Mobile Payment Market by Age (Generation Z, Millennials, Generation X, and Baby Boomers), by Payment Type (Proximity and Remote), by Application (Money Transfers, Merchandise Purchases, Bill Payments, Airtime Top-ups, Ticketing, and Others) – Global Oppor

Mobile Payment Market by Age (Generation Z, Millennials, Generation X, and Baby Boomers), by Payment Type (Proximity and Remote), by Application (Money Transfers, Merchandise Purchases, Bill Payments, Airtime Top-ups, Ticketing, and Others) – Global Opportunity Analysis and Industry Forecast, 2023–2030

Meta Title: Mobile Payment Market Size and Share | Statistics - 2030
Meta Des: mobile payment market was valued at $67.26 billion in 2022 and is slated to surpass $221.92 billion by 2030 due to the growing digitalization in both developing and developed economies.

Mobile Payment Market
Domain – ICT & Media
Sub Domain – Hardware/Software & IT Services

The mobile payment market size was valued at USD 67.26 billion in 2022, and is predicted to reach USD 221.92 billion by 2030, with a CAGR of 15.0% during the forecast period, 2023–2030.

Mobile payments offer faster and more efficient payment processing compared to traditional methods. Consumers gain an ability to scan a quick response (QR) code or they can also tap their smpartphones or tables for transferring a payment. This, in turn, eliminates the need to enter the information of credit card or write a check. Mobile payment apps often offer features such as the ability to track and manage expenses, set up recurring payments, and receive notifications about account activity. This, in turn, makes it easier for individuals to manage the finances and take data-driven decisions about the expenditure.

Mobile payment security is an important concern for both consumers and businesses. Mobile payment providers have deployed a wide range of security measures for security against the potential threats and enabling the safe transactions. These measures may include encryption, authentication, fraud detection & prevention, and compliance with the industry standards regulations, such as the Payment Card Industry Data Security Standard (PCI-DSS). Mobile payments offer several advantages, including convenience, speed, and flexibility, and are becoming increasingly popular. These factors are expected to propel the growth of the digital payment market.

Moreover, the mobile payment market is growing rapidly due to several factors, including increasing government initiatives toward digitalization. In addition, the advent of improved digital wallets and mobile payment apps along with the benefits of seamless & efficient transactions and better financial management are also driving the market growth.

However, the increasing number of high-profile data breaches worldwide and the reluctance to adopt new technologies, especially among consumers accustomed to traditional payment methods, hamper the growth of the mobile payment industry.

On the contrary, the introduction of new technologies, such as biometrics, wearables, and blockchain, is driving innovation and improving services offered by mobile payment systems. Biometrics improve security, wearables provide convenience, and blockchain enhances transparency and traceability of transactions. These technologies are creating new opportunities for the mobile payment market. Moreover, the adoption for these technologies is increasing, which is expected to create ample growth opportunities for the market in the coming years.

For instance, in March 2023, JPMorgan Chase is testing a new way to pay for goods and services using facial recognition. The system is more secure and convenient than traditional payment methods. The biometrics checkout system is still in the pilot phase but could revolutionize how people pay for things. It is also more convenient and eliminates the need for a credit card or cash.

Moreover, in July 2023, Samsung launched its Galaxy Watch 6 series in India, which now supports NFC payments via Samsung Wallet. Users can make mobile payments using the Tap & Pay functionality. The introduction of near-field communication (NFC) payments via Samsung Wallet is a game-changing feature for Indian users, and it is expected to drive the adoption of mobile payments in the country.

Segment Overview
The global mobile payment market is segmented on the basis of age, payment type, application, and region.
 By Age, the market is divided into generation Z, millennials, generation X, and baby boomers.
 By Payment Type, the market is classified into proximity and remote.
 By Application, the market is categorized into money transfers, merchandise purchases, bill payments, airtime top-ups, ticketing, and others.
 By Region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).

Regional Analysis
Asia-Pacific is projected to hold a dominant share by 2030
The rise in adoption of cashless payment methods, the surge in adoption of smartphones, the increasing internet penetration, and the increase in popularity of digital wallets drive the mobile payment market growth in the region. Moreover, the introduction of various government initiatives, such as digital payment subsidies, tax incentives, and digital payment infrastructure investments, are expected to further fuel the market growth. The growing use of digital wallets for e-commerce and other activities for making smooth payments drive the market growth. According to the Global Payment Report 2020, the digital and mobile wallets contributed to nearly 58% of the regional e-commerce payments. They are estimated to reach around 68.2% by 2023.

Furthermore, adopting a digital payment system would improve efficiency and ties between the region's countries. The Association of Southeast Asian Nations (ASEAN) member countries might create a single payment system that would make it easier for businesses to trade and invest across borders while also providing customers with more security and convenience than before.

Additionally, the increasing adoption of mobile wallets, the rising consumer preference for hybrid payments, and the advent of blockchain technology are factors that contribute to the growth of the Asia-Pacific mobile payment market.

Key Market Players
Key players operating in the global mobile payment market include:
• Alphabet, Inc. (Google)
• Alibaba Group Holdings Limited
• Amazon.com, Inc.
• Apple, Inc.
• PayPal Holdings, Inc.
• Visa, Inc.
• Tencent Holdings Limited (WeChat)
• MasterCard International, Inc.
• Samsung Electronics Co. Ltd.
• Block, Inc.

Recent Developments
December 2022
VISA announced the investment of USD 1 billion in Africa to boost the digital transformation for easy and convenient payment services for individuals and merchants. Through this investment, the company will also focus on strengthening the payment ecosystem through innovations and technologies. It will support the digitization of economies and lead to a large investment in talent development, upskilling, and capacity building.

October 2022
Samsung Electronics announced the expansion of its Samsung Wallet in 13 new countries, including Vietnam, Bahrain, Finland, Denmark, Kuwait, Kazakhstan, Oman, Norway, South Africa, Qatar, Switzerland, Sweden, and the UAE. Through this expansion, Samsung will enhance digital payments and reach more users than before.

October 2022
Ant Group expanded in Japan with Alipay+ to make digital payment easier between merchants and users. Alipay+ partnered with Universal Studios theme park in Osaka, and will introduce Alipay+’s QR code cross-border digital payments solution. It will be accessible at ticket booths, retail shops, and restaurants within the park.

September 2022
Block, Inc. announced the expansion of its Cash App mobile payment on e-commerce platforms. Through this development, the company offers users an opportunity to explore discounts and promotions from the Cash App option at checkout.

May 2022
Google introduced Google Wallet to allow users store information, such as credit card, loyalty cards, digital IDs, transit passes, concert tickets, vaccination cards, and others, for Android and iOS users.

KEY BENEFITS
• The mobile payment market report provides a quantitative analysis of the current market and estimations from 2023 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises an extensive analysis of the mobile payment market trends, including the current and future trends for depicting prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the mobile payment market is provided in the report.
• The competitive analysis of the market players along with their market share in the mobile payment market is provided in the report.
• The SWOT analysis and Porter's Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the roles of stakeholders.