Mobile Payment Technology Market Size, Share, Trends, Growth and Forecast 2032

Industry Prospective:

The global mobile payment technology market was worth around USD 40,289.8 million in 2021 and is estimated to grow to about USD 235,347.8 million by 2028, with a compound annual growth rate (CAGR) of approximately 34.2 percent over the forecast period. The report analyzes the mobile payment technology market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the mobile payment technology market.

Request Free Sample

Mobile payment technology Market: Overview

Technological proliferation across the world has increased substantially, and this trend is projected to be a prominent one driving the mobile payment technology market growth over the forecast period. Increasing penetration of smartphones and rising internet infrastructure across the world will boost the mobile payment technology market potential through 2028.

Mobile payment technology enables users to make payments from anywhere in the world at the touch of their fingertips and in this ever-growing fast-paced world, this will be a majorly lucrative factor propelling mobile payment technology market growth.   

However, security concerns and reluctance in adoption are expected to have a hindering effect on the global mobile payment technology market potential.

COVID-19 Impact:

The COVID-19 pandemic led to major changes in the world this created adverse conditions for multiple markets but the mobile payment technology market growth was still afloat in this pandemic owing to the rising use of online and mobile payments as people had limited access to regulate cash for their transactions.

Lockdown restrictions across the world restricted outdoor activity and hence largely affected the cash flow statistics as well which led to a substantial increase in demand for online payment solutions and this also propelled the mobile payment technology market potential in this period.

The mobile payment technology market growth is expected to make a comeback in the post-pandemic era and is expected to see an exponential rise over the forecast period as technological proliferation increases substantially on a global scale.

Mobile payment technology Market: Growth Drivers

Increasing Technological proliferation to Boost mobile payment technology market growth

Advancements in technology have transformed the world and this is also true with the mobile payment technology trend which is gaining popularity due to the high penetration of smartphones on a global scale. Moreover, increase in internet infrastructure, rapid urbanization, increasing demand for digitization are some other factors that drive the mobile payment technology market growth over the forecast period.

Request Free Sample

Mobile payment technology Market: Restraints

Concerns about the adoption of this technology among the general population

The world has been cash operated for a while now and most of the people across the globe are used to that mode of transaction and are reluctant to adopt this new method which also has raised some major security concerns amidst the increasing prevalence of fraud and cybercrime activity that resulted in multiple payment frauds. The rising number of data breaches and other factors that risk the security of the financial and personal data of customers will also restrain market potential over the forecast period.

Global Mobile payment technology Market: Segmentation

The global mobile payment technology market is segregated based on technology, type, end use, location, and region.

By Technology, the market is divided into near field communication, direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile app, and others. The mobile web payment segment held a dominant stance in the market in 2021 and is expected to continue this dominance over the forecast period. The security and flexibility that this payment offers is what makes it a dominant segment and is the major factor that will help this segment maintain its significant market share despite the emergence of other advanced technologies.

By payment type, the mobile payment technology market is segmented into B2B, B2C, B2G, and others. The B2B segment will emerge as the leading segment in the market over the forecast period and will be accounting for a major market share of around 60% in the global mobile payment technology industry landscape by the end of 2028.

Report Scope:

Recent Developments

• In May 2020 – network airlines UATP announced a collaboration with CITCON that was aimed at providing a mobile based payment solution using multiple payment gateways such as Alipay, UnionPay and WeChat Pay to customers residing in China.

Regional Landscape

Asia Pacific region will lead the global mobile payment technology market in terms of revenue and volume share and this is expected to be majorly driven by the high proliferation of smartphones in this region and the increasing population that is adopting online payment solutions owing to rising technological proliferation. China and India which are leading markets in this region will be driven by rapid urbanization and digitization in these nations and emerge as high lucrative markets for mobile payment technology providers through the forecast period.

The market for mobile payment technology in North America is also expected to provide highly beneficial opportunities for mobile payment technology providers owing to rising technology adoption and the presence of key mobile payment technology companies in this region. The United States and Canada will be the leading markets for mobile payment technology over the forecast period in this region.

Competitive Landscape

Some of the main competitors dominating the global mobile payment technology market include - Google (Alphabet Inc.); Alibaba Group Holdings Limited; Amazon.com Inc.; Apple Inc.; American Express Company; M Pesa; Money Gram International; PayPal Holdings Inc.; Samsung Electronics Co. Ltd.; Visa Inc.; WeChat (Tencent Holdings Limited)

Global mobile payment technology market is segmented as follows:

By Technology

• Near Field Communication
• Direct Mobile Billing
• Mobile Web Payment
• SMS
• Interactive Voice Response System
• Mobile App
• Others

By Type

• B2B
• B2C
• B2G
• Others

By Location

• Remote Payment
• Proximity Payment

By End Use

• BFSI
• Healthcare
• IT & Telecom
• Media & Entertainment
• Retail & E-commerce
• 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