How much is the mobile payment technologies market worth, and how is it expected to expand?
The mobile payment technologies market size has grown exponentially in recent years. It will grow from $135.03 billion in 2024 to $168.13 billion in 2025 at a compound annual growth rate (CAGR) of 24.5%. 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 $432.21 billion in 2029 at a compound annual growth rate (CAGR) of 26.6%. 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.
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Which industry factors have accelerated the mobile payment technologies market’s expansion?
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, governments 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 September 2023, according to CTMfile, a Netherlands-based payment technologies company, in 2022 Japan recorded a unprecedented total of approximately $830 billion (111 trillion yen) in cashless payments.
What are the primary segments of the mobile payment technologies market?
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 And E-Commerce, Healthcare, BFSI, Enterprise
Subsegment:
1) By Point-Of-Sale (POS): Contactless Payments, Mobile Wallets (Apple Pay, Google Pay), Near Field Communication (NFC)-enabled Devices, QR Code-based Payments
2) By In-Store Payments: Digital Wallets, Mobile Banking Apps, NFC-enabled Payment Terminals
3) By Remote Payments: Mobile Websites/Apps for E-commerce, Subscription-Based Payments (Streaming Services), Peer-to-Peer (P2P) Payment Apps, Mobile Payment Platforms (PayPal, Venmo)
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Which firms are leading the mobile payment technologies market?
Major companies operating in the mobile payment technologies market include PayPal Holdings Inc., Mastercard Incorporated, Bharti Airtel Limited, Google LLC, Apple Inc., First Data Corporation, American Express Company, Vodacom Group Limited, Millicom International Cellular S.A., Mahindra Comviva Technologies Limited, Orange S.A., Dwolla Inc., Worldpay Inc., One97 Communications Limited, AT&T Inc., Safaricom Limited, MTN Group Limited, Econet Wireless Zimbabwe Limited, Visa Inc., BlueSnap Inc., PayU Holdings Pvt. Ltd., Bank of America Corporation, Amazon.com Inc., Citrus Payment Solutions Pvt. Ltd., Stripe Inc., SIX Payment Services AG, Paysafe Group Limited, Wirecard AG, Novatti Group Limited, Vodafone Group Plc, Microsoft Corporation, Samsung Electronics Co. Ltd., Square Inc., Ant Group Co. Ltd., Tencent Holdings Limited, Discover Financial Services, JPMorgan Chase & Co.
What are the most influential trends expected to drive the mobile payment technologies market forward?
The integration of the internet of things (IoT) with mobile payments is an emerging trend in the mobile payment technologies market. IoT is a system of interrelated computing devices, mechanical and digital machines, or people that can transfer data over a network without requiring any human-to-human or human-to-computer interaction. The integration of IoT in mobile payment technologies eases the payment experience of consumers and merchants, ensuring smooth and efficient payments on both ends. Due to increased convenience and safety provided by IoT-based mobile payments, many people are moving towards mobile payment technologies. For instance,, in September 2024, PayPal launched its PayPal Complete Payments platform in China. This platform aims to streamline payment and receivables processes for businesses of all sizes and support cross-border transactions. The platform offers features such as quick fund settlements, reporting and analytics, risk management, and fraud detection.
What are the major regional insights for the mobile payment technologies market, and which region holds the top position?
Asia-Pacific was the largest region in the mobile payment technologies market in 2023. Asia-Pacific is expected to be the fastest-growing region in the mobile payment technologies industry report during the forecast period. The regions covered in the mobile payment technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Does The Mobile Payment Technologies Market Report 2025 Offer?
The mobile payment technologies market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Mobile payments refer to the technology or software in which payments are made within the framework of financial regulation and performed by mobile phones. This technology allows users to pay for goods and services, transfer money, and manage accounts using various methods. Mobile payments provide a convenient, fast, and secure alternative to traditional payment methods like cash or cards.
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