Mobile Payment Transaction Market To Hit Highest Landmark Of Growth $4089.28 Bn By 2032

According to Zion Market Research, the global Mobile Payment Transaction Market was worth USD 983.73 Billion in 2023. The market is forecast to reach USD 4089.28 Billion by 2032, growing at a compound annual growth rate (CAGR) of 15.3% during the forecast period 2024-2032.

Apparently, popularity of smartphone as shopping equipment has gained traction in recent years. Moreover, these consumer electronic products have evolved as best option for online payment, digital shopping, and online financial transactions. This has led to rise in number of mobile payment transactions. Furthermore, Covid-19 pandemic has changed face of payments across globe & financial institutions are trying to increase online payment transactions and thus avoid physical contact with customers in view of COVID Pandemic, thereby paving way for growth of mobile payment transaction market. Reportedly, mobile payment transactions are found to be more secured, quick, seamless, and user-friendly.

In addition to this, large-scale mobile payment & mobile banking activities in countries such as India have already disrupted payment industry. Apart from this, thriving mobile wallet sector is playing key role in online payment  business, thus assisting mobile payment transaction business explore new facades of growth. With humungous expansion of m-commerce business, the market for mobile payment transaction is likely to grow leaps & bounds in next few years.

Retail Segment To Dominate Application Landscape By 2032

The rise in use of mobile payment transactions in retail stores can enhance traffic & consumer experience, thereby driving segmental expansion.  Reportedly, there is surge in acceptance of mobile in-store payments in countries such as the U.S. will further drive demand of mobile payment transactions in retail sector. Apparently, the adoption of mobile-driven in-store payments option will offer new business growth opportunities for service providers in payment ecosystem. For the record, mobile payment transactions are projected to offer mobile wallet participants a potential of becoming intermediary in the flourishing U.S. offline retail sector.  

Moreover, around 70% of virtual shoppers in the U.S. are eager for in-store mobile payment deals and nearly more than 40% of customers consider that cash back or reward/loyalty points & discounts prompt them for going for mobile payment options. Research has demonstrated that reward programs & strong security features are a key to successful mobile payment transactions in countries such as the U.S. Innovations made in mobile payment technologies by service providers will enhance online as well as offline retail experience for users. This, in turn, will boost segmental growth.

Asia Pacific Mobile Payment Transaction Market To Garner Massive Returns Over Next Six Years  

Growth of regional market over forecast timespan can be attributed to shifting of payments to contactless mode along with thriving online shopping & ecommerce activities in sub-continent. In addition to this, rise in consumer trends towards cashless digital payment modes and growing focus on strong transaction security will promulgate scope of regional market growth. Furthermore, less cash on delivery transactions in Asia Pacific will lead to rapid expansion of mobile payment transaction industry in Asia Pacific zone.

Moreover, East Asian industry players are brining innovations in mobile payment techniques and are restructuring payment landscape, thereby leading to huge gains in terms of size and revenue for Mobile Payment Transaction Market in Asia Pacific zone. Rapid progress in e-money activities will proliferate market expansion in sub-continent. Rise in digitization of B2B ecosystems & evolving fintech firms in Southeast Asia will boost regional market trends.

With Southeast Asia on cusp of new fiscal revolution and large proportion of customers using e-wallet, the market for mobile payment transaction is projected to accelerate in near future. COVID-19 pandemic outbreak has enhanced adoption of digital payments in South East Asian countries, thereby crafting optimistic business scenario in sub-continent. Rise in mobile marketing, mobile payments, and mobile banking activities in Asian countries will elevate regional market growth in years ahead.

Some of the mammoth players have established a strong foothold & position in business and will continue to retain dominant status even in near future. They are Mahindra Comviva Safaricom Ltd, Orange S.A., Econet Wireless Zimbabwe Ltd, Millicom International Cellular, Bharti Airtel Ltd, MasterCard Incorporated, MTN Group Ltd, and PayPal Holdings, Inc.

Browse the full “Mobile Payment Transaction Market - By Type Of Mobile Payment (Mobile Money And Mobile Wallet/Bank Cards), By Mode Of Transaction (NFC, WAP, And SMS), By Application (Energy & Utilities, Hospitality & Transportation, Entertainment, Retail, Healthcare, And Others), And By Region - Global Industry Perspective, Comprehensive Analysis, And Forecast, 2024 – 2032.” Report at https://www.zionmarketresearch.com/report/mobile-payment-transaction-market

The global Mobile Payment Transaction market is segmented as follows:

By Mode of Transaction

• Short Message Service (SMS)
• Near-field Communication (NFC)
• Wireless Application Protocol (WAP)

By Type of Mobile Pay

• Mobile Wallet/Bank Cards
• Mobile Money

By Application

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

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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