As stated in our extensive report; providing insights on Payment Type, Transaction Mode,End User,Purchase Type,Application, and Region;the Global Mobile Payments Marketaccounted for USD 1,729.5 Billion in 2021. The Market is predicted to see a jump in revenue at USD 6,317.5 Billion by the year 2028 at a Compound Annual Growth Rate (CAGR) of 24.10%.
Mounting penetration of smartphones across the globe and the surging m-commerce industry in emerging countries are some of the factors driving the market growth over the forecast period. In addition, the changing trend of digitalization across the globe is further propelling market growth. Several governments across the globe are focusing on digitalization and taking several initiatives and increasing funding for Research and Development (R&D). Additionally, to digitalize and increase demand for smart cities, several major players are investing their money in the development of technology. Upsurge in the adoption of Mobile Payments services in emerging countries fuels the growth of the market. However, along with the surging use and adoption of smartphones and applications, rising data breaches and security issues are one of the major concerns. Thus, these factors may act as a restraint for the market and hamper the market growth over the forecast period.
The changing trend to online shopping, shopping from malls, payment of utility bills (like electricity, mobile bills, water bills, etc.), and movie tickets is increasing the Mobile Payments transactions. Plus, several offers and discounts presented such as cashback, and discount coupons among others on the online payment is further increasing the adoption of Mobile Payments. In addition, ease to use, secure payment method and increasing trust of customers in online payment are further fuelling the market growth over the forecast period.
Asia Pacificholds the major share in the market owing to the presence of evolving economies such as China and India in the region which are also the highest populated countries in the world. Thus, providing a large base of consumers for the smartphone penetration further increases the demand for smartphones. This ultimately increases the Mobile Payments transactions, further propelling the market growth over the forecast period. According to the India Brand Equity Foundation (IBEF), digital payments will rise significantly over the next few years, accounting for 71.7% of all payments in India by 2025. Thus, these are some of the factors driving the market growth.
Some of the key players in the Global Mobile Payments Market includeAmerican Express Company, Apple, Inc; Google LLC, JPMorgan Chase Co; Mastercard, One Communication Limited, PayPal Holdings, Inc; Payu, Samsung, Visa, Inc. and others.