Mobile Payments Market Outlook 2031
The global mobile payments market size was USD 2.32 Trillion in 2022 and is estimated to reach USD 24.77 Trillion by 2031 expand at a considerable CAGR 30.1% during the forecast period, 2023 – 2031. The growth of the market is attributed to increasing government initiatives for digitalization, favored by financial regulatory authorities and extensive use of mobile phones supporting applications for online payments mode.
Mobile payments are referred to as the process of transactions or transfer of money through various applications on mobile phone. The transactions are regulated under the control and permission of financial authorities that facilitate various payment methods by using mobile phones between customers and suppliers.
These payment methods are convenient to use for an individual or a customer as it avoided and replaced the complex and old fashioned transaction systems, which include using credit and debit cards, cheques, and cash payments. The methods enable an easier way to buy items or avail services using payment through mobile phones and tablets that are employed with advanced technology including near field communication (NFC) to improve secure transactions.
Mobile Payments Market Trends, Drivers, Restraints, and Opportunities
- Rising number of smartphone users and high penetration of internet usage are expected to drive the market growth.
- Introduction of low-cost mobile phones and development of user-friendly interface for payment applications present key factors boosting the market expansion.
- Strong favor from financial organizations and regulatory authorities such as banks regarding mobile payment and rising needs for contactless transaction due to COVID-19 pandemic act major driving factors for the market.
- Rising concerns regarding privacy and security issues among users and misuse of financial credentials due to loss of mobile phones are some major challenges projected to hamper the market expansion during the forecast period.
- Increasing the demand for mobile payments due to rising awareness of easy transaction steps largely sponsored from governments and the baking sector are offering lucrative opportunities for the market expansion in the coming years.
Scope of Mobile Payments Market Report
The report on the global mobile payments market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Mobile Payments Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Retail, Public Transportation, Vendor Machines, Grocery Stores, and Restaurants)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Google LLC, Samsung Group, Amazon.com Inc., Apple Inc., PayPal Inc., MasterCard PLC, American Express Co., Orange SA, Tencent Holdings Ltd., and Alipay.com Co. Ltd.
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Global Mobile Payments Market Segment Insights
Retail segment is expected to grow at a rapid pace
Based on applications, the global mobile payments market is divided into retail, public transportation, vendor machines, grocery stores, and restaurants. The Retail segment accounted for a key share of the market in 2020 and is anticipated to expand at a rapid pace during the forecast period. The segment growth can be attributed to rising preference for online shopping, increasing number of online payments, and organizational support to enhance mobile payments.
Middle East & Africa is projected to constitute a key share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Middle East & Africa is projected to account for a key share during the forecast period owing to rising use of smartphones and the lack of banking access from a large number of population especially in Africa.
On the other hand, the market in Asia Pacific is expected to gain significant share during the forecast period owing to rapid growth of online stores and favorable policies from regulatory bodies regarding financial and banking services.
Segments
The global mobile payments market has been segmented on the basis of
Applications
- Retail
- Public Transportation
- Vendor Machines
- Grocery Stores
- Restaurants
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Some of the key players competing in the market are Google LLC; Samsung Group; Amazon.com Inc.; Apple Inc.; PayPal Inc.; MasterCard PLC; American Express Co.; Orange SA; Tencent Holdings Ltd.; and Alipay.com Co. Ltd. Several players are actively engaged in various market strategies such as mergers, product launches, acquisitions, and expansion of production capacity to increase their market position and expand their customer base.
For instance, in 25 April, 2019, Orange SA announced that it planned to take part its digital transformation in Middle East & Africa to expand its operation.
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