Global mobile payment market size was valued at $32.13 Trillion in 2022, and is projected to reach $263.7 Trillion by 2030, growing at a CAGR of 30.1% over 2022-2030.
The two key drivers boosting the m-commerce sector in emerging nations and increasing smartphone penetration globally, respectively, are what are propelling the market's expansion. Additionally, the industry is expanding since mobile payment services are increasingly being adopted in developing nations. Furthermore, the market's expansion is hampered by the growing number of data breaches and security problems in mobile payments. Additionally, the market is anticipated to benefit from the growing use of NFC, RFID, and host card emulation technologies in mobile payments as well as the rise in demand for quick and easy transaction services.
The use of credit cards, checks, cash, or other traditional payment methods is no longer required thanks to mobile payment. Customers can use mobile payments to buy any commodity or service using wireless devices like smartphones, tablets, and other gadgets. Additionally, mobile payments employ a variety of technologies, including NFC (Near Field Communication), SMS-based transactional payments, and direct mobile billing, to enhance transaction security and offer simple transactions.
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Global mobile payment market- Segmental analysis
By Technology
- Near Field Communication
- Direct Mobile Billing
- Mobile Web Payment
- SMS
- Interactive Voice Response System
- Mobile App
- Others
By Payment Type
- B2B
- B2C
- B2G
- Others
By Location
- Remote Payment
- Proximity Payment
Top Key Players:-
- Alibaba Group Holdings Limited
- Amazon.com Inc
- Apple Inc
- American Express Company
- M Pesa
- Money Gram International
- PayPal Holdings Inc
- Samsung Electronics Co. Ltd
- Visa Inc
- WeChat (Tencent Holdings Limited)
- PayOne
- Square
- Redeban
- PayU
- Utiba
- Comviva
- Xius
- Obopay
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