The global mobile payment technology market was worth around USD 40,289.8 million in 2021 and is estimated to grow to about USD 235,347.8 million by 2028, with a compound annual growth rate (CAGR) of approximately 34.2 percent over the forecast period.
The global mobile payment technology market was worth around USD 40,289.8 million in 2021 and is estimated to grow to about USD 235,347.8 million by 2028, with a compound annual growth rate (CAGR) of approximately 34.2 percent over the forecast period. The report analyzes the mobile payment technology market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the mobile payment technology market.
Mobile payment technology Market: Overview
Technological proliferation across the world has increased substantially and this trend is projected to be a prominent one driving the mobile payment technology market growth over the forecast period. Increasing penetration of smartphones and rising internet infrastructure across the world will boost the mobile payment technology market potential through 2028.
Mobile payment technology enables users to make payments from anywhere in the world at the touch of their fingertips and in this ever-growing fast-paced world, this will be a majorly lucrative factor propelling mobile payment technology market growth.
However, security concerns and reluctance in adoption are expected to have a hindering effect on the global mobile payment technology market potential.
The COVID-19 pandemic led to major changes in the world this created adverse conditions for multiple markets but the mobile payment technology market growth was still afloat in this pandemic owing to the rising use of online and mobile payments as people had limited access to regulate cash for their transactions.
Lockdown restrictions across the world restricted outdoor activity and hence largely affected the cash flow statistics as well which led to a substantial increase in demand for online payment solutions and this also propelled the mobile payment technology market potential in this period.
The mobile payment technology market growth is expected to make a comeback in the post-pandemic era and is expected to see an exponential rise over the forecast period as technological proliferation increases substantially on a global scale.
Mobile payment technology Market: Growth Drivers
Increasing Technological proliferation to Boost mobile payment technology market growth
Advancements in technology have transformed the world and this is also true with the mobile payment technology trend which is gaining popularity due to the high penetration of smartphones on a global scale. Moreover, increase in internet infrastructure, rapid urbanization, increasing demand for digitization are some other factors that drive the mobile payment technology market growth over the forecast period.
Mobile payment technology Market: Restraints
Concerns about the adoption of this technology among the general population
The world has been cash operated for a while now and most of the people across the globe are used to that mode of transaction and are reluctant to adopt this new method which also has raised some major security concerns amidst the increasing prevalence of fraud and cybercrime activity that resulted in multiple payment frauds. The rising number of data breaches and other factors that risk the security of the financial and personal data of customers will also restrain market potential over the forecast period.
Global Mobile payment technology Market: Segmentation
The global mobile payment technology market is segregated based on technology, type, end use, location, and region.
By Technology, the market is divided into near field communication, direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile app, and others. The mobile web payment segment held a dominant stance in the market in 2021 and is expected to continue this dominance over the forecast period. The security and flexibility that this payment offers is what makes it a dominant segment and is the major factor that will help this segment maintain its significant market share despite the emergence of other advanced technologies.
By payment type, the mobile payment technology market is segmented into B2B, B2C, B2G, and others. The B2B segment will emerge as the leading segment in the market over the forecast period and will be accounting for a major market share of around 60% in the global mobile payment technology industry landscape by the end of 2028.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Asia Pacific region will lead the global mobile payment technology market in terms of revenue and volume share and this is expected to be majorly driven by the high proliferation of smartphones in this region and the increasing population that is adopting online payment solutions owing to rising technological proliferation. China and India which are leading markets in this region will be driven by rapid urbanization and digitization in these nations and emerge as high lucrative markets for mobile payment technology providers through the forecast period.
The market for mobile payment technology in North America is also expected to provide highly beneficial opportunities for mobile payment technology providers owing to rising technology adoption and the presence of key mobile payment technology companies in this region. The United States and Canada will be the leading markets for mobile payment technology over the forecast period in this region.
Some of the main competitors dominating the global mobile payment technology market include - Google (Alphabet Inc.); 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)
Global mobile payment technology market is segmented as follows:
By End Use
There are various types of mobile payment technologies that are playing an important role in modifying the consumer’s payment method along with transforming the global payment industry.
Rapidly increasing Smartphone penetration globally is primarily driving the growth of mobile payment technology market. Consumers are shifting towards mobile payments from traditional cash transactions considering the advantages offered by technology such as quick payment processing and perks offered by major brands. Other benefits offered by this technology are the commencement of payment irrespective of the time and place of transaction. Increasing adoption of mobile wallets and various banking apps that provide an enhanced security level by sending an OTP/2FA to the user is anticipated to trigger the mobile payment technology market growth. It has been estimated that mobile wallets will surpass the use of both debit and credit cards by 2020.
The global usage of smartphones by population was around 50% in 2017 and is expected to reach 66% by 2022,i.e., around 3.8 billion people will use smartphones by 2022. Escalating growth trajectory of mobile phone users is projected to drive the mobile payment technology market in the forecast period. Introduction of numerous mobile payment applications based on Android and iOSoperating platforms by third-party providers to easily accommodate payment process is another factor that is likely to fuel the growth trajectory of the mobile payment technology market in the upward direction.
Consistently increasing internet users in developing countries of the world is projected to contribute considerably towards the mobile payment industry. Security concerns related to mobile payment processing can hamper the growth of the market. According to a survey, 47% of the cyber security personnel have cast doubts regarding payments made through mobile devices. However, providing a high level of security by means of biometric access and trending digitization of the global payment industry is expected to open new growth avenues for the mobile payment technology market over the years ahead.
Global mobile payment technology market is segmented on the basis of payment mode, technology, applications, and regions. Payment mode segment is classified into proximity payment and remote payment mode. Remote payment sub-segment is projected to have a substantial share in the forecast period. Technology segment is fragmented into NFC, QR code, WAP &card-based, digital wallet, banking app-based, SMS-based/DCB, and others [USSD/STK, MST, etc.]. Digital or mobile wallet segment is anticipated to have lucrative growth during the estimated period. BFSI, retail, healthcare, entertainment, IT and telecom, energy & utilities, hospitality & tourism, and others [education, government]isthe application landscape of the global mobile payment technology market. The retail industry is prognosticated to have a significant share in the global market. The regional segmentation is divided into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa.
Major players operating in the global mobile payment technology market are Google Inc., Visa Inc., American Express Co., Fortumo, BhartiAirtel Ltd., MasterCard International Inc., Microsoft Corporation, Boku Inc., PayPal Inc., and AT&T Inc. Launching of advanced technological applications is one of the primary strategies adopted by the leading players of the market.
Increasing smartphone proliferation, growing internet infrastructure and rapid digitization some major trends that guide mobile payment technology market growth.
According to the Zion Market Research report, the global mobile payment technology market was worth about US$ 40,289.8 million in 2021 and is predicted to grow to around US$ 235,347.8 million by 2028, with a compound annual growth rate (CAGR) of around 34.2 percent.
The Asia Pacific leads the global market landscape in terms of revenue and volume share at present. Emerging countries such as India and China are predicted to be the Asia Pacific region's fastest-expanding mobile payment technology markets owing to increasing technological proliferation
Some of the main competitors dominating the global mobile payment technology market include -- Google (Alphabet Inc.); 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)