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Mobile Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global mobile payment market size reached  US$ 1,786 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6,007 Billion by 2027, exhibiting at a growth rate ( CAGR) of 22.13% during 2022-2027. Keeping in mind the uncertainties of COVID-19,we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Mobile payment refers to an automated payment method that is made under financial supervision by regulatory bodies using a mobile device. It is a form of e-payment that employs mobile devices to authorize, initiate and confirm the transaction of money. These solutions involve the utilization of a mobile application that is linked to the financial credentials of the users. The exchange of money is facilitated by the availability of point-of-sale (POS) terminals and nearfield communications. Since mobile POS systems do not save the user’s data on the merchant’s POS terminal, this offers enhanced safety to customers while making the payment. The usage of mobile payments has also minimized the hassle of dealing with conventional payment methods, including cash and checks. These automated systems have provided users with enhanced convenience and improved data security. As a result, they are extensively utilized across numerous operation segments across diverse end use industries, including food service, retail and entertainment.

 

 
 

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Improving Networking Infrastructure Catalyzing Mobile Payment Market Growth

The market is primarily driven by the increasing penetration of smartphones and the significant improvements in the network infrastructure across the globe. The availability of high-speed internet connectivity has enabled various retail outlets to setup mobile-based payment options for their customers. This is being supported by the growing awareness regarding the enhanced safety associated with the use of these transactions. These payments are extremely secure as the transactions do not store the account details or other valuable information of the users. Upon entering the confidential information related to the account or card in the mobile application, the bank verifies it and generates a token as a stand-in for the customer’s personal details. The payments are further made using the token that is commonly integrated with a one-time-use security pin. Additionally, the integration of these mobile payment applications with passcodes and/or biometric authentication methods secures the payment gateway and personal details in an efficient manner, thereby minimizing the chances of security theft or fraud.

Integration with Innovative Technologies Creating Numerous Growth Opportunities

Numerous vendors are now offering lucrative loyalty and incentive programs on the use of these payments. They are also providing heavy discount coupons and cashback offers on the usage of m-commerce platforms to attract a broader consumer base. This, along with the introduction of pre-payment instruments (PPI) by various non-bank entities to assist in conducting interpersonal transactions, is acting as a major growth-inducing factor for the mobile-payment market. Moreover, key players have introduced easy payment options by scanning a unique barcode or QR code displayed on a banner or smartphone screen. These payment procedures are integrated with cutting-edge innovations as they enable secured bank-to-bank transfers with reduced transaction time. The market is further driven by the increasing adoption of artificial intelligence with these payment solutions. This integration allows retailers to recognize the buying patterns of their customers that will assist them in providing tailored and targeted services. Moreover, governments of several countries are undertaking initiatives to promote the adoption of digital payment methods, which is anticipated to create numerous growth opportunities in the market. Multiple players with a strong foothold in the global market are also expanding their businesses in untapped regions to create lucrative business opportunities. They are especially targeting developing nations to make digital transformations, thereby creating a positive outlook for the market.

Growing Preference for Contactless Payments Amid Pandemic Outbreak

Users are preferring contactless payment methods over traditional alternatives in an attempt to practice social distancing. This can be attributed to the outbreak of the coronavirus disease (COVID-19) on the global level, which has facilitated the adoption of e-payments by both the buyers and the sellers across the retail sector. In line with this, the lockdowns imposed by the governments of various countries amid the increasing cases of COVID-19 have resulted in the temporary closure of the majority of the brick and mortar stores. As a result, consumers are extensively using e-commerce websites to purchase essential and non-essential items. The increasing adoption of e-commerce platforms has provided an impetus to the utilization of e-payments, thereby creating a positive outlook for the market. This is further supported by the changing purchasing patterns of the masses, the flexible return and exchange policies offered by these online websites and the availability of diverse products at competitive prices.

Key Market Segmentation: 

IMARC Group provides an analysis of the key trends in each sub-segment of the global mobile payment market report, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on mode of transaction and application. 

Breakup by Mode of Transaction:

  • WAP (Wireless Application Protocol)
  • NFC (Near field communications)
  • SMS (Short Message Service)
  • USSD (Unstructured Supplementary Service Data)
  • Others


WAP (Wireless Application Protocol) exhibits a clear dominance in the market. 

Breakup by Application:

 

 
 

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  • Entertainment
  • Energy and Utilities
  • Healthcare
  • Retail
  • Hospitality and Transportation
  • Others


Retail accounts for the majority of the total mobile payments market share due to the increasing preference for contactless payments. Since the use of these payments minimizes the hassle related to dealing with cash, they are widely being preferred by retailers on the global level. Consequently, retail players are now providing customers with QR code displays to further reduce the transaction time and offer enhanced convenience to both the parties involved.

Breakup by Region:

 

 
 

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  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America


Asia Pacific holds the leading position in the market. This can be accredited to the high adoption rates of smartphones and the increasing trend of digitization in the region, supported by the emergence of new e-commerce portals and the favorable initiatives undertaken by governments of various countries.

Competitive Landscape:

The competitive landscape of the mobile payments industry has been studied in the report with the detailed profiles of the key players. Some of these top mobile payment companies include 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Mode of Transaction, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Mobile Payment Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Mode of Transaction 
    5.5    Market Breakup by Application
    5.6    Market Breakup by Region
    5.7    Market Forecast
    5.8    SWOT Analysis
        5.8.1    Overview
        5.8.2    Strengths
        5.8.3    Weaknesses
        5.8.4    Opportunities
        5.8.5    Threats
    5.9    Value Chain Analysis
        5.9.1    Overview
        5.9.2    Research and Development
        5.9.3    Inputs
        5.9.4    Product and Services
        5.9.5    Marketing and Distribution
        5.9.6    End Users
        5.9.7    Post Sales Service
    5.10    Porters Five Forces Analysis
        5.10.1    Overview
        5.10.2    Bargaining Power of Buyers
        5.10.3    Bargaining Power of Suppliers
        5.10.4    Degree of Competition
        5.10.5    Threat of New Entrants
        5.10.6    Threat of Substitutes
    5.11    Price Analysis
6   Market Breakup by Mode of Transaction 
    6.1    WAP
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    NFC
        6.2.1    Market Trends
        6.2.2    Market Forecast
    6.3    SMS 
        6.3.1    Market Trends
        6.3.2    Market Forecast
    6.4    USSD 
        6.4.1    Market Trends
        6.4.2    Market Forecast
    6.5    Others 
        6.5.1    Market Trends
        6.5.2    Market Forecast
7   Market Breakup by Application
    7.1    Entertainment
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Energy and Utilities
        7.2.1    Market Trends
        7.2.2    Market Forecast
    7.3    Healthcare
        7.3.1    Market Trends
        7.3.2    Market Forecast
    7.4    Retail
        7.4.1    Market Trends
        7.4.2    Market Forecast
    7.5    Hospitality and Transportation
        7.5.1    Market Trends
        7.5.2    Market Forecast
    7.6    Others
        7.6.1    Market Trends
        7.6.2    Market Forecast
8   Market Breakup by Region
    8.1    Asia Pacific
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    North America
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Europe
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    Middle East and Africa
        8.4.1    Market Trends
        8.4.2    Market Forecast
    8.5    Latin America
        8.5.1    Market Trends
        8.5.2    Market Forecast
9   Competitive Landscape
    9.1    Market Structure
    9.2    Key Players
    9.3    Profiles of Key Players
        9.3.1    FIS
        9.3.2    Gemalto (Thales Group)
        9.3.3    MasterCard
        9.3.4    Alipay (Ant Group)
        9.3.5    Visa
        9.3.6    Apple
        9.3.7    Google
        9.3.8    Samsung Electronics
        9.3.9    Bharti Airtel
        9.3.10    American Express
        9.3.11    Bank of America
        9.3.12    Citrus Payment Solutions
        9.3.13    LevelUp (Grubhub Inc.)
        9.3.14    MobiKwiK
        9.3.15    One97 Communication
        9.3.16    Orange
        9.3.17    Oxigen
        9.3.18    Square
        9.3.19    Venmo (PayPal, Inc.)
        9.3.20    ZipCash Card Services

List of Figures

Figure 1: Global: Mobile Payment Market: Major Drivers and Challenges
Figure 2: Global: Mobile Payment Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Mobile Payment Market: Breakup by Mode of Transaction (in %), 2021
Figure 4: Global: Mobile Payment Market: Breakup by Application (in %), 2021
Figure 5: Global: Mobile Payment Market: Breakup by Region (in %), 2021
Figure 6: Global: Mobile Payment Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 7: Global: Mobile Payment Industry: SWOT Analysis
Figure 8: Global: Mobile Payment Industry: Value Chain Analysis
Figure 9: Global: Mobile Payment Industry: Porter’s Five Forces Analysis
Figure 10: Global: Mobile Payment (WAP) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Mobile Payment (WAP) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Mobile Payment (NFC) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Mobile Payment (NFC) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Mobile Payment (SMS) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Mobile Payment (SMS) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Mobile Payment (USSD) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Mobile Payment (USSD) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Mobile Payment (Other Mode of Transactions) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Mobile Payment (Other Mode of Transactions) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Mobile Payment (Entertainment) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Mobile Payment (Entertainment) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Mobile Payment (Energy and Utilities) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Mobile Payment (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Mobile Payment (Healthcare) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Mobile Payment (Healthcare) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Mobile Payment (Retail) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Mobile Payment (Retail) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Mobile Payment (Hospitality and Transportation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Mobile Payment (Hospitality and Transportation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Mobile Payment (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Mobile Payment (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Asia Pacific: Mobile Payment Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Asia Pacific: Mobile Payment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: North America: Mobile Payment Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: North America: Mobile Payment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Europe: Mobile Payment Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Europe: Mobile Payment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Middle East and Africa: Mobile Payment Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Middle East and Africa: Mobile Payment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Latin America: Mobile Payment Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Latin America: Mobile Payment Market Forecast: Sales Value (in Million US$), 2022-2027

List of Tables

Table 1: Global: Mobile Payment Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Mobile Payment Market Forecast: Breakup by Mode of Transaction (in Million US$), 2022-2027
Table 3: Global: Mobile Payment Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 4: Global: Mobile Payment Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 5: Global: Mobile Payment Market Structure
Table 6: Global: Mobile Payment Market: Key Players


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Key Questions Answered in This Report

The global mobile payment market was valued at US$ 1,786 Billion in 2021.

We expect the global mobile payment market to exhibit a CAGR of 22.13% during 2022-2027.

The growing consumer awareness towards hassle-free transactions, secured payment gateways, and
easy mobility offered by mobile payment solutions, is primarily catalyzing the global mobile payment
market.

The sudden outbreak of the COVID-19 pandemic has led to the rising consumer shift from conventional
cash-based transaction methods towards digital payment solutions for mitigating the risk of disease
transmission upon human interaction.

Based on the mode of transaction, the global mobile payment market has been bifurcated into WAP
(Wireless Application Protocol), NFC (Near field communications), SMS (Short Message Service), USSD
(Unstructured Supplementary Service Data), and others. Among these, WAP (Wireless Application
Protocol) holds the largest market share.

Based on the application, the global mobile payment market can be categorized into entertainment,
energy and utilities, healthcare, retail, hospitality and transportation, and others. Currently, the retail
sector exhibits a clear dominance in the market.

On a regional level, the market has been classified into Asia Pacific, North America, Europe, Middle East
and Africa, and Latin America, where Asia Pacific currently dominates the global market.

Some of the major players in the global mobile payment market include 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.

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