Mobile Payments Market size was valued at USD 1.8 Trillion in 2021, registering a CAGR of 27.8% during the forecast period (2022-2030), and the market is projected to be worth USD 16.3 Trillion by 2030.
Mobile payment is an alternative to traditional payment methods that use cash, checks, or credit cards as the means of exchange. Mobile Payment allows clients to purchase any item or service using wireless devices such as smartphones, tablets, and others. Furthermore, mobile payments leverage various technologies such as NFC (Near Field Communication), SMS-based transactional payments, and direct mobile billing to improve transaction security and deliver hassle-free transactions.
Mobile Payments Market Research Report” was just released by Market Research Community. It is divided into several categories, including By Technology (Near Field Communication, Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App), By Payment Type (B2B, B2C, B2G, Others), By Location (Remote Payment, Proximity Payment), and companies (M Pesa; Money Gram International; PayPal Holdings Inc.; Samsung Electronics Co. Ltd.; Visa Inc.; WeChat (Tencent Holdings Limited), Google (Alphabet Inc.); Alibaba Group Holdings Limited; Amazon.com Inc.; Apple Inc.; American Express Company), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 27.8%, over the forecast period of 2022–2030.
The increased adoption of Mobile Payments in the Communication Services industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Mobile Payments also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Mobile Payments in many sectors also boosts the market growth during the forecast period.
|Report Attributes||Report Details|
|Market Size in 2030 (USD Trillion)||16.3 Trillion|
|By Technology||Near Field Communication, Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App|
|By Payment Type||B2B, B2C, B2G, Others|
|By Location||Remote Payment, Proximity Payment|
|By End-use||BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation|
|By Geography||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Key Players||M Pesa; Money Gram International; PayPal Holdings Inc.; Samsung Electronics Co. Ltd.; Visa Inc.; WeChat (Tencent Holdings Limited), Google (Alphabet Inc.); Alibaba Group Holdings Limited; Amazon.com Inc.; Apple Inc.; American Express Company|
The COVID-19 pandemic has had a substantial negative influence on the Mobile Payments market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
M Pesa; Money Gram International; PayPal Holdings Inc.; Samsung Electronics Co. Ltd.; Visa Inc.; WeChat (Tencent Holdings Limited), Google (Alphabet Inc.); Alibaba Group Holdings Limited; Amazon.com Inc.; Apple Inc.; American Express Company
Market Segment Analysis:
- Near Field Communication
- Direct Mobile Billing
- Mobile Web Payment
- Interactive Voice Response System
- Mobile App
By Payment Type
- Remote Payment
- Proximity Payment
- IT & Telecom
- Media & Entertainment
- Retail & E-commerce
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Mobile Payments industries in the region.
Key Mobile Payments Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Mobile Payments Market segments.
– Largest Market Share Held by Industry to Industry for Mobile Payments
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Mobile Payments Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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