How big is the Mobile Payments Market?

The Mobile Payments Market size is expected to reach USD 94.51 billion in 2024 and grow at a CAGR of 34.04% to reach USD 408.96 billion by 2029. Read More

What is the current Mobile Payments Market size?

In 2024, the Mobile Payments Market size is expected to reach USD 94.51 billion. Read More

Who are the key players in Mobile Payments Market?

Google LLC, Samsung Group, Amazon.com Inc., Apple Inc. and Paypal Inc. are the major companies operating in the Mobile Payments Market. Read More

Which is the fastest growing region in Mobile Payments Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Mobile Payments Market?

In 2024, the North America accounts for the largest market share in Mobile Payments Market. Read More

What years does this Mobile Payments Market cover, and what was the market size in 2023?

In 2023, the Mobile Payments Market size was estimated at USD 62.34 billion. The report covers the Mobile Payments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mobile Payments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the key factors driving Mobile Payments Market growth?

Key factors driving the Mobile Payments Market are: a) Increasing internet penetration b) Growing M-commerce market and c) Increasing number of loyalty benefits in the mobile environment Read More

What are the key challenges for adopting Mobile Payments?

Major challenges for the adoption of Mobile Payments are: a) Data privacy concerns b) Lack of infrastructure in some regions, and c) Interoperability issues Read More

Mobile Payments Market Analysis | Industry Forecast, Size & Report Insights

Mobile Payment Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)

The Report Covers Mobile Payment Technologies Market Forecast and is Segmented by Payment Type (NFC, QR Based, Online Digital Payments, Text-Based), and Geography (North America, Europe, Asia Pacific, Latin America, Middle East & Africa). The Report Offers Market Forecasts and Size in Value (USD) for all the Above Segments.

Mobile Payment Industry Overview

The Mobile Payments Market is moderately competitive with important firms, including American Express Co., Apple Inc., PayPal Inc., MasterCard Inc., Google LLC, and Visa Inc. Corporations are constantly spending on new product development, collaborations, and acquisitions to gain a larger market.

In May 2023, Visa introduced CVV (Cardholder Verification Value) free online transactions for domestic tokenized credentials in India. Due to the increased use of tokens, businesses that tokenize Visa card transactions are no longer required to collect the CVV2 for domestic online transactions made using tokenized credentials. This was previously taken care of when the card was initially tokenized. We are convinced this approach will give consumers positive and straightforward payment experiences for domestic Internet transactions.

In October 2022, PayPal announced that it would introduce passkeys as a quick and safe way for accounts to log in. Passkeys, a new industry standard developed by the FIDO Alliance and the World Wide Web Consortium, replace passwords with cryptographic key pairs, providing customers with a quick and secure way to access PayPal using phishing-resistant technology that prevents passkey information from being shared between platforms. Simplifies online transactions for customers while removing obstacles at the checkout for businesses.