IMARC Group, a leading market research company, has recently released a report titled “Mobile Payment Market Report by Mode of Transaction (WAP (Wireless Application Protocol), NFC (Near field communications), SMS (Short Message Service), USSD (Unstructured Supplementary Service Data), and Others), Application (Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality and Transportation, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global mobile payment market share, share, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global mobile payment market size reached US$ 2,276.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 9,821.4 Billion by 2032, exhibiting a growth rate (CAGR) of 17.1% during 2024-2032.
Global Mobile Payment Market Trends:
The burgeoning integration of mobile payments with emerging technologies such as blockchain, as they offer enhanced security, transparency, and efficiency, thereby addressing many of the traditional pain points associated with mobile payments, is catalyzing the market growth. Along with this, the growing acceptance of cryptocurrencies as legitimate payment methods, enabling faster and more cost-effective cross-border transactions, is fueling the market growth. Besides this, the rising popularity of super apps, which consolidate various services, including payments, e-commerce, transportation, and financial services, into a single platform, is favoring the market growth.
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Factors Affecting the Growth of the Mobile Payment Industry:
- Rapid Technological Advancements and Increased Smartphone Penetration:
The rapid technological advancements and the widespread adoption of smartphones are some of the major factors bolstering the market growth. In line with this, the proliferation of high-speed internet and the development of secure mobile applications that make mobile payments more accessible and convenient for consumers is fueling the market growth. Besides this, the rising affordability of smartphones, facilitating the widespread use of mobile payment solutions, is acting as a growth-inducing factor. These technological improvements have enabled seamless transactions through near-field communication (NFC), quick response (QR) codes, and mobile wallet apps.
Moreover, rapid advancements in security technologies, such as biometric authentication and tokenization, that alleviate consumer concerns regarding the safety of mobile transactions are fostering the market growth.
- Growing E-commerce and Digitalization Trends:
The surge in e-commerce activities and the broader trend of digitalization are contributing to the market growth. in line with this, the rising convenience of online shopping, leading to the heightened preference for digital payment methods is anticipated to drive the market growth. Mobile payment solutions offer a seamless and swift checkout process, which enhances the overall customer experience in e-commerce platforms.
Furthermore, the ongoing shift towards digital payments as consumers and businesses sought contactless payment options to minimize physical interactions, is providing a considerable boost to the market growth. apart from this, the rising adoption of mobile payment solutions in sectors, such as retail, hospitality, and transportation to cater to changing consumer preferences, is fueling the market growth.
- Rising Financial Inclusion and Government Initiatives:
The growing efforts towards financial inclusion and supportive government initiatives are pivotal factors propelling the market growth. In line with this, the rising adoption of mobile payment solutions, as they offer a viable alternative for individuals with limited access to banking institutions, is contributing to the market growth.
Moreover, the imposition of several government initiatives, such as the promotion of digital wallets and cashless transactions, to modernize payment infrastructures and reduce the reliance on cash, is providing a considerable boost to the market growth.
Additionally, the development of regulatory frameworks to ensure the security and interoperability of mobile payment systems to enhance consumer trust and market stability is favoring the market growth.
Mobile Payment Market Report Segmentation:
By Mode of Transaction:
- WAP (Wireless Application Protocol)
- NFC (Near Field Communications)
- SMS (Short Message Service)
- USSD (Unstructured Supplementary Service Data)
- Others
WAP (wireless application protocol) accounted for the largest market share as it enables easy and widespread access to mobile internet services, facilitating numerous online transactions, particularly in regions with high mobile internet penetration.
By Application:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
Retail represented the largest segment as mobile payments offer consumers a fast, convenient, and secure way to complete transactions.
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
Asia Pacific’s dominance in the mobile payment market is attributed to its large population, rapid urbanization, high smartphone penetration, and strong governmental support for digital payment initiatives.
Competitive Landscape with Key Players:
The competitive landscape of the mobile payment market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
- FIS
- Gemalto (Thales Group)
- MasterCard
- Alipay (Ant Group)
- Visa
- Apple
- Samsung Electronics
- Bharti Airtel
- American Express
- Bank of America
- Citrus Payment Solutions
- LevelUp (Grubhub Inc.)
- MobiKwik
- One97 Communication
- Orange
- Oxigen
- Square
- Venmo (PayPal, Inc.)
- ZipCash Card Services
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
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.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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