Consumer Mobile Payments Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2031

Description

Persistence Market Research has recently released a comprehensive report on the worldwide market for consumer mobile payments. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure. This research publication presents exclusive data and statistics outlining the anticipated growth trajectory of the global consumer mobile payments market from 2024 to 2031.

Key Insights:

Consumer Mobile Payments Market Size (2024E): USD 2.98 trillion
Projected Market Value (2031F): USD3.84 trillion
Global Market Growth Rate (CAGR 2024 to 2031): 28.9%

Consumer Mobile Payments Market - Report Scope:

Consumer mobile payments encompass transactions made through mobile devices, leveraging technology for secure, quick, and convenient payments in various retail, utility, and peer-to-peer scenarios. The market serves both online and in-store transactions, driven by the adoption of contactless payment technology, QR code payments, and mobile wallet apps. Key segments include digital wallets, mobile money transfers, and in-app payments, which cater to consumers across diverse sectors such as retail, food service, transportation, and utilities. Growth in this market is fueled by increasing smartphone penetration, rising demand for secure and convenient payment solutions, and supportive government policies promoting cashless economies.

Market Growth Drivers:

The global consumer mobile payments market is propelled by several key factors, including the widespread adoption of smartphones and advancements in payment security technology. Rising consumer demand for faster, more secure, and convenient payment methods is fueling the shift from cash to digital transactions. Additionally, government policies promoting digital and cashless transactions, especially in emerging economies, support market expansion. The integration of technologies like biometric authentication, NFC, and blockchain in mobile payment solutions enhances transaction security and user confidence. Moreover, the COVID-19 pandemic accelerated the adoption of contactless payment methods, a trend that continues to drive market growth.

Market Restraints:

Despite promising growth prospects, the consumer mobile payments market faces challenges related to security concerns, regulatory hurdles, and infrastructure limitations. Issues such as data breaches and cyberattacks pose significant risks to consumer confidence and hinder widespread adoption. Regulatory compliance requirements across regions, along with inconsistent policies on data privacy and transaction fees, impose challenges for service providers operating globally. Additionally, the lack of digital infrastructure and limited smartphone penetration in certain developing regions restricts market growth. Addressing these challenges requires continuous investment in cybersecurity measures and collaboration with regulatory bodies to streamline compliance.

Market Opportunities:

The consumer mobile payments market presents significant growth opportunities driven by rapid digitalization, financial inclusion initiatives, and evolving payment technologies. The integration of artificial intelligence and machine learning in mobile payment solutions enables personalized and secure transaction experiences, enhancing customer satisfaction and loyalty. Furthermore, partnerships between financial institutions, mobile operators, and fintech companies are expanding payment options for underbanked populations, particularly in regions like Africa and Southeast Asia. Innovative product offerings, such as cryptocurrency-based mobile payments and loyalty rewards programs, create additional growth avenues for market players to capture a broader consumer base.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the consumer mobile payments market globally?
Which payment types and applications are fueling mobile payment adoption across various sectors?
How are technological advancements shaping the competitive landscape of the mobile payments market?
Who are the key players in the consumer mobile payments market, and what strategies are they employing to stay competitive?
What are the emerging trends and future prospects in the global consumer mobile payments market?

Competitive Intelligence and Business Strategy:

Leading players in the global consumer mobile payments market, including Apple Inc., Google LLC, Samsung Electronics Co., Ltd., and PayPal Holdings, Inc., focus on innovation, security enhancements, and strategic partnerships to maintain a competitive edge. These companies invest in R&D to develop user-friendly and secure mobile payment solutions, including contactless payment apps, mobile wallets, and cross-border payment capabilities. Collaborations with retailers, banks, and technology providers facilitate market access and promote technology adoption. Additionally, emphasis on compliance with data protection regulations and consumer education on secure mobile payment practices enhances market growth and boosts consumer trust in the evolving mobile payments landscape.

Key Companies Profiled:

Apple Inc.
Google LLC
Samsung Electronics Co., Ltd.
PayPal Holdings, Inc.
Alibaba Group
Tencent Holdings Ltd.
Square, Inc.
Visa Inc.
Mastercard Inc.
American Express Company

Market Segmentation

By Region

APEJ
MEA
North America
Japan
Western Europe
Eastern Europe
Latin America

By End-Use Industry

Retail
Hospitality & Tourism
IT & Telecommunication
BFSI
Media & Entertainment
Healthcare
Airline

By Mode of Payment

Remote
Proximity

Product Code: PMRREP14995

1. Executive Summary

2. Market Introduction

2.1. Market Definition
2.2. Market Taxonomy

3. Global Consumer Mobile Payments Market Analysis

3.1. Market Size (US$ Bn) and Forecast
- 3.1.1. Market Size and Absolute $ Opportunity

4. Market Dynamics

4.1. Macro-economic Factors
4.2. Drivers
- 4.2.1. Supply Side
- 4.2.2. Demand Side
4.3. Restraints
4.4. Industry Trends and Recent Developments

5. Global Consumer Mobile Payments Market Analysis and Forecast, By Mode of Payment

5.1. Introduction
- 5.1.1. Basis Point Share (BPS) Analysis By Mode of Payment
- 5.1.2. Y-o-Y Growth Projections By Mode of Payment
5.2. Market Size (US$ Bn) Forecast By Mode of Payment
- 5.2.1. Remote
  - 5.2.1.1. P2P
  - 5.2.1.2. M-commerce
- 5.2.2. Proximity
  - 5.2.2.1. NFC
  - 5.2.2.2. Barcode
5.3. Market Attractiveness Analysis
- 5.3.1. By Mode of Payment

6. Global Consumer Mobile Payments Market Analysis and Forecast, By End-use Industry

6.1. Introduction
- 6.1.1. Basis Point Share (BPS) Analysis By End-use Industry
- 6.1.2. Y-o-Y Growth Projections By End-use Industry
6.2. Market Size (US$ Bn) Forecast By End-use Industry
- 6.2.1. Retail
- 6.2.2. Hospitality & Tourism
- 6.2.3. IT & Telecommunication
- 6.2.4. BFSI
- 6.2.5. Media & Entertainment
- 6.2.6. Healthcare
- 6.2.7. Airline
- 6.2.8. Others
6.3. Market Attractiveness Analysis
- 6.3.1. By End-use Industry

7. Global Consumer Mobile Payments Market Analysis and Forecast, By Region

7.1. Introduction
- 7.1.1. Basis Point Share (BPS) Analysis By Region
- 7.1.2. Y-o-Y Growth Projections By Region
7.2. Market Size (US$ Bn) Forecast By Region
- 7.2.1. North America
- 7.2.2. Latin America
- 7.2.3. Western Europe
- 7.2.4. Eastern Europe
- 7.2.5. Asia Pacific Excl. Japan (APEJ)
- 7.2.6. Japan
- 7.2.7. Middle East and Africa (MEA)
7.3. Market Attractiveness Analysis
- 7.3.1. By Region

8. North America Consumer Mobile Payments Market Analysis and Forecast

8.1. Introduction
- 8.1.1. Market Value (US$ Bn) And Absolute $ Opportunity
- 8.1.2. Basis Point Share (BPS) Analysis By Country
- 8.1.3. Basis Point Share (BPS) Analysis By Mode of Payments
- 8.1.4. Basis Point Share (BPS) Analysis By End-use Industry
8.2. Market Size (US$ Bn) Forecast By Country
- 8.2.1. U.S.
- 8.2.2. Canada
8.3. Market Size (US$ Bn) Forecast By Mode of Payment
- 8.3.1. Remote
  - 8.3.1.1. P2P
  - 8.3.1.2. M-commerce
- 8.3.2. Proximity
  - 8.3.2.1. NFC
  - 8.3.2.2. Barcode
8.4. Market Size (US$ Bn) Forecast By End-use Industry
- 8.4.1. Retail
- 8.4.2. Hospitality & Tourism
- 8.4.3. IT & Telecommunication
- 8.4.4. BFSI
- 8.4.5. Media & Entertainment
- 8.4.6. Healthcare
- 8.4.7. Airline
- 8.4.8. Others
8.5. Market Attractiveness Analysis
- 8.5.1. By Country
- 8.5.2. By Mode of Payment
- 8.5.3. By End-use Industry

9. Latin America Consumer Mobile Payments Market Analysis and Forecast

9.1. Introduction
- 9.1.1. Market Value (US$ Bn) And Absolute $ Opportunity
- 9.1.2. Basis Point Share (BPS) Analysis By Country
- 9.1.3. Basis Point Share (BPS) Analysis By Mode of Payments
- 9.1.4. Basis Point Share (BPS) Analysis By End-use Industry
9.2. Market Size (US$ Bn) Forecast By Country
- 9.2.1. Brazil
- 9.2.2. Mexico
- 9.2.3. Argentina
- 9.2.4. Rest of Latin America
9.3. Market Size (US$ Bn) Forecast By Mode of Payment
- 9.3.1. Remote
  - 9.3.1.1. P2P
  - 9.3.1.2. M-commerce
- 9.3.2. Proximity
  - 9.3.2.1. NFC
  - 9.3.2.2. Barcode
9.4. Market Size (US$ Bn) Forecast By End-use Industry
- 9.4.1. Retail
- 9.4.2. Hospitality & Tourism
- 9.4.3. IT & Telecommunication
- 9.4.4. BFSI
- 9.4.5. Media & Entertainment
- 9.4.6. Healthcare
- 9.4.7. Airline
- 9.4.8. Others
9.5. Market Attractiveness Analysis
- 9.5.1. By Country
- 9.5.2. By Mode of Payment
- 9.5.3. By End-use Industry

10. Western Europe Consumer Mobile Payments Market Analysis and Forecast

10.1. Introduction
- 10.1.1. Market Value (US$ Bn) And Absolute $ Opportunity
- 10.1.2. Basis Point Share (BPS) Analysis By Country / Region
- 10.1.3. Basis Point Share (BPS) Analysis By Mode of Payments
- 10.1.4. Basis Point Share (BPS) Analysis By End-use Industry
10.2. Market Size (US$ Bn) Forecast By Country / Region
- 10.2.1. Germany
- 10.2.2. France
- 10.2.3. Italy
- 10.2.4. Spain
- 10.2.5. U.K.
- 10.2.6. Nordic
- 10.2.7. Rest of Western Europe
10.3. Market Size (US$ Bn) Forecast By Mode of Payment
- 10.3.1. Remote
  - 10.3.1.1. P2P
  - 10.3.1.2. M-commerce
- 10.3.2. Proximity
  - 10.3.2.1. NFC
  - 10.3.2.2. Barcode
10.4. Market Size (US$ Bn) Forecast By End-use Industry
- 10.4.1. Retail
- 10.4.2. Hospitality & Tourism
- 10.4.3. IT & Telecommunication
- 10.4.4. BFSI
- 10.4.5. Media & Entertainment
- 10.4.6. Healthcare
- 10.4.7. Airline
- 10.4.8. Others
10.5. Market Attractiveness Analysis
- 10.5.1. By Country
- 10.5.2. By Mode of Payment
- 10.5.3. By End-use Industry

11. Eastern Europe Consumer Mobile Payments Market Analysis and Forecast

11.1. Introduction
- 11.1.1. Market Value (US$ Bn) And Absolute $ Opportunity
- 11.1.2. Basis Point Share (BPS) Analysis By Country
- 11.1.3. Basis Point Share (BPS) Analysis By Mode of Payments
- 11.1.4. Basis Point Share (BPS) Analysis By End-use Industry
11.2. Market Size (US$ Bn) Forecast By Country
- 11.2.1. Russia
- 11.2.2. Poland
- 11.2.3. Rest of Eastern Europe
11.3. Market Size (US$ Bn) Forecast By Mode of Payment
- 11.3.1. Remote
  - 11.3.1.1. P2P
  - 11.3.1.2. M-commerce
- 11.3.2. Proximity
  - 11.3.2.1. NFC
  - 11.3.2.2. Barcode
11.4. Market Size (US$ Bn) Forecast By End-use Industry
- 11.4.1. Retail
- 11.4.2. Hospitality & Tourism
- 11.4.3. IT & Telecommunication
- 11.4.4. BFSI
- 11.4.5. Media & Entertainment
- 11.4.6. Healthcare
- 11.4.7. Airline
- 11.4.8. Others
11.5. Market Attractiveness Analysis
- 11.5.1. By Country
- 11.5.2. By Mode of Payment
- 11.5.3. By End-use Industry

12. Asia Pacific Excl. Japan (APEJ) Consumer Mobile Payments Market Analysis and Forecast

12.1. Introduction
- 12.1.1. Market Value (US$ Bn) And Absolute $ Opportunity
- 12.1.2. Basis Point Share (BPS) Analysis By Country / Region
- 12.1.3. Basis Point Share (BPS) Analysis By Mode of Payments
- 12.1.4. Basis Point Share (BPS) Analysis By End-use Industry
12.2. Market Size (US$ Bn) Forecast By Country / Region
- 12.2.1. China
- 12.2.2. India
- 12.2.3. New Zealand & Australia
- 12.2.4. Rest of APEJ
12.3. Market Size (US$ Bn) Forecast By Mode of Payment
- 12.3.1. Remote
  - 12.3.1.1. P2P
  - 12.3.1.2. M-commerce
- 12.3.2. Proximity
  - 12.3.2.1. NFC
  - 12.3.2.2. Barcode
12.4. Market Size (US$ Bn) Forecast By End-use Industry
- 12.4.1. Retail
- 12.4.2. Hospitality & Tourism
- 12.4.3. IT & Telecommunication
- 12.4.4. BFSI
- 12.4.5. Media & Entertainment
- 12.4.6. Healthcare
- 12.4.7. Airline
- 12.4.8. Others
12.5. Market Attractiveness Analysis
- 12.5.1. By Country
- 12.5.2. By Mode of Payment
- 12.5.3. By End-use Industry

13. Japan Consumer Mobile Payments Market Analysis and Forecast

13.1. Introduction
- 13.1.1. Market Value (US$ Bn) And Absolute $ Opportunity
13.2. Market Size (US$ Bn) Forecast By Mode of Payment
- 13.2.1. Remote
  - 13.2.1.1. P2P
  - 13.2.1.2. M-commerce
- 13.2.2. Proximity
  - 13.2.2.1. NFC
  - 13.2.2.2. Barcode
13.3. Market Size (US$ Bn) Forecast By End-use Industry
- 13.3.1. Retail
- 13.3.2. Hospitality & Tourism
- 13.3.3. IT & Telecommunication
- 13.3.4. BFSI
- 13.3.5. Media & Entertainment
- 13.3.6. Healthcare
- 13.3.7. Airline
- 13.3.8. Others
13.4. Market Attractiveness Analysis
- 13.4.1. By Country
- 13.4.2. By Mode of Payment
- 13.4.3. By End-use Industry

14. Middle East and Africa Consumer Mobile Payments Market Analysis and Forecast

14.1. Introduction
- 14.1.1. Market Value (US$ Bn) And Absolute $ Opportunity
- 14.1.2. Basis Point Share (BPS) Analysis By Country / Region
- 14.1.3. Basis Point Share (BPS) Analysis By Mode of Payments
- 14.1.4. Basis Point Share (BPS) Analysis By End-use Industry
14.2. Market Size (US$ Bn) Forecast By Country / Region
- 14.2.1. GCC
- 14.2.2. South Africa
- 14.2.3. North Africa
- 14.2.4. Kenya
- 14.2.5. Rest of MEA
14.3. Market Size (US$ Bn) Forecast By Mode of Payment
- 14.3.1. Remote
  - 14.3.1.1. P2P
  - 14.3.1.2. M-commerce
- 14.3.2. Proximity
  - 14.3.2.1. NFC
  - 14.3.2.2. Barcode
14.4. Market Size (US$ Bn) Forecast By End-use Industry
- 14.4.1. Retail
- 14.4.2. Hospitality & Tourism
- 14.4.3. IT & Telecommunication
- 14.4.4. BFSI
- 14.4.5. Media & Entertainment
- 14.4.6. Healthcare
- 14.4.7. Airline
- 14.4.8. Others
14.5. Market Attractiveness Analysis
- 14.5.1. By Country
- 14.5.2. By Mode of Payment
- 14.5.3. By End-use Industry

15. Competition Landscape

15.1. Competition Dashboard
15.2. Company Market Share Analysis
15.3. Company Profiles (Details - Overview, Retails, Strategy, Recent Developments)
15.4. Global Players
- 15.4.1. ACI Worldwide, Inc.
- 15.4.2. Alphabet Inc.
- 15.4.3. Samsung Electronics Co., Ltd
- 15.4.4. DH Corp
- 15.4.5. Fidelity National Information Services, Inc.
- 15.4.6. Fiserv, Inc.
- 15.4.7. Jack Henry & Associates Inc.
- 15.4.8. MasterCard Incorporated
- 15.4.9. PayPal Holdings, Inc.
- 15.4.10. Square, Inc.
- 15.4.12. Visa Inc.
- 15.4.13. Apple Inc.