Global Mobile Payments Market - 2022-2029

Global Mobile Payments Market - 2022-2029

Market Overview

The global mobile payments market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% within the forecast period (2022-2029).

Mobile payment is a method of payment for goods and services using a mobile device, such as a smartphone or tablet. It allows customers to make transactions without needing cash or a physical credit card. Instead, payment is made through a mobile wallet or payment app, which stores the customer's financial information and allows them to make payments by simply using their mobile device.

There are several types of mobile payments, including near-field communication (NFC) payments, mobile wallet payments and in-app payments. NFC payments, also known as contactless payments, use a technology called NFC to allow customers to make payments by holding their mobile device near a payment terminal. On the other hand, mobile wallet payments use a payment app that stores the customer's financial information and allows them to make payments by simply entering a PIN or using biometrics, such as fingerprints. In-app payments allow customers to make purchases within mobile apps, such as buying virtual goods in a game or purchasing a digital subscription.

Mobile payments are becoming increasingly popular as more and more retailers and businesses accept them due to the convenience and speed of the transactions and the added security features that many mobile payment systems offer. Mobile payments can also provide valuable data and insights for businesses, such as customer spending patterns and preferences.

However, despite the popularity and benefits of mobile payments, there are still some concerns about security and privacy. With the increasing amount of personal and financial information stored on mobile devices, there is a risk of data breaches and fraud. To mitigate these risks, mobile payment providers often use advanced encryption and security protocols to protect customer data.

Market Dynamics

Improving m-commerce industry and rising penetration of smartphones globally drives the mobile payments market.

Improving m-commerce industry and rising penetration of smartphones globally drives the mobile payments market

Mobile commerce, also known as m-commerce, refers to the buying and selling goods and services through mobile devices, including transactions made through mobile apps and mobile websites. With the increasing use of smartphones and other mobile devices, m-commerce has grown rapidly in recent years and is expected to continue to grow.

As m-commerce continues to grow, it also boosts the mobile payment market. Mobile payments are convenient and secure for customers to make transactions when shopping through their mobile devices. As more and more retailers and businesses offer mobile-optimized experiences, customers are becoming more comfortable using mobile payments.

One of the main reasons for the growth of m-commerce and mobile payments is the convenience they offer. With the ability to shop and make purchases from anywhere, at any time, customers can make quick and easy transactions without needing to visit a physical store or use cash, especially during the pandemic when physical distancing is important and online shopping has become more prevalent.

Another reason for m-commerce and mobile payments growth is the increasing use of mobile wallets and payment apps. Its apps allow customers to store their financial information and make payments with just a few taps on their mobile devices. Thus, eliminating customers' need to carry cash or credit cards, making mobile payments even more convenient.

Rising security concerns hamper the growth of the mobile payments market

Mobile payments have become increasingly popular in recent years, but some security concerns are still hampering the growth of the mobile payment market. As mobile payments involve personal and financial information, there is a risk of data breaches and fraud. The rising fraud statistics can lead to customers becoming hesitant to use mobile payments and harm mobile payment providers' reputations.

One of the main security concerns with mobile payments is the risk of data breaches. With the increasing amount of personal and financial information stored on mobile devices, there is a risk that hackers could access this information. Thus, the above factors can lead to sensitive information, such as credit card numbers and personal details, being stolen, which can have serious consequences for customers.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the mobile payment market. With lockdowns and social distancing measures in place, people have been hesitant to use cash and have instead turned to contactless and digital payment methods. Thus, it has increased the adoption of mobile payments, as people have used their smartphones to make online and in-store purchases.

In particular, the use of mobile wallets has seen a significant uptick. Its digital wallets allow users to store their smartphone's credit and debit card information and other payment methods. Thus, it has made making purchases easier without physically handling cash or cards. Additionally, many retailers have implemented contactless payment options, such as Apple Pay and Google Wallet, which have also contributed to the growth in mobile payments.

Another impact of the pandemic on the mobile payment market is the increased adoption of e-commerce. As brick-and-mortar stores were closed and people were advised to stay at home, more and more people have been turning to online shopping, thus leading to an increase in the use of mobile payments for online transactions and mobile apps for ordering goods and services.

Segment Analysis

The global mobile payments market is segmented by technology, payment type, location outlook, end-user and region.

The mobile web holds a major share of the mobile payments market due to the security and flexibility provided by the segment

Based on technology, the global Mobile payments market is segmented into near-field communication, direct mobile billing, mobile web payment, SMS, interactive voice response system, mobile app and others. The mobile web holds a major share of the mobile payments market due to the security and flexibility provided by the segment.

One of the main advantages of mobile web payments is convenience. Users can make payments from anywhere and any time, as long as they have an internet connection. Additionally, mobile web payments are generally more secure than traditional online payments, such as credit card payments; this is because mobile web payments often use multi-factor authentication, such as fingerprint recognition or facial recognition, to provide an added layer of security.

Mobile web payments can be made using various methods, including credit and debit cards, mobile wallets and digital currencies. Some popular mobile web payment options include Google Wallet, Apple Pay and PayPal. Its services allow users to store their payment information on their devices and make payments with just a few clicks.

Geographical Analysis

The increasing penetration of smartphones and mobile internet in Asia-Pacific, as well as government initiatives to promote digital payments

The demand for mobile payments in Asia-Pacific is growing rapidly. According to a UN report, the number of mobile payment users in the region is expected to reach 9.8 billion by 2030, accounting for over half of the world's mobile payment users. The growth can be attributed to several factors, including the increasing penetration of smartphones and mobile internet in the region and government initiatives to promote digital payments.

In China, mobile payments have become ubiquitous, with platforms such as Alipay and WeChat Pay accounting for most digital transactions. Its platforms have also expanded their services to other countries in the APAC region, allowing Chinese tourists to use them while traveling abroad.

India has also seen rapid growth in mobile payments, with the government's demonetization policy in 2016 leading to a significant increase in digital transactions. The government's push for a cashless economy and the Unified Payments Interface (UPI) launch has also contributed to the growth of mobile payments in the country.

In Southeast Asia, mobile payments are also on the rise, with countries such as Singapore, Indonesia and the Philippines witnessing significant growth in mobile payment users. In Singapore, for example, the government's ""Smart Nation"" initiative has led to the widespread adoption of digital payments, including mobile payments.

Competitive Landscape

The global mobile payments market is highly competitive with local and global key players. The key players contributing to the market's growth are Google, 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 and WeChat, among others.

The major companies are adopting several growth strategies, such as product launches, acquisitions and collaborations, contributing to the global growth of the mobile payments market.
• On August 2021, Amazon Inc. partnered with Affirm Holdings to offer the dedicated service buy now, pay later (BNPL) to some prominent e-commerce customers.

Google

Overview:Google supplies its cloud products and services under 16 categories, including databases, API management, AI and machine learning, AI infrastructure, API management, data analytics and others. Google generates revenues mainly from advertising, in-app purchases, sales of apps, digital content products, hardware, licensing and service fees, including fees received from subscription-based products and cloud offerings. Its parent company 'Alphabet Inc.' manages the revenues obtained from Google. The company has more than 70 offices in 50 countries, expanding in North America, Latin America, Asia-Pacific, Europe, Africa and Middle East.

Product Portfolio:
• Google Wallet is a mobile payment system specially developed by Google that allows smartphone users to store debit and credit card information for online and in-store purchases.

Key Development
• On May 11, 2022, Google launched Google Wallet to help store to credit cards, tickets and more.

Why Purchase the Report?
• Visualize the global mobile payments market segmentation by technology, payment type, location outlook, end-user and region, highlighting key commercial assets and players.
• Identify commercial opportunities in the mobile payments market by analyzing trends and co-development deals.
• Excel data sheet with thousands of global mobile payments market-level 4/5 segmentation points.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global mobile payments market report would provide approximately 70 market data tables,70 figures and 201 pages.

Target Audience 2023
• Service Providers/ Buyers
• Residential
• Research Laboratory
• Restaurant Business
• Energy & Utilities Companies
• Distributors