Mobile Payment Market to Register 30% CAGR, Surpassing US$ 590 Bn by 2032

NEW YORK, Feb. 28, 2022 /PRNewswire/ -- The global mobile payment market is estimated to register growth at a CAGR of 30% during the forecast period (2022-2032), surpassing US$ 590 Bn by the end of 2032.

Increasing ownership of smartphones and rising penetration of e-commerce is anticipated to increase the dependency on mobile payment technologies in the upcoming years. As per Fact.MR's analysis, the mobile payments market is projected to reach a market valuation of US$ 42 Bn in 2022.

According to the East West Bank, the application of contactless payment in the U.S. surged by 150% from 2020 to 2019. This upscale in growth is due to 87% of consumers opting for shopping in stores using contactless payment technologies. On account of this, the demand in mobile payment market is estimated to expand by 16.3x over the coming decade.

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Further, growing inclination toward online payment gateways and e-commerce websites for shopping is projected to fuel the demand. Additionally, the advantages such as rewards and cashbacks available through mobile payments is likely to attract more customers into using mobile payments, enabling growth in the market.

Subsequently, the easy-to-use design, along with the changing consumer behavior, is playing a significant role in propelling the demand for mobile payments.

Increasing use of mobile technology in developing countries is aiding the market players and banks to familiarize mobile banking solutions to customers in remote areas. A slew of such initiatives  is projected to create lucrative opportunities for the market.

Key Takeaways:

• Based on location, the remote payment segment will account for 60% of the market share owing to increasing penetration of a virtual terminal for remote billing.
• In terms of end use, BFSI segment is expected to hold nearly 20% of the overall market share for mobile payments.
• North America is anticipated to contribute over 25% of the market share on the back of growing e-commerce industry in the U.S. and Canada.
• Asia Pacific is projected to dominate the market, holding nearly 35% of the overall demand share.
• On the basis of technology, the mobile payment via near field communication segment is anticipated to exhibit highest CAGR over the forecast period

Growth Drivers:

• Expansion of m-commerce industry coupled with growing penetration of smartphones across the globe is fueling the sales of mobile payment.
• Increased online shopping and the use of mobile payments in businesses is spurring the demand for mobile payments.

Restraints:

• Growing security and high-profile data breaches is underpinning the use of debit or credit cards, which, in turn, is projected to restrain the market growth.

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Competitive Landscape:

Leading players in the mobile payment market are concentrating on advancing the digital financial transactions solutions by developing extremely secure and instant wallets and payment gateways.

Some of the key players are collaborating with the government to form a digitized economy in the coming years.

For instance,

• October 2021: Samsung Electronics Co. Ltd developed a scan QR feature integrated with quick panel and camera for speeding payments in India. This feature is available on devices compatible with Samsung pay.
• August 2021: Visa Inc introduced "Bring India Home" initiative. The company plans to use initiatives like these to make 50 million small businesses all over India. This will aid businesses make money using mobile payments.
• August 2021: Boku Inc introduced mobile first (M1ST) mobile network integrated with 300+ features such as real-time payment schemes, mobile wallets, and others. This technology is available across 900 countries through single integration.

Key Companies Profiled by Fact.MR

• Google (Alphabet Inc.)
• Samsung Electronics Co. Ltd.
• Visa Inc.
• Alibaba Group Holdings Limited
• PayPal Holdings Inc.
• WeChat (Tencent Holdings Limited)
• American Express Company
• M Pesa
• Money Gram International
• Amazon.com Inc.
• Apple Inc.

More valuable Insights on Mobile Payment Market

Fact.MR, in its report, offers a market analysis on the global mobile payment market providing unbiased analysis for the forecast period of 2022 to 2032. This survey also reveals the growth of technology in the mobile payment market with detailed segmentation as follows:

By Technology:

• Direct Mobile Billing
• Interactive Voice Response System based Mobile Payment
• Mobile App based Payments
• Mobile Payments via Near Field Communication
• Mobile Web Payment
• Mobile Payment via SMS
• Other Mobile Payment Technologies

By Type:

• B2B Mobile Payment
• B2C Mobile Payment
• B2G Mobile Payment
• Other Mobile Payment Types

By Location:

• Remote Mobile Payment
• Proximity Mobile Payment

By End Use:

• Media & Entertainment
• Healthcare
• IT & Telecom
• Retail & E-commerce
• Transportation
• BFSI
• Other End Uses

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

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Key Questions Covered in the Mobile Payment Market Report

• Which are key factors projected to drive the global mobile payment market growth?
• At what rate did the global mobile payment market grow during 2017-2021?
• What was the CAGR value for mobile payment market during 2017-2021?
• Who are the key players dominating the global mobile payment market?
• Which is the region accounting for maximum share in the mobile payment market?

Explore Fact.MR's Coverage on the Technology Domain

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Digital Transaction Management Market Analysis – Growth in the digital transaction management market is underpinned by growing preference for workflow automation across diverse industries across the globe. Increasing applications of digital transaction management solutions in the bank sector will also propel the sales.

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