Insights into Mobile Payment Trends: Market Analysis and Key Competitors
According to IMARC Group’s latest report, titled “Mobile Payment Market Report by Mode of Transaction, Application and Region 2023-2028", the global mobile payment market size reached US$ 2,127.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6,132.5 Billion by 2028, exhibiting a growth rate (CAGR) of 19.6% during 2023-2028.
Mobile payment refers to the use of mobile devices, such as smartphones or tablets, to make financial transactions. A mobile application, a secure transaction gateway, and near-field communication (NFC) technology are some of the essential elements of mobile payment. It allows users to make payments for goods and services, transfer money, or conduct other financial transactions using their mobile devices. The advantages of mobile payments include heightened convenience, expedited transactions, and broad accessibility, while also lessening dependence on tangible cash and cards, thus fostering financial inclusivity.
Mobile Payment Market Trends:
The increasing utilization of smartphones and other intelligent devices is one of the key factors driving the market growth. Additionally, the growing adoption of mobile payment services among the working populace, owing to the hectic lifestyles and busy schedules, is fueling market expansion. Apart from this, the shift towards contactless interactions, propelled by sanitary considerations, has heightened the demand for mobile payment methods which inherently support touch-free transactions. Besides this, advancements in technologies like biometric authentication, encryption, and tokenization have further strengthened the security framework of mobile payments, alleviating concerns over fraud and data compromises.
Moreover, the burgeoning e-commerce industry has increased the need for secure and user-friendly payment options, further accelerating the uptake of mobile payments in online commerce. Other factors, including widespread adoption of mobile payments as they offer a convenient and hassle-free way to make transactions, implementation of robust security measures to protect user data and transactions, growing adoption during the COVID-19 pandemic, increasing integration with other services, such as loyalty programs, rewards, and digital wallets and government support, are contributing to the market growth.
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Key Market Segmentation:
The report has segmented the global mobile payment market based on mode of transaction, application and region.
Breakup by Mode of Transaction:
- WAP (Wireless Application Protocol)
- NFC (Near field communications)
- SMS (Short Message Service)
- USSD (Unstructured Supplementary Service Data)
- Others
Breakup by Application:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape with Key Players:
The competitive landscape of the mobile payment market has been studied in the report with the detailed profiles of the key players.
- FIS
- Gemalto (Thales Group)
- MasterCard
- Alipay (Ant Group)
- Visa
- Apple
- Samsung Electronics
- Bharti Airtel
- American Express
- Bank of America
- Citrus Payment Solutions
- LevelUp (Grubhub Inc.)
- MobiKwik
- One97 Communication
- Orange
- Oxigen
- Square
- Venmo (PayPal, Inc.)
- ZipCash Card Services
Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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