment market is expected to possess a 24.1% share.

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Category-wise Outlook

Based on the mode of payment, the proximity segment is estimated to hold a 75.7% market share by 2034. Simultaneously, the remote segment is anticipated to secure a noteworthy 24.3% share by 2034, contributing significantly to the consumer smartphone payment market. Based on the end-use industry, the hospitality and tourism segment marks its dominance, with a share of 25.5% by 2034.

Why is the Proximity Segment Leading in the Consumer Mobile Payment Market?

“Proximity Payments Align with the Growing Trend of Digital Wallets and Mobile-based Transactions, Solidifying Segment Leadership”

Proximity Details
Market Size (2024) US$ 58,370.5 million
Market Share (2024) 76.3%
Remote Details
Market Size (2024) US$ 18,130.8 million
Market Share (2024) 23.7%

The dominance of proximity payments in the consumer mobile payment sector is fueled by improved user experience and the ease of touching or waving devices. The growing adoption of NFC technology increases the efficiency and popularity of proximity payments. In 2024, the proximity segment is projected to account for 76.3% of the consumer mobile payment industry.

Proximity payments have become prevalent partly because of their seamless integration with wearables and mobile wallets. The growing need for mobile in-store experiences increases the importance of proximity-based payment systems.

What Spurs the Preference for Consumer Mobile Payments in the Hospitality and Tourism Segment?

“Quick and Efficient Transactions in Hospitality and Tourism Contribute to Customer Satisfaction and Loyalty”

Hospitality and Tourism Details
Market Size (2024) US$ 16,218.3 million
Market Share (2024) 21.2%
Retail Details
Market Size (2024) US$ 17,365.8 million
Market Share (2024) 22.7%

Mobile payments dominate the industry since the hospitality and tourism sectors emphasize a tech-savvy, modernized experience. The adoption of consumer mobile payments by the hospitality and tourism sectors aligns with the trend toward contactless and digital transactions. In 2024, the hospitality and tourism sectors are predicted to account for 21.2% of the segment share.

Hospitality and tourism require mobile payments for smooth transactions at hotels, restaurants, and travel agencies. The adoption of consumer mobile payments in the hospitality and tourism sectors speeds up procedures, cuts wait times, and boosts productivity.

Competitive Analysis

The market is characterized by fierce competition between significant consumer mobile payment providers competing for market share. Well-established financial institutions, massive technological companies, and fintech startups dominate the market. These organizations constantly innovate to improve the user experience, security, and convenience of mobile payment systems, which promotes their widespread consumer mobile payment adoption.

Traditional financial institutions and tech startups work together to form partnerships and alliances that change the competitive dynamics. The market exhibits dynamic and evolution as new consumer mobile payment vendors enter the scene. Agility and adaptability are crucial for such vendors as the competitive landscape becomes more complex due to regulatory frameworks and changing customer preferences.

Notable Advancements

  • Visa announced in April 2023 that it is going to collaborate with PayPal and Venmo on a Visa+ test program. This cutting-edge service aims to facilitate people's safe and speedy money transfers between various person-to-person (P2P) digital payment apps. Visa+ is going to be able to support additional use cases, such as gig, creator, and marketplace payouts, as a result of this partnership. Visa+ will enable interoperability for participating digital wallets, neo-banks, and other payment apps that reach millions of US users.
  • PayPal introduced Secure Payments in March 2023, offering passkeys for Apple iOS as a new, simple, and secure log-in mechanism for qualified PayPal customers and passkeys to qualified Google Android customers, beginning on the Android mobile web.
  • Visa launched free online CVV (Cardholder Verification Value) transactions for domestic tokenized credentials in India in May 2023. Businesses that tokenize Visa card transactions are exempt from collecting the CVV2 for domestic online transactions performed with tokenized credentials due to the growing usage of tokens.
  • PayPal declared in October 2022 that passkeys would be added to accounts as a quick and secure way to log in. With phishing-resistant technology that stops passkey information from being shared across platforms, passkeys-a new industry standard created by the FIDO Alliance and the World Wide Web Consortium-replace passwords with cryptographic key pairs to give users a quick and safe way to access PayPal.

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Segmentation of Consumer Mobile Payment Market Research

  • By Mode of Payment :

    • Remote
    • Proximity
  • By End Use :

    • Retail
    • Hospitality and Tourism
    • IT and Telecommunication
    • BFSI
    • Media and Entertainment
    • Others
  • By Region :

    • North America
    • East Asia
    • East Asia
    • South Asia and Pacific
    • Western Europe
    • Eastern Europe
    • The Middle East and Africa

- FAQs -

What Was the Value of The Consumer Mobile Payment Market In 2019?

The global consumer mobile payment market was worth US$ 30,150.6 million in 2019.

What Is the Sales Outlook for the Consumer Mobile Payment Market In 2024?

The sales of consumer mobile payments are likely to be valued at US$ 76,501.3 million in 2024.

What Is the Demand Forecast for the Consumer Mobile Payment Market?

Demand for consumer mobile payment is projected to reach a market value of US$ 8,50,251.2 million by the end of 2034.

What Is the Adoption Growth Projection for the Consumer Mobile Payment Market?

Adoption of consumer mobile payment is projected to rise at a CAGR of 27.2% through 2034.

At What CAGR Is the Consumer Mobile Payment Market in North America Predicted to Evolve?

The North America consumer smartphone payment market is forecast to expand at a CAGR of 27.8% through 2034.

At What CAGR Is the Consumer Mobile Payment Market in East Asia Predicted to Grow?

The East Asia consumer smartphone payment market is forecast to expand at a CAGR of 27.8% through 2034.

- Also of Interest -

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