Market Overview:
The global Mobile Payments Market is projected to grow from USD 14.99 Billion in 2023 to USD 23.65 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.89% during the forecast period (2023 – 2030). In the modern world, mobile payments are very common across the world. It acts as a cashless medium and a digitalized form of paying cash for daily transactions.
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Key Players:
Key Companies in the Mobile Payments Market include,
- Starbucks Corporation (U.S.)
- Samsung Group (South Korea)
- Square Inc. (U.S.)
- PayPal Holdings Inc. (U.S.)
- Apple (U.S.)
- MasterCard Incorporated (U.S.)
- General Motors Company (U.S.)
- Paytm (India)
The global Mobile Payments Market growth is driven due to constant developments and innovations in technology. The rising cashless transactions at the fingertips without any issues have increased the demand for the mobile payment industry. Moreover, the user-friendly features and the convenience of use are fueling the demands of mobile payments across the world. Further, the global market is thriving because of the increased speed of mobile payments.
However, the security concern and the advent of the coronavirus epidemic have affected the growth of the current market during the forecast period. The growing cyber-attacks and technical issues are the major challenging factors to the global Mobile Payments Market.
Market segmentation:
The global Mobile Payments Market has been segmented into different segments based on type, end-user application, mode of payments, and mode of transaction.
The global mobile payment industry has been segmented based on two types such as remote payment and proximity payment. Depending on the end-user applications segment, the mobile payment industry has been categorized into retail, education, hospitality, healthcare, entertainment, and many other sectors.
In terms of the mode of transaction segment, the mobile payment industry has been divided into near field communication or NFC., short message service or SMS, and wireless application protocol or WAP. Based on the mode of payments, the current market has been classified into bank cards or mobile wallets and mobile money.
Regional Analysis:
As per the Mobile Payments Market analysis, the market has studied specific regions like Europe, North America, Latin America, Asia-Pacific, and the rest of the world.
Among these, the Asia-Pacific market is expected to show rapid market growth during the assessment timeframe due to the escalating demands for wallets and raising awareness for mobile banking. Moreover, the Asia Pacific region is fueled because of the rising usage of NFC and wearable devices and improved technological advancements. The countries like China, Japan, Australia, and India are offering a stable ecosystem for the mobile payment industry growth.
For instance, the European market has projected to acquire the leading position in generating the largest market share during the forecast period due to the rising technological advancement in the region.
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Mobile Payments Industry Developments:
January:
- The number of global mobile payment users is expected to reach 3.9 billion in 2023.
- The global mobile payment market is expected to reach $4.3 trillion in 2023.
February:
- Apple Pay launches Tap to Pay on iPhone, a new feature that allows merchants to accept contactless payments without needing any additional hardware.
- Google Pay expands its support for contactless payments in India, allowing users to pay with their phones at more than 2 million merchants.
March:
- Samsung Pay launches its new MST technology in the United States, allowing users to make contactless payments even at merchants that don't have NFC terminals.
- PayPal launches its new BNPL (buy now, pay later) service, PayPal Pay in 4.
April:
- Visa launches its new tokenization service, Visa Token Service, which helps to protect consumers' payment data.
- Mastercard launches its new contactless payment chip, Mastercard Contactless Chip, which is designed to be more secure and durable than previous chips.
May:
- The European Union passes the Second Payment Services Directive (PSD2), which aims to increase competition and innovation in the European payments market.
- China's central bank launches its own digital currency, the Digital Currency Electronic Payment (DCEP).
June:
- The United States Federal Reserve releases a paper on central bank digital currencies (CBDCs), exploring the potential benefits and risks of issuing a CBDC in the United States.
- The World Bank launches its new Digital Identification for Development (DID) platform, which aims to help governments and businesses to create and use digital identities.
July:
- The mobile payments industry is expected to continue to grow in 2023, with new developments in contactless payments, BNPL, and CBDCs.
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