The Mobile Payment Technologies Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Mobile Payment Technologies Global Market Report 2024, The mobile payment technologies market size has grown exponentially in recent years. It will grow from $109.58 billion in 2023 to $137.73 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to smartphone penetration, digital wallets, consumer convenience, security measures, contactless payments.
The mobile payment technologies market size is expected to see exponential growth in the next few years. It will grow to $339.86 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The growth in the forecast period can be attributed to contactless payments continue to rise, emerging markets adoption, iot integration, qr code payments. Major trends in the forecast period include biometric authentication, blockchain and cryptocurrency, retailer-specific apps, iot payments.
The initiatives taken by governments to promote a cashless economy is a major driver for the growth of the mobile payment technologies market. A cashless economy is the one in which financial transactions are not done with banknotes or physical currency but via digital modes of payment. In this regard, government across the world along with the central banks are taking several initiatives to move towards a cashless economy, which ultimately leads to the growth of the mobile payment technologies market. For instance, in August 2021, the Government of India launched a digital payment method e-RUPI, a cashless and contactless digital payment method. e-RUPI is essentially a digital voucher that a beneficiary receives by SMS or a QR code on his phone. It is a pre-paid coupon that can be used at any location that takes it.
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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 & E-Commerce; Healthcare; BFSI; Enterprise
Subsegment: Near-Field Communication (NFC) Payments; Sound-Wave Based Payments; Magnetic Secure Transmission (MST) Payments; Mobile Wallets; Quick Response (QR) Code Payments
The mobile payment technologies market report table of contents includes:
1. Executive Summary
2. Mobile Payment Technologies Market Characteristics
3. Mobile Payment Technologies Market Trends And Strategies
4. Mobile Payment Technologies Market – Macro Economic Scenario
5. Global Mobile Payment Technologies Market Size and Growth
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26. South America Mobile Payment Technologies Market
27. Brazil Mobile Payment Technologies Market
28. Middle East Mobile Payment Technologies Market
29. Africa Mobile Payment Technologies Market
30. Mobile Payment Technologies Market Competitive Landscape And Company Profiles
Top Major Players:
- PayPal Holdings Inc
- Mastercard Incorporated
- Bharti Airtel Limited
- Google LLC
- Apple Inc
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