Top 20 Mobile Payment Companies in the World

The global mobile payment market size reached US$ 2,276.0 Billion in 2023. As per the analysis by IMARC Group, the top mobile payment companies are heavily investing in innovating and introducing new features, such as adding new payment options, including cryptocurrencies, or integrating their apps with other services, such as ride-hailing or food delivery to their mobile payment apps in an attempt to gain a competitive edge. In line with this, several leading players are heavily spending on marketing their mobile payment apps to increase awareness and adoption by using various channels such as social media, advertising, and influencer marketing to reach their target audience, further impacting the market favorably. Moreover, the governing agencies are supporting the growth of mobile payments as part of their efforts to promote financial inclusion and reduce the use of cash, this in turn is providing an impetus to the market. Besides, the increasing penetration of smartphones is fuelling the global industry. Coupled with this, the significant improvements in the network infrastructure are also contributing to the overall demand across the globe. Furthermore, the growing demand for contactless payment options is further catalyzing the market as mobile payments offer a convenient and secure contactless payment option that avoids the need for physical contact during transactions. Along with this, the integration of mobile payment applications with passcodes or biometric authentication methods that secures the payment gateway and personal details in an efficient manner, thereby reducing the chances of security theft or fraud, is supporting the market. Moreover, the availability of high-speed internet connectivity has enabled various retail outlets to set up mobile-based payment options for their customers, this is creating a positive market outlook.  On account of these factors, the market is expected to US$ 9,821.4 Billion by 2032, exhibiting a growth rate (CAGR) of 17.1% during 2024-2032.

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List of Top Companies Operating in the Mobile Payment Industry Worldwide:

The global mobile payment market has several major players including FIS, Gemalto (Thales Group), MasterCard, Alipay (Ant Group), Visa, Apple, Google, Samsung Electronics, Bharti Airtel, American Express, Bank of America, Citrus Payment Solutions, LevelUp (Grubhub Inc.), MobiKwik, One97 Communication, Orange, Oxigen, Square, Venmo (PayPal, Inc.) and ZipCash Card Services. More information about these companies has been provided below.

1. FIS

Fidelity National Information Services (FIS) is a global financial services technology company that provides a wide range of solutions for the banking and financial services industry. Its core products and services include core banking systems, electronic payments processing, card issuer services, wealth management, and risk management. The company is committed to reducing its carbon footprint and has set a goal to achieve net-zero emissions in the coming future. The company is also focused on reducing its waste and promoting sustainable practices in its operations. Besides, it has developed a range of digital banking solutions, including mobile banking apps and online banking portals, to make banking more convenient for customers.

2. Gemalto (Thales Group)

Gemalto is a global digital security company that provides a wide range of solutions to businesses and governments worldwide. It offers solutions including secure digital identities, authentication and access management, encryption and key management, digital payment solutions, and Internet of Things (IoT) security. The company has a strong focus on innovation and research and development, with a significant portion of its revenue invested in these areas. The company is committed to reducing its energy consumption and has implemented energy-efficient measures in its offices and data centers. Additionally, it has developed a range of sustainable products, including eco-friendly smart cards and secure mobile solutions that reduce paper usage. 

3. MasterCard

MasterCard is a multinational financial services corporation that provides electronic payment solutions to consumers, businesses, and the government. It offers value-added services such as loyalty programs, consulting services, and fraud detection and prevention solutions. The company has developed solutions that use biometric authentication, such as fingerprints or facial recognition, to increase security and convenience for customers. It has also developed digital wallet solutions that enable customers to make payments through their mobile devices. The company has launched several initiatives aimed at promoting gender equality and women's economic empowerment, including programs to support women-owned businesses.

4. Alipay (Ant Group)

Alipay is a Chinese third-party mobile and online payment platform. It offers a wide range of financial services, including mobile and online payments, wealth management, insurance, and credit score management. The company has developed a payment system that uses facial recognition technology to allow users to pay for goods and services by simply looking into their smartphone's camera. It has also developed a blockchain-based system for cross-border payments, which allows users to send and receive payments across different currencies with greater speed and transparency. Besides, it encourages users to choose environmentally friendly transportation options, such as public transit or bike sharing, over traditional modes of transportation.

5. Visa

Visa Inc. is a global payments technology company that enables consumers, businesses, banks, and governments to use digital currency instead of cash and checks. It offers a range of products and services, including credit, debit, and prepaid cards, as well as mobile and digital payment solutions. The company is heavily investing in digital payment solutions, including blockchain technology, which can help improve security, reduce fraud, and enhance the speed and efficiency of payments. It has a strong focus on corporate social responsibility, with initiatives that support financial literacy, small business growth, and financial inclusion for underserved populations. The company has developed financial education programs that aim to help people understand the basics of personal finance, such as budgeting, saving, and investing.

6. Apple

Apple Inc. is an American multinational technology company that designs, develops, and sells consumer electronics, computer software, and online services. The company offers a wide range of products, including iPhone, iPad, Mac, iPod, Apple Watch, and Apple TV. It has a strong reputation for innovation, design, and quality, and its products are often considered premium offerings with high price points. The company has also done significant investments in renewable energy, with the goal of achieving a carbon-neutral footprint in the future. It has also reduced the size of its product packaging and uses recycled and renewable materials in its packaging.

7. Google

Google LLC is an American multinational technology company that specializes in internet-related services and products. It offers search engines, online advertising technologies, cloud computing, software, and hardware. The company has implemented a number of programs to increase diversity, including unconscious bias training, diversity recruitment programs, and mentorship and leadership programs for the underrepresented group. Additionally, the company has implemented a number of measures to protect user data, including encryption and two-factor authentication. The company has developed Google ads that allow businesses to target their ads to specific audiences based on a variety of factors, including search history, location, and interests.

8. Samsung Electronics

Samsung Electronics is a multinational conglomerate company that offers consumer electronics. Its product portfolio includes smartphones, tablets, televisions, home appliances, and semiconductors. The company is committed to sustainability and social responsibility. It has set a goal to achieve carbon neutrality and has launched various initiatives to reduce its environmental impact. It also supports various social and community programs through its corporate social responsibility (CSR) initiatives. The company has also invested heavily in research and development, with a particular focus on emerging technologies, including artificial intelligence, 5G networks, and the Internet of Things (IoT).

9. Bharti Airtel

Bharti Airtel is a telecommunications company that provides a wide range of services to customers in India. It offers a wide range of services, including mobile voice and data, fixed-line broadband and voice, and digital TV. The company has done significant investments in network infrastructure, including 4G and 5G technology, to provide customers with high-speed internet connectivity. It has received numerous awards and recognition for its services, including being named India's best mobile network by Ookla's Speed test Awards for several years in a row. The company is also committed to corporate social responsibility and has implemented various initiatives to promote education, healthcare, and sustainable development.

10. American Express

American Express (Amex) is a financial services company that provides a range of products and services to consumers, small businesses, and large corporations. Its product portfolio includes credit cards, charge cards, prepaid cards, merchant services, travel services, and insurance products. It is committed to innovation and sustainable development initiatives, with a focus on reducing its environmental impact and promoting social responsibility. It has implemented initiatives to promote diversity, equity, and inclusion. The company has launched several new products and services in recent years, including mobile payment solutions and digital wallet platforms. Besides, it has also invested in emerging technologies such as blockchain and artificial intelligence to improve its customer experience and increase efficiency.

11. Bank of America

Bank of America is one of the largest financial institutions in the world, providing a wide range of banking and financial services to individuals, businesses, and institutions. It offers a variety of financial services, including personal and business banking, investment banking, wealth management, and asset management. It is committed to conducting its business in an ethical and responsible manner. It has established policies on issues, such as human rights, anti-corruption, and responsible lending, and it regularly reports on its progress toward meeting these goals. Besides, the company has developed its own digital wallet called BankAmeriDeals, which allows customers to receive cash back on purchases made with their debit or credit cards.

12. Citrus Payment Solutions

Citrus Payment Solutions is an Indian financial technology company that offers online payment solutions to businesses and individuals. It offers a range of payment solutions, including payment gateway services, prepaid cards, and mobile wallet solutions. It also offers a digital invoicing solution for businesses, which allows them to create and send invoices to their customers online. The company received several awards for its innovative payment solutions, including the Best Mobile Payment Solution award at the Indian Retail and eRetail Awards. Besides, it has introduced a one-click checkout feature that allows customers to make payments with a single click, reducing the checkout time and increasing conversion rates for businesses.

13. LevelUp (Grubhub Inc.)

LevelUp is a mobile payment and rewards platform that enables customers to make mobile payments, order food and drinks, and earn rewards and discounts for their purchases. The platform also provides a suite of marketing and engagement tools for restaurants and food service businesses to attract and retain customers. It includes an open API that enables third-party developers to build integrations with the platform. This enables businesses to integrate LevelUp's payment and rewards functionality into their own apps and websites, providing a seamless experience for customers. The company has reduced its paper usage, implemented energy-efficient lighting and heating systems in its offices, and encouraged its employees to use public transportation or carpool to work.

14. MobiKwiK

MobiKwiK is an Indian mobile payment and digital wallet company. It offers bill payment services, allowing users to pay their utility bills, mobile recharge, DTH recharge, and other bills through the platform. The company has set up green data centers that use renewable energy sources, such as solar and wind power to reduce carbon emissions. It has implemented a waste management system in its offices to minimize waste generation and promote recycling. The company has initiated several programs to support local communities, including providing digital literacy training to women and supporting education for underprivileged children. It has developed an AI-powered digital wallet feature that allows users to complete transactions using simple voice commands without having to type anything.

15. One97 Communication

One97 Communications Limited is an Indian mobile internet company. It offers a range of digital services, such as mobile payments, e-commerce, digital wallets, financial services, and online marketplaces. The company has introduced the Paytm QR code, which allows users to make payments by simply scanning a code at a merchant's store. Additionally, it has partnered with various organizations to support women's entrepreneurship and promote gender equality. Besides, the company provided financial assistance to healthcare workers and contributed to relief funds set up by the government and other organizations. It has also set up digital classrooms in schools and provided training to teachers and students on digital skills.

16. Orange

Orange S.A. is a French multinational telecommunications corporation that provides a wide range of telecommunications services to consumers, businesses, and governments. Its services include voice and data communication, messaging, mobile financial services, and digital content and services. The company has made significant investments in developing its 5G network and expanding its fiber optic infrastructure. The company is committed to sustainability and has set ambitious targets to reduce its carbon emissions and promote digital inclusion. It has implemented various measures to achieve this goal, such as investing in renewable energy, improving energy efficiency in its buildings and networks, and promoting the eco-design of its products. 

17. Oxigen

Oxigen Services India Pvt. Ltd is a leading digital payment solutions provider in India. It offers various services, including mobile and DTH recharges, money transfers, bill payments, and online shopping. The company has taken several sustainable development initiatives focusing on promoting financial inclusion, reducing paper-based transactions, and promoting digital payments. It provides a safe, secure, and convenient way to make transactions without needing cash. It has also undertaken several corporate social responsibility (CSR) initiatives in the areas of education, healthcare, and environmental sustainability. The company has implemented initiatives such as providing scholarships to underprivileged children, conducting health camps, and promoting environmental sustainability.

18. Square

Square Inc. is a financial technology company that offers a range of software and hardware solutions for businesses of all sizes to accept payments, manage transactions, and grow their business. It offers payment processing, square capital, square cash, square register, square online, and caviar. The company is working to reduce its carbon footprint through measures such as energy-efficient buildings, renewable energy, and sustainable transportation. It has also invested in renewable energy projects, such as wind and solar, to reduce its reliance on fossil fuels. Besides, it offers mobile payment solutions, enabling small businesses to accept credit and debit card payments on their smartphones or tablets.

19. Venmo (PayPal, Inc.)

Venmo is a popular peer-to-peer (P2P) mobile payment service that allows users to send and receive money easily and securely. It offers wide range of services, including P2P Payments, business payments, venmo card, venmo rewards, venmo crypto, and venmo checkout. The company has taken several steps to reduce its carbon footprint by using renewable energy sources and is adopting sustainable business practices.  Additionally, it is committed in promoting financial inclusion and empowering individuals and communities by providing access to financial services. Besides, the company has developed an app that provides a simple and intuitive interface that allows users to send and receive money, view their transaction history, and manage their account settings.

20. ZipCash Card Services

Zip Cash Card Services is a payment processing and financial services company that provides payment solutions to businesses, governments, and consumers. The company offers numerous services, including credit and debit card processing, electronic check processing, and gift card programs. It also offers customizable payment solutions for various industries, such as healthcare, retail, and education. The company provides solutions for the transportation industry, including toll road authorities, parking lot operators, and transit systems. It also offers customizable payment solutions for various industries, such as healthcare, retail, and education. The company's mission is to provide secure, efficient, and cost-effective payment processing solutions to its clients.

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