Authored By: Sarah
11 Jul 2024

 Mobile Payments Market Size to grow by USD 75412.89 million between 2023-2027

According to a research report “ Mobile Payments Market” by Type (Money transfers, Merchandise purchases, Bill payments, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 75412.89 million, at a CAGR of  20.49% during the forecast period. In today's digital age, mobile payments have emerged as a preferred choice for consumers due to their ease, speed, and convenience. With the widespread use of smartphones, online transactions can now be completed anytime and anywhere. Digital wallets, in particular, have gained immense popularity due to their user-friendly features, including easy registration and login, robust merchant and consumer payment processing capabilities, and a streamlined dashboard. The increasing adoption of mobile devices and wearables has fueled the popularity of mobile payments, leading many retailers to integrate platforms such as NFC POS terminals to facilitate seamless mobile transactions. These terminals not only simplify the payment process but also enhance the effectiveness of retailers' marketing efforts.

Browse market data tables, figures, and in-depth TOC on “Mobile Payments Market” by Type (Money transfers, Merchandise purchases, Bill payments, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample

 

By Type, the Money transfers segment is projected to dominate the market size in 2024

ai_market_segmentation_by

By Geography, APAC  segment is expected to hold the largest market size for the year 2024

Mobile payments have revolutionized the way transactions are conducted, with the integration of mobile payment gateways like Apple Pay. This innovation eliminates the need for consumers to physically carry credit or debit cards. Retailers have adopted Point of Sale (POS) terminals, which are portable devices enabling contactless payments over Wi-Fi. These terminals securely process transactions and print receipts. Major players in the market offer Near Field Communication (NFC)-enabled mobile payment solutions due to enhanced security features. Users securely save their financial data on their smartphones, ensuring unauthorized access to card information or security codes is prevented.

APAC is forecasted to hold the largest market size by region in 2024

The APAC mobile payments market is poised for significant expansion during the forecast period, driven by the region's high growth potential. Factors such as rapid urbanization and increasing Internet penetration are fueling market growth. The adoption of various mobile payment methods, including semi-closed wallets like Airtel Money and PayU, is propelling market expansion. These wallets, which are linked to bank accounts and facilitate transactions via payment gateways, are gaining popularity in APAC at an unprecedented rate. The region's rapid adoption of payment gateway technology is a key driver of market growth, surpassing that of other regions.

The Mobile Payments Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Alphabet Inc.
  • Amazon.com Inc.
  • American Express Co.
  • Ant Technology Group Co. Ltd.
  • Apple Inc.
  • JPMorgan Chase and Co.
  • Mahindra and Mahindra Ltd.
  • Mastercard Inc.
  • MoneyGram International Inc.
  • NASPERS Ltd.
  • One97 Communications Ltd.
  • PayPal Holdings Inc.
  • Samsung Electronics Co. Ltd.
  • Tencent Holdings Ltd.
  • Visa Inc.
  • Vodafone Group Plc
  • Alibaba Group Holding Ltd
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The Mobile Payments Market is experiencing rapid growth, driven by the increasing usage of smartphones, Internet penetration, and the expansion of the m-commerce industry. Mobile payment systems, including Radio Frequency Identification (RFID) and Near-Field Communication (NFC) technologies, enable proximity payments and remote transactions, enhancing user experience for bill payments, online shopping, and more. Financial institutions are investing heavily in AI for fraud detection, ensuring secure transactions through encryption, authentication methods, and cybersecurity protocols. Key players like Paytm lead the market, offering convenience and security for cashless and digital transactions. However, mobile payment solutions face challenges such as fraud, identity theft, and data breaches, necessitating continuous innovation and investment in security measures. The market's growth is further fueled by the increasing smartphone ownership and the shift towards digital transactions. As the Mobile Payment Market continues to evolve, it is essential to prioritize user experience, security, and innovation to meet the demands of consumers and businesses alike.

Market Research Overview

The Mobile Payments Market is a rapidly growing sector in the digital economy, driven by the mobile commerce trend and the adoption of wearable payment technology. E-commerce platforms are increasingly integrating mobile payment systems, allowing customers to make transactions using mobile wallets/cards, biometric authentication, and cards, instead of cash or traditional approaches like sound wave technology and card terminals. Regions with high internet penetration and smartphone ownership, such as Asia-Pacific, are leading the way in mobile payments, with solutions like NFC payment transactions, mobile money, and banking applications gaining popularity. Despite the convenience of mobile payments, implementation costs and security concerns, such as encrypted payment data, fraud detection using AI, and cybersecurity protocols, remain key challenges. Financial institutions and mobile payment providers are investing in AI and encryption to enhance security and improve user experience. The mobile payments industry is expected to grow significantly in the coming years, with proximity payment and remote payment becoming the norm for purchases, bill payments, and online shopping. However, as mobile payments become more widespread, addressing security concerns and ensuring consumer trust will be crucial for the continued growth of the mobile commerce industry.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio