What Has Been the Progress and Growth of the Mobile Payment Technologies Market in Recent Years?
The mobile payment technologies market has seen considerable growth due to a variety of factors.
• The sector for mobile payment technologies has seen tremendous expansion over it's past few years. The market's value which was at $135.03 billion in 2024, is projected to escalate to $168.13 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 24.5%.
The remarkable growth witnessed in the historic period is attributed to factors such as increased use of smartphones, digital wallets, ease for consumers, enhanced security protocols, and the ubiquity of contactless payments.
What Is The Expected Growth In The Mobile Payment Technologies Market Size Evolve over the Forecast Period?
The mobile payment technologies market is expected to maintain its strong growth trajectory in upcoming years.
• The market for mobile payment technologies is anticipated to witness substantial expansion in the forthcoming years. It is projected to reach a valuation of $432.21 billion in 2029, with a compound annual growth rate (CAGR) of 26.6%.
The surge over the forecast period can be credited to the increasing prevalence of contactless payments, adoption in emerging markets, integration with internet of things (IoT), and QR code payments. The forecast period is also expected to see significant trends like biometric authentication, blockchain and cryptocurrency, retailer-specific applications, and IoT payments.
What Main Forces Are Fueling Expansion In The Mobile Payment Technologies Market?
Government initiatives aimed at stimulating a cashless economy serve as a significant catalyst for the expansion of the mobile payment technologies market. A cashless economy refers to one where financial transactions forego banknotes or physical currency in favour of digital payment methods. In pursuit of this, governments and central banks worldwide are active in implementing strategies that move towards a cashless economy, thereby stimulating growth in the mobile payment technologies market. For instance, CTMfile, a payment technologies company based in the Netherlands, revealed that Japan documented an unprecedented total of nearly $830 billion (111 trillion yen) in cashless payments in 2022, as of September 2023.
What Are The Primary Segments In The Global Mobile Payment Technologies Market?
The mobile payment technologies market covered in this report is segmented –
1) By Solutions: Point-Of Sale (POS), In-Store Payments, Remote Payments
2) By Remote Payments: Internet Payments, SMS Payments, Direct Carrier Billing, Mobile Banking
3) By Application: Retail And E-Commerce, Healthcare, BFSI, Enterprise
Subsegment:
1) By Point-Of-Sale (POS): Contactless Payments, Mobile Wallets (Apple Pay, Google Pay), Near Field Communication (NFC)-enabled Devices, QR Code-based Payments
2) By In-Store Payments: Digital Wallets, Mobile Banking Apps, NFC-enabled Payment Terminals
3) By Remote Payments: Mobile Websites/Apps for E-commerce, Subscription-Based Payments (Streaming Services), Peer-to-Peer (P2P) Payment Apps, Mobile Payment Platforms (PayPal, Venmo)
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How Are Emerging Trends Reshaping The Dynamics Of The Mobile Payment Technologies Market?
In the mobile payment technologies industry, a surge can be observed in the blending of mobile payments with the internet of things (IoT). IoT, a system through which various interconnected digital and mechanical devices or humans can transfer data across a network, without needing human-to-human or human-to-computer interaction. The introduction of IoT into mobile payment software simplifies payments for businesses and customers, ensuring seamless and efficient transactions. The ease and protection that IoT-based mobile payments offer have resulted in a rising preference for mobile payment technologies. For example, in September 2024, PayPal introduced its PayPal Complete Payments platform for China. The platform is designed to simplify the payment and receivables processes for businesses of all sizes and facilitate international transactions. It also incorporates features such as rapid fund settlements, data analysis and reporting, risk management, and fraud detection.
Who Are the Key Players In The Mobile Payment Technologies Market?
Major companies operating in the mobile payment technologies market include:
• PayPal Holdings Inc.
• Mastercard Incorporated
• Bharti Airtel Limited
• Google LLC
• Apple Inc.
• First Data Corporation
• American Express Company
• Vodacom Group Limited
• Millicom International Cellular S.A.
• Mahindra Comviva Technologies Limited
• Orange S.A.
• Dwolla Inc.
• Worldpay Inc.
• One97 Communications Limited
• AT&T Inc.
• Safaricom Limited
• MTN Group Limited
• Econet Wireless Zimbabwe Limited
• Visa Inc.
• BlueSnap Inc.
• PayU Holdings Pvt. Ltd.
• Bank of America Corporation
• Amazon.com Inc.
• Citrus Payment Solutions Pvt. Ltd.
• Stripe Inc.
• SIX Payment Services AG
• Paysafe Group Limited
• Wirecard AG
• Novatti Group Limited
• Vodafone Group Plc
• Microsoft Corporation
• Samsung Electronics Co. Ltd.
• Square Inc.
• Ant Group Co. Ltd.
• Tencent Holdings Limited
• Discover Financial Services
• JPMorgan Chase & Co.
What Is The Most Dominant Region In The Mobile Payment Technologies Market?
Asia-Pacific was the largest region in the mobile payment technologies market in 2023. Asia-Pacific is expected to be the fastest-growing region in the mobile payment technologies industry report during the forecast period. The regions covered in the mobile payment technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
