"Smart Strategies, Giving Speed to your Growth Trajectory"

Mobile Payment Market Size, Share & COVID-19 Impact Analysis, By Payment Type (Proximity Payment and Remote Payment), By Industry (Media & Entertainment, Retail & E-commerce, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, and Others), and Regional Forecast, 2023-2030

Region : Global | Format: PDF | Report ID: FBI100336



Play Audio Listen to Audio Version

The mobile payment market was USD 2.32 trillion in 2022 and is projected to grow from USD 2.98 trillion in 2023 to USD 18.84 trillion by 2030, exhibiting a CAGR of 30.1%. North America dominated the global market with a share of 43.97% in 2022.

The increasing availability of high-speed mobile networks, along with the increasing penetration of smartphones, is boosting the adoption of mobile-based payment solutions. The digitalization of payment services and growing e-commerce businesses are contributing to the growing market trends. The digital generation, i.e., generation Z, is likely to create vast opportunities for the payment industry to grow during the forecast period. Furthermore, to attract customers to pay through mobile devices, the market players are offering rewards, redemption points, loyalty points, and others. For instance,

  • In February 2023, Japan-based mobile payment service provider KDDI Corporation announced a collaboration with Oracle Corporation to offer a faster and more effective customer loyalty program on its au Pay system.


Adoption of Contactless Payment to Soar Amid COVID-19 Pandemic

The coronavirus COVID-19 has impacted the global economy and humans significantly. It has drastically changed the channels and modes of transactions done by consumers and merchants. Today, people are more cautious about transacting in cash while shopping in public places. This has triggered a sudden spike in demand for contactless payment methods such as mobile wallets, NFC, QR codes and more. In March 2020, the World Health Organization (WHO) recommended that consumers across the globe adopt contactless payment modes. This has helped to raise the payment transaction rate using mobile and boosted contactless payment modes such as QR code, tap to pay by near field payment NFC, and carrier billing payment, among others.

According to MasterCard's survey, 79% of consumers globally used contactless payments to maintain safety and cleanliness amid the pandemic. These consumers are likely to continue with the payment mode post-pandemic. Although, the temporary shut-down of manufacturing and production units has resulted in a reduction in transaction volume and cross-border payments, the market is expected to grow significantly during the forecast period. Therefore, considering the ease of transactions and availability of various payment methods, the mobile-based payment mode is expected to gain rapid growth post- pandemic.


Request a Free sample to learn more about this report.

Growing Adoption of Artificial Intelligence-based Applications in Payments to Accelerate Market Growth

Artificial Intelligence (AI) is expected to increase demand for mobile payment solutions. AI assists enterprises in analyzing the data and recognizing patterns. Besides, it helps in identifying and monitoring the buying behavior of users. Enhanced customer engagement solutions offered across industries using AI help increase customer value. According to the 2021, PWC’s Digital Banking Consumer Survey, to boost long-term trust amongst customers, continuous and real-time efforts are required. Thus, the adoption of AI across digital payments will enhance customer service.

Similarly, as AI can detect patterns, it can be very useful in detecting fraudulent activities in these payments. With the right use-cases and historical data patterns, artificial intelligence (AI) can detect fraudulent activity in real-time. Rising implementation of artificial intelligence for better customer experience and secured mobile transactions will drive the mobile payment market growth. For instance,

  • In February 2021, Visa Inc. launched VisaNet +AI to address the daily settlement issues and challenges of banks, merchants, customers, and financial institutes. AI helps providers offer secure, transparent, predictable, and instant payments.


Paybacks and Reward Strategies to Boost Market Growth

Several payment service providers are investing in their businesses, thereby creating fierce competition in the consumer market. To maintain a loyal customer base and create new customers, payment app companies such as Google Pay, Alipay, Amazon Pay, and others are using new strategies. For instance, Google Pay offers scratch cards containing a certain amount that can be achieved with minimal transactions. Such initiatives are helping to maintain customer loyalty with users paying through smartphones. Furthermore, companies have started to offer rewards and cashback when customers opt for mobile channels for transactions. With the implementation of such reward facilities, customers tend to use mobile apps to pay for every transaction.

The companies are offering an app to keep track of points for the users. For instance, Samsung Pay offers reward points to its smartphone users for every purchase they make. Samsung reward points can be used to purchase their products. Many customer-oriented industries, such as travel & tourism, restaurants, retail stores, and hospitality sectors, have started adopting mobile apps with rewards and coupons. For instance, Hilton Worldwide started room booking and payments through their own app, Honors, to enhance customer engagement. This is expected to drive the mobile payment market share.


Security Concerns and Inconvenience of Using Cash to Impact Mobile-based Transaction

Although mobile payment solutions provide several features such as better operability, reliability, and flexibility, a majority of end-users are still comprehensively dependent on cash for their daily activities. People have been using the traditional payment mode for several years, and thereby, they are reluctant to adopt new technologies. Customers, owing to their habits, feel safe using the traditional mode of payment when the transaction amount is huge. Also, the payment mode stores personal information such as location, amount balance, purchasing pattern, card PIN, and other details. This increases the risk of unauthorized usage of this personal data and increases security concerns amongst customers. This is likely to hamper the global market growth.


By Payment Type Analysis

Instant Payment Facilities to Drive Proximity Payment Demand

Based on payment type, the market is categorized into proximity payment and remote payment.

The proximity payment segment is further sub-segmented into Near Field Communication (NFC) and QR code payment. Remote payments is further categorized into internet payments, direct operator billing, digital wallets, and SMS payments.

Proximity payment refers to in-store payment solutions using smartphones. The proximity payment is exhibiting rapid growth in the market owing to its instant payment offerings. Some of the mobile-based proximity payment options in the market include Google Pay/Send, Apple Pay, PayPal, PayTM, and more.

In the proximity payment segment, Near Field Communication (NFC) is gaining rapid growth. Many telecommunication companies such as China Mobile, AT&T, Vodafone Group, Bharti Airtel, and others, are providing SIM-based NFC, which can be instantly operated at the Point of Sale (POS). The QR code segment is expected to gain maximum market revenue from proximity payments. The Quick Response (QR) code has gained instant popularity in the market with its launch owing to its ease of payment process. With its unique barcode technology, QR codes can offer instant and secured transactions and are widely used for peer-to-peer transactions. 

Remote payment to gain a significant share during the forecast period. Remote payment offers the ease of contactless payment through the available real-time online terminal. It blocks the unknown terminals from the network and provides fully secured transactions. In this segment, digital wallets will gain rapid growth owing to the various available wallets such as Freecharge, Amazon Pay, Payzapp, and more.

By Industry Analysis

To know how our report can help streamline your business, Speak to Analyst

Surge in Online Banking and Digitalization to Boost BFSI Segment Share  

Based on industry, the market is segmented into media & entertainment, retail & e-commerce, BFSI, automotive, medical & healthcare, transportation, consumer electronics, and others.

BFSI to gain rapid growth and maximum revenue share during the forecast period. Payment technology is providing promising opportunities for the BFSI industry, as this platform enables instant transactions without following a long process. The platform providers are partnering with banks and other banking service providers to integrate this technology into their payment platforms. This has led to the introduction of a mobile banking platform that allows users to make payments for shopping, retail payments, electricity payments, and others.

The retail & e-commerce industry is being highly impacted by the penetration of digitalization and technological innovation. The retail industry was an early adopter of payment technology. With the development of payment services, retailers are constantly re-evaluating their payment solutions. A better customer experience allows retailers to retain loyal customers and also attract new ones. Retailers are keen on providing convenient payment options to customers.

The medical and healthcare industry to showcase steady growth. Its adoption in the healthcare industry offers the ease of instantly paying medical bills for patients. Similarly, in media and entertainment, the user is now trusting mobile payment options for content subscriptions and more. The video streaming industry is offering movies and original TV series on subscription. Similarly, the adoption of mobile gaming is increasing, and gamers can directly purchase the games using digital wallets.


Asia Pacific Mobile Payment Market Size, 2022 (USD Trillion)

To get more information on the regional analysis of this market, Request a Free sample

Geographically, the market is fragmented into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.

According to the report, Asia Pacific (APAC) is likely to hold the dominant market share during the forecast period. In India, the adoption of digital wallets and QR code services has exponentially increased after the government’s demonetization action. Also, government initiatives such as digitalization are expected to further boost the market in India. China is expected to gain the maximum revenue share owing to the dominant presence of key players such as Alipay.com Co., Ltd. and WeChat by Tencent. The emergence of new e-commerce channels, rising online shopping, and new payment solutions are expected to support APAC’s growth during the forecast period.

North America is anticipated to account for the second-highest market share. The U.S. has well-developed payment methods, and a significant number of key players have their headquarters in the country. The players are attracting consumers in the U.S. and Canada by adopting strategies such as payback and reward systems, among others.

Whereas Europe offers various digital payment solutions, wherein the majority of people own bank accounts and payment cards. The introduction of innovative payment solutions through smartphones is boosting the adoption of payment services in the region. Also, strategic partnerships between network providers, banks, and payment services are likely to boost market growth. For instance, companies such as Apple Pay, Advanzia Bank, Vodafone, Payconiq, and more have invested in European countries to boost mobile-based transactions.

The Middle East and Africa region is expected to grow significantly during the forecast period. The existence of financial services, along with the good penetration of mobile phones and high-speed internet, are driving market growth in the region. For instance,

To know how our report can help streamline your business, Speak to Analyst

  • In February 2023, Mobly Pay, in collaboration with Ericson’s wallet platform, announced a strategic plan to expand its services in Saudi Arabia.

Latin America is an emerging region in the global market owing to increasing smartphone adoption and demand for contactless payment.


Emphasis on Launch of New Payment Platforms to Drive Market Development

The key mobile payment companies are investing in the development of unique mobile device payment solutions. Various network operators and mobile payment providers are collaborating to enter the market. The key players across industries are using these payment solutions to provide value-added services and enhance the customer experience. To provide a convenient payment process, the companies are integrating payment options with their in-house app.

February 2022 – Clik2pay to expand its customer reach, launched a mobile app for small businesses. This new app offers secured and direct payment from the user’s bank account and facilitates invoices.  

September 2022 Danske Bank announced the merger of its three mobile apps for payment - Vipps, Pivo, and MobilePay. The company announced the merger with the ambition of offering complete wallet to European customers.

List of the Key Companies Profiled:

  • Alipay.com Co., Ltd. (China)

  • Amazon.com, Inc. (U.S.)

  • American Express Co. (U.S.)

  • Boku Inc. (U.S.)

  • Google LLC (U.S.)

  • MasterCard International Inc. (U.S.)

  • Obopay (U.S.)

  • Fidelity National Information Services (FIS), Inc. (U.S.)

  • PayPal, Inc. (U.S.)

  • Visa, Inc. (U.S.)


  • February 2023 – Visa Inc. announced a partnership with Tingo Mobile, to boost and expand its digital payment solutions across Africa. The company collaborated with Tingo Mobile to target its existing 9.3 million users to expand its payment business.

  • January 2023 - Alipay.com Co., Ltd. to offer cash-free transactions introduced QR code payment methods for Asian travelers in mainland China.

  • August 2022 - American Express Co. introduced its mobile-friendly platform, American Express Global Pay, for businesses and customers. It is connected to banks across 40 countries and provides a wide range of currencies.

  • August 2021 – American Express Co. launched a web version and mobile app, Amex Pay, for the payments of taxes, insurance, cable bills, internet bills, and more. The new application also offers rewards and promotions to customers.


An Infographic Representation of Mobile Payment Market

To get information on various segments, share your queries with us

The research report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry and market trends and analyzes technologies deployed at a rapid pace at the global level. In the scope, we have considered mobile payments done through Near Field Communication (NFC), QR codes, mobile wallets, SMS, internet, and operator billing. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.




Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Growth rate of 30.1% from 2023 to 2030


Value (USD trillion)


By Payment Type, Industry, and Geography

By Payment Type

  • Proximity Payment

    • Near Field Communication (NFC)

    • Quick Response (QR) Code

  • Remote Payment

    • Internet Payments

    • Direct Operator Billing

    • Digital Wallet

    • SMS Payments

By Industry

  • Media & Entertainment

  • Retail and E-commerce

  • BFSI

  • Automotive

  • Medical & Healthcare

  • Transportation

  • Consumer Electronics

  • Others (Education, IT & Telecom, and Others)

By Region

  • North America (By Payment Type, By Industry, and By Country)

    • U.S. (By Industry)

    • Canada (By Industry)

  • Europe (By Payment Type, By Industry, and By Country)

    • U.K. (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Spain (By Industry)

    • Rest of Europe

  • Asia Pacific (By Payment Type, By Industry, and By Country)

    • China (By Industry)

    • Japan (By Industry)

    • India (By Industry)

    • Rest of Asia Pacific

  • Middle East & Africa (By Payment Type, By Industry, and By Country)

    • GCC (By Industry)

    • South Africa (By Industry)

    • Rest of the Middle East & Africa

  • Latin America (By Payment Type, By Industry, and By Country)

    • Brazil (By Industry)

    • Mexico (By Industry)

    • Argentina (By Industry)

    • Rest of Latin America

Frequently Asked Questions

The market is projected to reach USD 18.84 trillion by 2030.

In 2022, the market size stood at USD 2.32 trillion.

The market is projected to grow at a CAGR of 30.1% in the forecast period.

Proximity payment segment is likely to lead the market.

Increasing government initiative in digital payment to drive market growth.

Alipay.com Co., Ltd., Amazon.com, Inc., American Express Co., Boku Inc., Google Inc., MasterCard International Inc., and Obopay are the top players in the market.

Asia Pacific is expected to hold the highest market share.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • May, 2023
  • 2022
  • 2019-2021
  • 130


  • $4850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.