Mobile Payments Market Size, Analysis, Share & Forecast 2031

Segments - Mobile Payments Market by Applications (Retail, Public Transportation, Vendor Machines, Grocery Stores, and Restaurants) and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023-2031

Author : Swarup Sahu

Fact-checked by : Vineet Pandey

Editor : Ranjit Pankhade

Report Description

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.

Attributes	Details
Report Title	Mobile Payments Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Applications (Retail, Public Transportation, Vendor Machines, Grocery Stores, and Restaurants)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	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.

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.

Global Mobile Payments Market Applications

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

Google LLC
Samsung Group
Amazon.com Inc.
Apple Inc.
PayPal Inc.
MasterCard PLC
American Express Co.
Orange SA
Tencent Holdings Ltd.
Alipay.com Co. Ltd.

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.

Global Mobile Payments Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Mobile Payments Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Mobile Payments Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Mobile Payments Market - Supply Chain
  4.5. Global Mobile Payments Market Forecast
     4.5.1. Mobile Payments Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Mobile Payments Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Mobile Payments Market Absolute $ Opportunity
5. Global Mobile Payments Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Mobile Payments Market Size and Volume Forecast by Applications
     5.3.1. Retail
     5.3.2. Public Transportation
     5.3.3. Vendor Machines
     5.3.4. Grocery Stores
     5.3.5. Restaurants
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Mobile Payments Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Mobile Payments Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Mobile Payments Demand Share Forecast, 2019-2026
7. North America Mobile Payments Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Mobile Payments Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Mobile Payments Market Size and Volume Forecast by Applications
     7.4.1. Retail
     7.4.2. Public Transportation
     7.4.3. Vendor Machines
     7.4.4. Grocery Stores
     7.4.5. Restaurants
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Mobile Payments Demand Share Forecast, 2019-2026
8. Latin America Mobile Payments Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Mobile Payments Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Mobile Payments Market Size and Volume Forecast by Applications
     8.4.1. Retail
     8.4.2. Public Transportation
     8.4.3. Vendor Machines
     8.4.4. Grocery Stores
     8.4.5. Restaurants
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Mobile Payments Demand Share Forecast, 2019-2026
9. Europe Mobile Payments Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Mobile Payments Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Mobile Payments Market Size and Volume Forecast by Applications
     9.4.1. Retail
     9.4.2. Public Transportation
     9.4.3. Vendor Machines
     9.4.4. Grocery Stores
     9.4.5. Restaurants
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Mobile Payments Demand Share Forecast, 2019-2026
10. Asia Pacific Mobile Payments Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Mobile Payments Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Mobile Payments Market Size and Volume Forecast by Applications
     10.4.1. Retail
     10.4.2. Public Transportation
     10.4.3. Vendor Machines
     10.4.4. Grocery Stores
     10.4.5. Restaurants
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Mobile Payments Demand Share Forecast, 2019-2026
11. Middle East & Africa Mobile Payments Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Mobile Payments Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Mobile Payments Market Size and Volume Forecast by Applications
     11.4.1. Retail
     11.4.2. Public Transportation
     11.4.3. Vendor Machines
     11.4.4. Grocery Stores
     11.4.5. Restaurants
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Mobile Payments Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Mobile Payments Market: Market Share Analysis
  12.2. Mobile Payments Distributors and Customers
  12.3. Mobile Payments Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Google LLC
     12.4.2. Samsung Group
     12.4.3. Amazon.com Inc.
     12.4.4. Apple Inc.
     12.4.5. PayPal Inc.
     12.4.6. MasterCard PLC
     12.4.7. American Express Co.
     12.4.8. Orange SA
     12.4.9. Tencent Holdings Ltd.
     12.4.10. Alipay.com Co. Ltd.