Mobile Payment Market Size, Share, Forecast, & Trends Analysis by Method, Application, Location, End-user, and Geography

Description

List of Tables

Mobile Payments Market by Method (Mobile Wallets, QR Code, Mobile Commerce, Mobile Point of Sale), Application (B2B, B2C, B2G), Location (Remote, Proximity), End-user (BFSI, Retail & E-commerce, Healthcare), and Geography-Global Forecast to 2031.

The research report titled 'Mobile Payments Market by Method (Mobile Wallets, QR Code, Mobile Commerce, Mobile Point of Sale), Application (B2B, B2C, B2G), Location (Remote, Proximity), End-user (BFSI, Retail & E-commerce, Healthcare), and Geography-Global Forecast to 2031' provides an in-depth analysis of mobile payments market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The mobile payments market is projected to reach $3,929.0 billion by 2031, at a CAGR of 27.2% from 2024 to 2031.

The growth of the mobile payments market is fueled by the increasing digitalization of payment services via smartphones, coupled with expanding government initiatives promoting cashless transactions. However, the lack of infrastructure in developing countries restrains market growth. Additionally, the increasing integration of near-field communication (NFC) technology in mobile payments for secure and contactless transactions is expected to generate growth opportunities for market players. However, concerns over data breaches and identity theft present major challenges impacting market growth. Furthermore, the increasing adoption of artificial intelligence-based applications in payment systems, along with the growing use of digital payment platforms at tourist destinations, are emerging trends in the market.

The mobile payments market is segmented by method (mobile wallets, mobile point of sale, mobile commerce, quick response (QR) code payments, SMS payments, and other methods), application (business-to-business, business-to-consumer, business-to-government, and other applications), location (remote and proximity), and end user (BFSI, retail & E-commerce, healthcare, travel & hospitality, transportation, IT & telecom, media & entertainment, energy & utilities, and other end users). The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on method, the mobile payments market is segmented into mobile wallets, mobile point of sale, mobile commerce, quick response (QR) code payments, SMS payments, and other methods. In 2024, the mobile wallets segment is expected to account for the largest share of over 49.0% of the market. The significant market share of this segment is driven by the increasing adoption of mobile wallets for quick and convenient payments through simple taps or scans. The growing use of mobile wallets in transportation for ticketing and vehicle parking, along with the integration of tokenization for secure payments and the protection of sensitive account data, further contributes to this growth. Additionally, the rising adoption of mobile wallets is supported by advanced encryption techniques that safeguard user data during transactions. However, the quick response (QR) code payments segment is poised to register the highest CAGR during the forecast period.

Based on application, the mobile payments market is segmented into business-to-business, business-to-consumer, business-to-government, and other applications. In 2024, the business-to-business segment is expected to account for the largest share of over 47.0% of the market. However, the business-to-consumer segment is poised to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising use of B2C mobile payment platforms, which provide valuable data and analytics on consumer behavior, purchasing patterns, and preferences. Furthermore, the increasing adoption of mobile wallets helps businesses reduce costs related to payment processing fees and expenses associated with cash handling.

Based on location, the mobile payments market is segmented into remote and proximity. In 2024, the remote segment is expected to account for the larger share of over 61.0% of the market. The large market share of this segment is attributed to the growing use of mobile payments in remote locations, facilitated by the availability of mobile networks that enable transactions from virtually anywhere. Additionally, there is an increasing reliance on remote mobile payments by businesses operating in underserved areas, allowing them to accept digital payments from customers effectively. Moreover, the remote segment is poised to register a higher CAGR during the forecast period.

Based on end user, the mobile payments market is segmented into BFSI, retail & e-commerce, healthcare, travel & hospitality, transportation, IT & telecom, media & entertainment, energy & utilities, and other end users. In 2024, the retail & e-commerce segment is expected to account for the largest share of over 24.0% of the market. The large market share of this segment is driven by the increasing use of mobile payments in retail and e-commerce businesses, which facilitate cross-border transactions by simplifying currency exchange and accommodating local payment preferences. Additionally, the growing adoption of mobile payments helps streamline the checkout process, enhancing customer satisfaction and promoting loyalty. However, the BFSI segment is poised to register the highest CAGR during the forecast period.

Based on geography, the mobile payments market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 38.0% of the market. It is also poised to register the highest CAGR of over 28.5% during the forecast period. The large market share of the Asia-Pacific region is attributed to increasing government initiatives in countries such as India, China, and Japan promoting cashless payments in businesses. The growing penetration of smartphones and widespread internet usage has further accelerated the adoption of mobile payments in the region. Moreover, the rise in online shopping and e-commerce platforms among consumers is driving the increasing use of mobile payments.

The key players operating in the mobile payments market are MoneyGram Payment Systems, Inc. (U.S.), Apple Inc. (U.S.), Google LLC (A Subsidiary of Alphabet Inc.) (U.S.), Mastercard Incorporated (U.S.), Alibaba Group Holding Limited (China), PayPal Holdings, Inc. (U.S.), Samsung Electronics Co. Ltd. (South Korea), Visa Inc. (U.S.), Tencent Holdings Limited (China), Amazon.com, Inc. (U.S.), American Express Company (U.S.), M Pesa (Vodafone Group Plc) (U.K.), One MobiKwik Systems Limited (India), Orange S.A. (France), and Oxigen Services (India) Private Limited (India).

Key Questions Answered in the Report:

What are the high-growth market segments in terms of method, application, location, and end user?
What is the historical market size for the mobile payments?
What are the market forecasts and estimates for 2024-2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the mobile payments market?
Who are the major players in the mobile payments market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the mobile payments market?
What do major market players adopt the different strategies?
What are the trends and high-growth countries?
Who are the local emerging players in the mobile payments market, and how do they compete with other players?

Scope of the Report:

Mobile Payments Market Assessment-by Method

Mobile Wallets
Mobile Point of Sale
Mobile Commerce
Quick Response (QR) Code Payments
SMS Payments
Other Methods

Mobile Payments Market Assessment-by Application

Business-to-Business
Business-to-Consumer
Business-to-Government
Other Applications

Mobile Payments Market Assessment-by Location

Remote
Proximity

Mobile Payments Market Assessment-by End User

BFSI
Retail & E-commerce
Healthcare
Travel & Hospitality
Transportation
IT & Telecom
Media & Entertainment
Energy & Utilities
Other End Users

Mobile Payments Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Netherlands
- Spain
- Sweden
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Indonesia
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- Rest of Middle East & Africa

Product Code: MRICT - 1041294

1. Introduction

1.1. Market Definition & Scope
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection and Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research / Interviews with Key Opinion Leaders from the Industry
2.3. Market Sizing and Forecast
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Market Overview
3.2. Market Analysis, by Method
3.3. Market Analysis, by Application
3.4. Market Analysis, by Location
3.5. Market Analysis, by End-user
3.6. Market Analysis, by Geography
3.7. Competitive Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Growing Digitalization of Payment Services Through Smartphones
  - 4.2.1.2. Growing Government Initiatives for Cashless Payments
- 4.2.2. Restraints
  - 4.2.2.1. Lack of Infrastructure in Developing Countries
- 4.2.3. Opportunities
  - 4.2.3.1. Rising Integration of Near Field Communication (NFC) in Mobile Payments for Secure and Contactless Transactions
- 4.2.4. Challenges
  - 4.2.4.1. Data Breaches and Identity Theft Concerns
4.3. Key Trends
- 4.3.1. Growing Adoption of Artificial Intelligence-based Applications in Payments
- 4.3.2. Surging Use Digital Payment Platforms for Tourist Destinations
4.4. Case Studies
- 4.4.1. Case Study A
- 4.4.2. Case Study B
- 4.4.3. Case Study C
4.5. Value Chain Analysis

5. Global Mobile Payments Market Assessment-by Method

5.1. Overview
5.2. Mobile Wallets
5.3. Mobile Point of Sale
5.4. Mobile Commerce
5.5. Quick Response (QR) Code Payments
5.6. SMS Payments
5.7. Other Methods

6. Global Mobile Payments Market Assessment-by Application

6.1. Overview
6.2. Business-to-Business
6.3. Business-to-Consumer
6.4. Business-to-Government
6.5. Other Applications

7. Global Mobile Payments Market Assessment-by Location

7.1. Overview
7.2. Remote
7.3. Proximity

8. Global Mobile Payments Market Assessment-by End-user

8.1. Overview
8.2. BFSI
8.3. Retail & E-commerce
8.4. Healthcare
8.5. Travel & Hospitality
8.6. Transportation
8.7. IT & Telecom
8.8. Media & Entertainment
8.9. Energy & Utilities
8.10. Other End-users

9. Mobile Payments Market Assessment-by Geography

9.1. Overview
9.2. North America
- 9.2.1. U.S.
- 9.2.2. Canada
9.3. Europe
- 9.3.1. Germany
- 9.3.2. U.K.
- 9.3.3. France
- 9.3.4. Italy
- 9.3.5. Netherlands
- 9.3.6. Spain
- 9.3.7. Sweden
- 9.3.8. Rest of Europe
9.4. Asia-Pacific
- 9.4.1. Japan
- 9.4.2. China
- 9.4.3. India
- 9.4.4. South Korea
- 9.4.5. Singapore
- 9.4.6. Australia & New Zealand
- 9.4.7. Indonesia
- 9.4.8. Rest of Asia-Pacific
9.5. Latin America
- 9.5.1. Mexico
- 9.5.2. Brazil
- 9.5.3. Rest of Latin America
9.6. Middle East & Africa
- 9.6.1. UAE
- 9.6.2. Saudi Arabia
- 9.6.3. Israel
- 9.6.4. Rest of Middle East & Africa

10. Competition Analysis

10.1. Overview
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Competitive Dashboard
- 10.4.1. Industry Leaders
- 10.4.2. Market Differentiators
- 10.4.3. Vanguards
- 10.4.4. Emerging Companies
10.5. Market Ranking, by Key Players

11. Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Development, and SWOT Analysis)

11.1. MoneyGram Payment Systems, Inc.
11.2. Apple Inc.
11.3. Google LLC (A Subsidiary of Alphabet Inc.)
11.4. Mastercard Inc.
11.5. Alibaba Group Holding Limited
11.6. PayPal Holdings, Inc.
11.7. Samsung Electronics Co., Ltd.
11.8. Visa Inc.
11.9. Tencent Holdings Ltd
11.10. Amazon.com, Inc.
11.11. American Express Company
11.12. M-Pesa (Vodafone Group Plc)
11.13. One MobiKwik Systems Limited
11.14. Orange S.A.
11.15. Oxigen Services (India) Pvt. Ltd

(Note: SWOT Analysis Will Be Provided for the Top 5 Companies)

12. Appendix

12.1. Available Customization
12.2. Related Reports