Latest News- Mobile Payments Market: Remote payment is expected to lead the Location segment during 2025-2029

The Mobile Payments Market is being driven by Rising number of online transactions

The Mobile Payments Market is expected to grow at a CAGR of 33.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 228060.3 million. In the current business landscape, mobile applications have emerged as the preferred platform for online shopping transactions, surpassing desktop websites due to the widespread adoption of smart devices. To capitalize on this trend, companies are transitioning from website-based services to app-only offerings. This shift is particularly significant in emerging markets like India, where mobile payments have experienced exponential growth as a result of the pandemic and increasing consumer adoption. However, it is crucial to note that in countries with connectivity challenges, such as Indonesia and Thailand, a complete switch to app-only services could potentially result in failure for e-commerce providers. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Location
  • Remote payment
  • Proximity payment
• Type
  • Money transfers
  • Merchandise purchases
  • Bill payments
  • Others
• Technology
  • Near field communication
  • Radio frequency identification (RFID)
  • Host card emulation (HCE)
  • Biometric authentication-based payments
• Channel
  • Peer-to-peer (P2P) payments
  • Consumer-to-business (C2B) payments
  • Business-to-business (B2B) payments
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising number of online transactions
• Rising deployment of mobile payment solutions in emerging economies
• Advantages of mobile payments

However, the market also witnesses some limitations, which are as follows:

• Privacy and security concerns
• Lack of awareness about mobile payments
• Absence of global standards for cross-border payments

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Market Scope in Mobile Payments Market Research Report

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Research Analysis Overview

Mobile payments have revolutionized the way we make transactions, with various technologies such as NFC, QR codes, text-based, and sound wave payments leading the charge. Fueled by increasing internet usage and online commerce, these digital transactions are on the rise, driven by smartphone ownership and the convenience of mobile payment applications. Contactless payments using NFC technology and proximity payments via QR codes or sound waves ensure secure, encrypted information transfer. AI integration enhances payment services with features like fraud detection and remote payment solutions. E-commerce businesses and Generation Z benefit from mobile wallets, money transfers, redemption points, merchandise purchases, bill payments, and payment gateways. High-speed networks ensure seamless transactions, making cash-based transactions a thing of the past.

Market Research Overview

The Mobile Payments Market encompasses various technologies such as Near Field Communication (NFC), QR code-based, online digital payments, text-based, and sound wave transactions. According to Technavio's market research, the market size is calculated based on encrypted financial transactions facilitated by conventional technologies integrated into banking applications, residential services, home security services, legal services, renovation and interior design services, consumer auction services, wedding services, and funeral services. Excluding industries like casino and gaming, hotel and resort, leisure facilities, restaurants, and education services, this market's growth is driven by increasing internet usage and online commerce.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/