Analysis of Mobile Payment market covering 30+ countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Demand for mobile payments is likely to garner a market value of US$ 42 Billion in 2022 and is expected to register a staggering double digit CAGR of 30% by accumulating a market value of US$ 590 Billion through the assessment period 2022 to 2032
Rise in m-commerce industry and increase in the penetration of smartphones across the globe is driving the dependency on mobile payments. Furthermore, online shopping of various goods along with businesses using mobile payments is bolstering the demand for mobile payments.
| Report Attributes | Details |
| Market Size in 2022 | US$ 42 Billion |
| Project Market Forecast Value in 2032 | US$ 590 Billion |
| Global Growth Rate (2022 to 2032) | 30% |
| Market Share of Asia Pacific | 35% |
| Key Companies Profiled | Google (Alphabet Inc.); Samsung Electronics Co. Ltd.; Visa Inc.; Alibaba Group Holdings Limited; PayPal Holdings Inc.; WeChat (Tencent Holdings Limited); American Express Company; M Pesa; Money Gram International; Amazon.com Inc.; Apple Inc. |
As per Fact.MR’s report, from 2015 to 2021, demand for mobile payments reached US$ 36 Bn by the end of the said historical period. According to Fact.MR- market research and competitive intelligence provider- mobile payment demand surged at a CAGR of 27%. Rising ownership of smartphones amid deepening digital literacy has popularized mobile payments in the past few years.
The growth of money transactions through mobile payments surged in the COVID-19 pandemic, as governments globally enforced strict social distancing norms, preventing the occurrence of conventional face-to-face financial transactions. The number of mobile based online payment gateways experienced a staggering incline, with consumers relying on various e-commerce websites to purchase goods and services.
Moreover, mobile payments are offering rewards and cashbacks. This, in turn, is attracting consumers to use mobile payments. Thus, the sales of mobile payment are expected to exceed US$ 590 Bn by registering a CAGR of 30% in the forecast period 2022 to 2032.
Mobile payment solutions are not only fast but are also convenient. The penetration of smartphones and tablets along with strong network connections is playing a key role in the usage of mobile payments. In addition, e-commerce and traditional businesses are adapting to changing customer behaviour that includes cashless payment methods through mobile devices.
Furthermore, the convenience of using mobile payments is playing a key role in the adoption of mobile payments as they do not require multiple steps of verification for making payments. Moreover, banks are providing instant payment services to consumers and are offering an easy to use experience for consumers.
Changing lifestyle along with latest online retailing trends in countries like India and China is playing a key role in an increase in the use of mobile payments. In addition, government initiatives across the Asia Pacific countries to go cashless are is creating lucrative opportunities for regional players.
Moreover, widespread adoption of mobile technology in emerging countries is offering offers fintech players and banks a new way to offer mobile banking solutions to customers in remote areas. Thus, Asia Pacific is expected to dominate by possessing nearly 35% market share for mobile payment.
North America has been an early adopter of the latest and advanced technologies. In addition, growth in the e-commerce industry is mainly responsible for the extensive adoption of mobile payment solutions in North America.
Moreover, the growing number of unmanned stores in the U.S. are driving the adoption of mobile payments. Thus, North America is anticipated to possess more than 25% market share for mobile payments.
The COVID-19 pandemic positively impacted the remote payment segment due to the restriction on movements. In addition, several companies are launching remote payment apps to allow customers to make payments remotely.
Furthermore, the increasing adoption of a virtual terminal for remote billing is expected to drive segment growth. Thus, remote payment is expected to hold more than 60% market share for mobile payments through 2032.
Several banks are focusing on introducing mobile payments. This, in turn, is increasing the usage of mobile payments. In addition, mobile banking and payments are creating new opportunities for banks to offer additional convenience to their existing customers and to reach a large population of unbanked customers in developing countries.
Moreover, businesses, particularly, are adopting a custom suite of comprehensive payment solutions. This helps in resolving unique challenges across various end user sectors. Thus, by end user, BFSI is expected to hold more than 20% market share for mobile payments.
Prominent mobile payment service providers are continuously striving to enhance the digital financial transactions landscape by introducing highly secure and fast acting wallets and payment gateways. Furthermore, collaborations with governments to facilitate transition towards a digitized economy are also being witnessed. Some prominent developments are as follows:
How much is the mobile payment market like to be valued by 2032?
The mobile payment market is expected to reach nearly US$ 590 Bn by 2032.
At what rate will the mobile payment industry grow from 2022-2032?
The mobile payment industry is expected to surpass a CAGR of 30% from 2022-2032.
What was the last 6 years value CAGR for the market on mobile payments?
From 2015 to 2021, mobile payment demand accelerated at a whopping 27% CAGR
Which type of end user is expected to hold the highest share for sales?
BFSI industry is expected to hold more than 20% market share for mobile payment market.
What are the key trends driving mobile payment sales?
Availability of remote payments along with the growing E-commerce industry are the key trends driving mobile payment sales.
Who are the prominent mobile payment market players?
Google (Alphabet Inc.), Samsung Electronics Co. Ltd, Visa Inc., and Alibaba Group Holdings Limited are some prominent mobile payment service providers.
Which type of end user is expected to hold the highest share for sales?
BFSI industry is expected to hold more than 20% market share for mobile payment market.
How much is the North America mobile payment industry worth?
The mobile payment industry is expected to possess nearly 25% market share throughout North America.
How much is the Asia Pacific mobile payment industry worth?
The mobile payment industry is expected to possess nearly 35% market share throughout Asia Pacific.
Mobile Payment Market