Mobile Payments 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.
Mobile payment is an alternative to traditional payment systems that use cash, checks, or credit cards as payment methods. Customers can use wireless devices such as smartphones, tablets, and other mobile devices to make purchases of any goods or services. Furthermore, mobile payments make use of various technologies such as NFC (Near Field Communication), SMS-based transactional payments, and direct mobile billing to improve transaction security and convenience.
A portable electronic device, such as a smartphone, tablet, or cell phone, is used as a payment medium in mobile payment. Consumers can pay for goods and services right away using mobile payment technologies. The need for mobile payment technologies is likely to rise in the next years as advanced technologies such as near field communication (NFC), wearable devices, and mobile point-of-sale (m-POS) become more widely adopted. Avoiding the use of currency, coins, plastic, and paper media such as checks, cash, bank transactions, and debit/credit cards is the motivation for employing mobile payment technology. Due to the increasing popularity of smartphones and tablets in emerging nations, the mobile payment technologies industry is currently expanding at a faster rate.
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The term “mobile payment” refers to an automated payment technique involving a mobile device that is made under financial supervision by regulatory organisations. It is a type of electronic payment that uses mobile devices to authorise, initiate, and confirm monetary transactions. These solutions entail the usage of a mobile application that is linked to the users’ financial information. The availability of point-of-sale (POS) terminals and nearfield communications facilitates money conversion. Because mobile POS systems do not save the user’s information on the merchant’s POS terminal, customers might feel more secure when making a payment. The use of mobile payments has also reduced the time and effort required to deal with traditional payment methods such as cash and checks. These automated systems have made it possible to
Global Mobile Payments Market- Segment Analysis
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
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
By End-use
- BFSI
- Healthcare
- IT & Telecom
- Media & Entertainment
- Retail & E-commerce
- Transportation
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