The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.
The global mobile payment market was valued at US$ 1,434 Billion in 2020.
The growing consumer awareness towards hassle-free transactions, secured payment gateways, and easy mobility offered by mobile payment solutions, represents one of the key factors catalyzing the global mobile payment market.
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, SMS (Short Message Service) 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 North America, Europe, Asia Pacific, 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, MasterCard, PayPal, Alipay, Visa, Apple, Google, Samsung Electronics, Bharti Airtel, American Express, Bank of America, Citrus Payment Solutions, LevelUp, MobiKwik, One97 Communication, Orange, Oxigen, Square, Venmo, and ZipCash Card Services.
We expect the global mobile payment market to exhibit a CAGR of 23.8% during 2021-2026.
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91 120 433 0800 )
Drop us an email at