Mobile Payments Market Size (2024 - 2029)

The mobile payment market is projected to experience significant growth, driven by the increasing adoption of services such as Pay, Samsung Pay, AliPay, Apple Pay, and WeChat Pay. This expansion is fueled by the rise in internet usage and online commerce, alongside the growing popularity of sound wave-based payment technologies. The market's growth is further supported by the widespread adoption of Android and iOS operating systems, particularly in smartphones, which enhances user engagement. Emerging economies are also contributing to the market's expansion due to the convenience and financial inclusion offered by mobile payment technologies. However, concerns over security and data breaches pose potential challenges to the market's growth trajectory.

Home Market Analysis Technology, Media and Telecom Research Digital Commerce Research Payments Research Digital Payments Research Mobile Payments Research Mobile Payment Market Market Size

Market Size of Mobile Payments Industry

Mobile Payments Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 94.51 Billion
Market Size (2029) USD 408.96 Billion
CAGR (2024 - 2029) 34.04 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Mobile Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order

Mobile Payment Market Analysis

The Mobile Payments Market size is estimated at USD 94.51 billion in 2024, and is expected to reach USD 408.96 billion by 2029, growing at a CAGR of 34.04% during the forecast period (2024-2029).

  • Mobile payment services like Pay, Samsung Pay, AliPay, Apple Pay, and WeChat Pay are being quickly adopted by businesses and services worldwide to receive and transmit payments. Due to increasing internet usage and the rapid growth of online commerce, this trend is projected to continue during the projection period.
  • The industry is anticipated to expand as sound wave-based mobile payments are widely used. The processing of sound wave-based financial transactions takes place through particular sound waves that contain encrypted information about the transactions, as opposed to conventional technologies like banking applications, mobile wallets, NFC, or card terminals.
  • The expansion of the smartphone market can be ascribed to the rising acceptance of a few essential operating systems, most notably Android and iOS. Google's Android is one of the most widely used smartphone operating systems worldwide. The availability of numerous features in Android phones increases the popularity of Android OS among users. Due to its widespread use, multiple smartphone manufacturers are switching to Android as their operating system. Thus, the market under study is anticipated to increase due to the rising demand for and the introduction of numerous Android-based smartphones.
  • Emerging economies and developing countries worldwide are observing prominent growth rates in the adoption of mobile payments, not only due to the ease of transactions or penetration of smartphones but also because of the financial inclusion features offered by the technology.
  • However, it is anticipated that security issues with mobile payment systems may impede industry expansion. Over the forecast period, the rise in high-profile data breaches worldwide is expected to restrain the development of the mobile payment industry.

Mobile Payment Industry Segmentation

Mobile payments automate payment systems by offering an alternative method of payment using a portable electronic device like a mobile or tablet. Mobile payments can also be used for fund transfers digitally rather than paying with a cheque or cash. Mobile payment technology provides diverse applications in end-user industries like movie tickets, food, and retail stores.

The Mobile Payments Market is segmented by payment type (NFC, QR Based, online digital payments, text-based) and geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.

By Payment Type (Proximity & Remote) (Overview, Trends, Percentage Breakdown, Growth Influencers and Market Outlook)
NFC
QR-based
Online digital payments
Text-based
Other Payment Types (MST, etc.)
By Geography***
North America
Europe
Asia
Australia and New Zealand
Latin America
Middle East and Africa
Need A Different Region Or Segment?
Customize Now

Mobile Payments Market Size Summary

The mobile payments market is experiencing rapid growth, driven by the increasing adoption of mobile payment services such as PayPal, Apple Pay, and WeChat Pay. This trend is fueled by the rise in internet usage and the expansion of online commerce, with sound wave-based payment technologies emerging as a significant innovation. The proliferation of smartphones, particularly those operating on Android and iOS, is further propelling market expansion. Emerging economies are witnessing substantial growth in mobile payment adoption due to the convenience of transactions and the financial inclusion benefits offered by these technologies. However, security concerns related to mobile payment systems pose potential challenges to market growth.

In North America, the mobile payments market is moderately competitive, with major players like American Express, Apple, PayPal, MasterCard, Google, and Visa actively investing in new product development and strategic partnerships. The COVID-19 pandemic and the surge in e-commerce have accelerated the adoption of mobile payments in the region. Government initiatives to promote cashless transactions and the modernization of payment systems are expected to provide further growth opportunities. Retailers are increasingly implementing mobile pay-and-go solutions to enhance customer experience and operational efficiency. Innovations such as Visa's CVV-free transactions and PayPal's passkeys are simplifying online transactions, while collaborations like Visa's partnership with PayPal and Venmo aim to expand the interoperability of digital payment apps.

Explore More

Mobile Payments Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Sizing and Estimates of Global Mobile Payments Market

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products and Services

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Assessment of the Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Payment Type (Proximity & Remote) (Overview, Trends, Percentage Breakdown, Growth Influencers and Market Outlook)

      1. 2.1.1 NFC

      2. 2.1.2 QR-based

      3. 2.1.3 Online digital payments

      4. 2.1.4 Text-based

      5. 2.1.5 Other Payment Types (MST, etc.)

    2. 2.2 By Geography***

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia

      4. 2.2.4 Australia and New Zealand

      5. 2.2.5 Latin America

      6. 2.2.6 Middle East and Africa

Mobile Payments Market Size FAQs

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.

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

Mobile Payment Market Report Snapshots

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