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Global Mobile Payment Market to reach USD 540.4 billion by the end of 2029.

Global Mobile Payment Market Size study & Forecast, By Payment Type (B2B, B2C, B2G, others), By Industry (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation and Others) and Regional Analysis, 2022-2029

Product Code: ICTICTS-76786618
Publish Date: 15-05-2023
Page: 200

Global Mobile Payment Market is valued at approximately USD 47 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 35.7% over the forecast period 2022-2029. Mobile payment transactions typically involve the use of mobile payment apps or digital wallets, which allow users to store their payment information securely on their mobile device and make payments quickly and easily. The growing use of the internet for online shopping is likely to drive market expansion throughout the forecast period. Businesses all over the world are making their payment methods mobile-friendly, which is fueling market growth. However, Concerns regarding security about mobile payment systems are projected to stymie market growth. The growing number of high-profile data breaches throughout the world is projected to impede the growth of the mobile payment market during the forecast period.

The increasing popularity of smartphones has driven the growth of the mobile payment market, as consumers have become more comfortable using their mobile devices for a variety of tasks, including making payments. As per The Telecom Regulatory Authority of India (TRAI) as of January 2021, India had over 1.2 billion active mobile connections, with over 750 million internet users. The country has seen a significant increase in the adoption of digital payments, driven in part by the government’s push towards a cashless economy. Similarly, as per China Internet Network Information Center (CNNIC) China had over 1.4 billion mobile phone users in 2021, with over 900 million mobile payment users. The country has one of the highest rates of mobile payment adoption in the world, driven by the popularity of mobile payment apps like Alipay and WeChat Pay.

The key regions considered for the Global Mobile Payment Market study includes Asia Pacific, North America, Europe, Latin America, and the Rest of the World. With a revenue share of more than 34.0% in 2022, Asia Pacific dominated the market. Changing lifestyle, the latest online retailing trends, and expanding smartphone penetration are expected to fuel regional market growth. The expanding government initiatives to go cashless throughout Asia Pacific countries are likely to generate potential prospects for regional industry. The rapid adoption of mobile technology in emerging markets provides fintech players and banks with a new avenue for providing mobile banking solutions to underserved and unbanked people in rural places.
Major market player included in this report are:
Google (Alphabet Inc.)
Alibaba Group Holdings Limited
Amazon.com Inc.
Apple Inc.
American Express Company
M Pesa
Money Gram International
PayPal Holdings Inc.
Samsung Electronics Co. Ltd.
Visa Inc

Recent Developments in the Market:
Ø In August 2021, Amazon Inc. partnered with Affirm Holdings to provide dedicated buy now, pay later (BNPL) services to some of the most renowned e-commerce consumers. During the pandemic, the companies saw a surge in demand for BPL services.
Ø In August 2021, Boku Inc. has launched M1ST mobile payment network which is a significant development in the mobile payment industry. The integration of over 330 payment methods, including direct carrier billing, mobile wallets, and real-time payment schemes, allows consumers to choose the payment method that is most convenient and accessible for them.
Ø In 2021, PayPal launched its “Pay in 4” service, which allows customers to split their purchase into four interest-free payments, with the first payment due at the time of purchase. This service is aimed at making purchases more affordable and accessible for customers.
Global Mobile Payment Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Payment Type, Industry and Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Payment Type:
B2B
B2C
B2G
Others

By Industry:
BFSI
Healthcare
IT & Telecom
Media & Entertainment
Retail & E-commerce
Transportation
Others

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Mobile Payment Market, by Region, 2019-2029 (USD Billion)
1.2.2. Mobile Payment Market, by Payment Type, 2019-2029 (USD Billion)
1.2.3. Mobile Payment Market, by Industry, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Mobile Payment Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Mobile Payment Market Dynamics
3.1. Mobile Payment Market Impact Analysis (2019-2029)
3.1.1. Market Drivers
3.1.1.1. Increasing m-commerce business and increased smartphone adoption worldwide
3.1.1.2. Growing internet penetration for online shopping
3.1.2. Market Challenges
3.1.2.1. High security concerns associated with digital payment.
3.1.3. Market Opportunities
3.1.3.1. Growing adoption of sound wave-based mobile payments solutions
Chapter 4. Global Mobile Payment Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Investment Adoption Model
4.5. Analyst Recommendation & Conclusion
4.6. Top investment opportunity
4.7. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Mobile Payment Market, by Payment Type
6.1. Market Snapshot
6.2. Global Mobile Payment Market by Payment Type, Performance – Potential Analysis
6.3. Global Mobile Payment Market Estimates & Forecasts by Payment Type 2019-2029 (USD Billion)
6.4. Mobile Payment Market, Sub Segment Analysis
6.4.1. B2B
6.4.2. B2C
6.4.3. B2G
6.4.4. Others
Chapter 7. Global Mobile Payment Market, by Industry
7.1. Market Snapshot
7.2. Global Mobile Payment Market by Industry, Performance – Potential Analysis
7.3. Global Mobile Payment Market Estimates & Forecasts by Industry 2019-2029 (USD Billion)
7.4. Mobile Payment Market, Sub Segment Analysis
7.4.1. BFSI
7.4.2. Healthcare
7.4.3. IT & Telecom
7.4.4. Media & Entertainment
7.4.5. Retail & E-commerce
7.4.6. Transportation
7.4.7. Others
Chapter 8. Global Mobile Payment Market, Regional Analysis
8.1. Mobile Payment Market, Regional Market Snapshot
8.2. North America Mobile Payment Market
8.2.1. U.S. Mobile Payment Market
8.2.1.1. Payment Type breakdown estimates & forecasts, 2019-2029
8.2.1.2. Industry breakdown estimates & forecasts, 2019-2029
8.2.2. Canada Mobile Payment Market
8.3. Europe Mobile Payment Market Snapshot
8.3.1. U.K. Mobile Payment Market
8.3.2. Germany Mobile Payment Market
8.3.3. France Mobile Payment Market
8.3.4. Spain Mobile Payment Market
8.3.5. Italy Mobile Payment Market
8.3.6. Rest of Europe Mobile Payment Market
8.4. Asia-Pacific Mobile Payment Market Snapshot
8.4.1. China Mobile Payment Market
8.4.2. India Mobile Payment Market
8.4.3. Japan Mobile Payment Market
8.4.4. Australia Mobile Payment Market
8.4.5. South Korea Mobile Payment Market
8.4.6. Rest of Asia Pacific Mobile Payment Market
8.5. Latin America Mobile Payment Market Snapshot
8.5.1. Brazil Mobile Payment Market
8.5.2. Mexico Mobile Payment Market
8.6. Rest of The World Mobile Payment Market

Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Google (Alphabet Inc.)
9.2.1.1. Key Information
9.2.1.2. Overview
9.2.1.3. Financial (Subject to Data Availability)
9.2.1.4. Product Summary
9.2.1.5. Recent Developments
9.2.2. Alibaba Group Holdings Limited
9.2.3. Amazon.com Inc.
9.2.4. Apple Inc.
9.2.5. American Express Company
9.2.6. M Pesa
9.2.7. Money Gram International
9.2.8. PayPal Holdings Inc.
9.2.9. Samsung Electronics Co. Ltd.
9.2.10. Visa Inc.
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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