Mobile Payment Market Share, Growth, Scope and Forecast 2022-2027
Mobile payment is an e-payment method that involves the use of mobile devices for authorizing, initiating and confirming monetary transactions.
Mobile Payment Market Outlook
Mobile payment is an e-payment method that involves the use of mobile devices for authorizing, initiating and confirming monetary transactions. These payments are facilitated by mobile applications that are directly linked to the financial credentials of individuals.
The global mobile payment market size reached US$ 1,786 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6,007 Billion by 2027, exhibiting at a growth rate (CAGR) of 22.13% during 2022-2027.
The use of these solutions ensures enhanced safety while making a payment due to the improved data security offered by these e-payment solutions. Consequently, it finds extensive applications across the retail, food, e-commerce and entertainment sectors.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Mobile Payment Market Trends:
The mobile payment market is majorly driven by the widespread penetration of smartphones and continual improvements in the network infrastructure. This has contributed to the escalating requirement for mobile-based payments among individuals.
Additionally, the increasing awareness regarding the improved safety of these transactions and the rising integration of mobile payment services with two-factor authentication are also creating a positive outlook for the market. Some of the other factors contributing to the market growth include the widespread preference for contactless payment methods among the masses and the numerous initiatives undertaken by governing bodies to promote digital payments.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
The competitive landscape of the mobile payments industry has been studied in the report with the detailed profiles of the key players.
- Samsung Electronics
- Bharti Airtel
- American Express
- Bank of America
- Citrus Payment Solutions
- One97 Communication
- ZipCash Card Services
Key Market Segmentation:
The report has categorized the market based on mode of transaction and application.
Breakup by Mode of Transaction:
- WAP (Wireless Application Protocol)
- NFC (Near field communications)
- SMS (Short Message Service)
- USSD (Unstructured Supplementary Service Data)
Breakup by Application:
- Energy and Utilities
- Hospitality and Transportation
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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