The Global Mobile Payment Market size valued to USD 1,409.50 billion in 2019, and is predicted to garner USD 17,706.10 billion by 2030, with a growing CAGR of 25.8% from 2020-2030.
Mobile Payment refers to the payment for goods and services performed by the means of mobile or smart phones. Rather than making payments in cash, cheque, or using credit cards; consumers can pay via mobile phones for a wide range of services and goods. Rapid digitization and technological advancements have led to development of various mobile applications and payment gateways, making the traditional payment process absolutely hassle-free.
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Top Companies: Orange S.A., Bharti Airtel Limited, Vodacom Group Limited, Safaricom Limited, Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, MasterCard Incorporated, PayPal Holdings, Inc., MTN Group Limited and others.
The global mobile payment market share analysis is based on mode of transaction, type of mobile payment, application, and geography. Based on mode of transaction, the mobile payment market is segmented into Short Message Service (SMS), Near-field Communication (NFC), and Wireless Application Protocol (WAP). Based on type of mobile payment, the market is divided into Mobile Wallet/Bank Cards and Mobile Money. Based on application in the end-users, the market is divided into Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, and Others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
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North America represents a developed market, accounting for the highest market share; hence dominating the global mobile payment market throughout the forecast period. This is attributed to technological advancement, higher demand for hassle-free shopping and increased penetration of smart phones. Asia Pacific is expected to gain traction in the global mobile payment market, over the forecast period, with gradual increase in market size. Moreover, increase in internet penetration, higher use of smart phone, growing number of M-commerce industries coupled and increased inclination towards mobile wallets are expected to further augment the market growth.
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