Mobile Payment Market to Experience 28.1% CAGR during 2024-2032; Companies Focus on Collaborations to Increase Reach

The global mobile payment market size was valued at USD 2.98 trillion in 2023. The market is projected to grow from USD 3.84 trillion in 2024 to USD 27.81 trillion by 2032, exhibiting a CAGR of 28.1% during the forecast period. Fortune Business Insights™ presents this information in its report titled “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, 2024-2032”.

For customers, mobile payment offers a safe alternative to cash-based transactions and allows for rapid money transfers. As high-speed mobile networks become more extensively accessible and smartphones become more widely used mobile-base payment solutions are becoming popular. The emergence of e-commerce and digitization of payment services are driving the expansion of market trends. For the payment sector to expand during the projection period, the digital generation or generation Z is projected to present a plethora of chances. 

COVID-19 Pandemic Increased Contactless Payment Adoption

The human race and the world economy have both been severely harmed by the COVID-19 coronavirus. Due to this, demand for contactless payment systems, such as QR codes, NFC, mobile wallets, and others, has increased suddenly. The World Health Organization (WHO) instructed consumers all around the world to start using contactless payment methods in March 2020. This has amplified the amount of mobile payments processed and enhanced contactless payment methods, including tap-to-pay with Near-Field Communication (NFC), including carrier billing and QR codes, among others.

Corporations Concentrate on Collaborations to Increase Global Reach

Visa Inc. established a partnership with Tingo Mobile in February 2023 to advance and broaden its digital payment capabilities throughout Africa. To grow its payment business, the company worked with Tingo Mobile to focus on its 9.3 million current consumers. 

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https://www.fortunebusinessinsights.com/industry-reports/mobile-payment-market-100336

Reward and Payback Methods to Promote Market Growth

Due to the investments made by numerous payment service providers, the consumer industry is witnessing intense competition. Payment app providers such as Amazon Pay, Alipay, Google Pay, and others are implementing novel schemes to keep their current customer base and appeal new ones. For instance, Google Pay offers scratch cards with predetermined amounts that can be reached with a minimum number of transactions. With customers paying with cellphones, such approaches are supporting in maintaining customer loyalty. These factors are expected to increase the global mobile payment market share.

On the contrary, majority of people still prefer using cash over online payment applications, which may constrain the mobile payment market growth.

Competitive Landscape

Launch of New Payment Platforms is Focused to Drive Market Growth

Major corporations are investing in creating innovative payment systems for mobile devices. Several network operators and mobile payment companies are working together to break into the market. To offer value-added services and improve the consumer experience, major businesses across industries are embracing these payment solutions. Enterprises are integrating payment methods with their internal app to provide customers with a convenient payment process. 

Notable Industry Development:

• February 2023 – Reserve Bank of India, in a strategic partnership with the Monetary Authority of Singapore (MAS), announced the launch of new payment systems for the precipitating in both countries financial institutions. The traction can be done using the Unified Payments Interface. 

List of Key Players Profiled in the Report:

• 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.)

Further Report Findings:

• Asia Pacific (APAC) is predicted to hold the largest market share during the projection period, according to the industry analysis. Following the government's demonetization initiative, digital wallet adoption and services for QR codes have skyrocketed in India.


• The second-largest market share is predicted to come from North America. The U.S. has highly sophisticated payment systems, and a sizable number of prominent players maintain their headquarters there.


• In contrast, Europe has a variety of digital payment options, where the vast majority of individuals have bank accounts and credit cards.

Table of Segmentation