IMARC Group, a leading market research company, has recently released a report titled “Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global mobile payment market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Mobile Payment Market?

What is Mobile Payment?

Mobile payment, also known as mobile money or mobile wallet, refers to a technology that allows users to conduct financial transactions through mobile devices such as smartphones or tablets. It offers a convenient alternative to traditional payment methods like cash, credit cards, or checks. Mobile payment operates through various technologies and platforms, often requiring an application provided by financial institutions, retailers, or specialized payment service providers. Users can link their bank accounts, credit, or debit cards to these applications, enabling them to make payments, transfer money, and manage their finances directly from their mobile devices. The transactions can be conducted through different methods, such as QR codes, near field communication (NFC), or short message service (SMS). They can be used for online shopping, in-store purchases, paying bills, or even sending money to friends and family. Security features are integral to mobile payment systems, employing authentication, encryption, and tokenization to protect users' sensitive information.

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What are the Growth Prospects and Trends in the Mobile Payment Industry?

The widespread adoption of smartphones and internet connectivity is enabling more consumers to access mobile payment services, which represents one of the key factors driving the growth of the market across the globe. In line with this, mobile payments offer a convenient and quick way to make transactions, which is appealing to consumers seeking efficient payment methods. The rise in online shopping and e-commerce platforms necessitates seamless payment solutions, which is further boosting the demand for mobile payments. The market is also driven by innovations in technologies like NFC, QR codes, and biometric authentication which are enhancing the user experience and functionality of mobile payment systems. Supportive regulations and initiatives by governments to promote cashless transactions and financial inclusion which is contributing positively to the market growth. Improvements in security measures, such as encryption and multi-factor authentication, build consumer trust and encourage the use of mobile payments. Collaboration between banks and technology companies to develop integrated mobile payment solutions is fueling the market expansion.

In addition to this, the gradual shift in consumer preference towards digital and contactless payments, especially accelerated, is driving the growth of the market. The increasing acceptance of mobile payments by retailers, both online and in physical stores, which enhances accessibility for consumers. The growth in urban populations and increased globalization are leading to a more interconnected economy, which promotes the use of mobile payment systems. The rising integration of mobile payments with other services, such as loyalty programs, ticketing, and transportation adds value and attracts more users. Health concerns, particularly during the pandemic, are leading to an increased demand for contactless payment options, which is benefiting the market. Apart from this, the rise of fintech companies specializing in digital payment solutions stimulates competition, innovation, and growth within the industry. Moreover, younger generations are more accustomed to technology and digital platforms, significantly contributing to the adoption of mobile payment systems. The ease of conducting international transactions through mobile payment platforms facilitates global trade and personal remittances which is creating a positive outlook for the market across the globe.

Who are the Key Players Operating in the Mobile Payment Market?

The competitive landscape of the mobile payments industry has been studied in the report with the detailed profiles of the key players.

• FIS
• Gemalto
• MasterCard
• PayPal
• Alipay
• Visa
• Apple
• Google
• Samsung Electronics
• Bharti Airtel
• American Express
• Bank of America
• Citrus Payment Solutions
• LevelUp
• MobiKwik
• One97 Communication
• Orange
• Oxigen
• Square
• Venmo
• ZipCash Card Services

What is Included in Market Segmentation?

The report has categorized the market based on mode of transaction, application and region. 

Breakup by Mode of Transaction:

• WAP (Wireless Application Protocol)
• NFC (Near field communications)
• SMS (Short Message Service)
• USSD (Unstructured Supplementary Service Data)
• Others

Based on Application:

• Entertainment
• Energy and Utilities
• Healthcare
• Retail
• Hospitality and Transportation
• Others

Regional Analysis:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)

Key Highlights of The Report:                                                    

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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