Status : Published Published On : Mar, 2024 Report Code : VRICT5022 Industry : ICT & Media Available Format :

Global Mobile Payment Technologies Market – Analysis and Forecast (2025-2030)

Industry Insights by Type (Remote Payments and Proximity Payments), by Industry (IT & Telecommunications, Government Services, Travel and Hospitality, BFSI, Healthcare, Retail, Media & Entertainment, Transportation and Logistics and Others)

Industry Overview

The mobile payment technologies market is projected to increase from USD 60.6 billion in 2023 to USD 215.6 billion by 2030, advancing at a CAGR of 31.8% from 2025 to 2030. 

Mobile payments refer to transferring money through a mobile device for purchasing goods or services. Usually, such payments can be made very easily and quickly using different mobile devices, such as cell phones, smartphones, and mobile terminals. The process is facilitated by an improved mobile telecommunications network system that confirms and completes the transaction.

The widespread use of smartphones across the globe has facilitated the growth of mobile payment technology and the market. The primary reasons behind it are speed, convenience, and security.

Mobile Payment Technologies Market Highlights

This technology is used extensively across a wide range of industries including transportation, retail food and beverage, and more. The market is highly competitive and several players are engaged in developing newer and better mobile payment solutions.

All these are supposed to expand during the forecast period since more and more consumers will use mobile payment technology as their preferred mode of transaction.

Market Segmentation

Insight by Type

According to the type of mobile payment technologies market offers both remote and proximity payments. Out of these two, the latter is supposed to grow much more than the remote payment method during the forecast period because it improves customers' shopping experience and subsequently increases their satisfaction level.

Furthermore, this mode offers the service providers a chance to create a new communication channel to engage a larger user base much more effectively. This also supports the expansion of the mobile payment technologies market. 

Insight by Industry

According to the industry verticals, the mobile payment technologies market is divided into BFSI, IT, telecommunications, healthcare, travel and hospitality, transportation and logistics, government services, media and entertainment, retail, and more.

Among all of them, the retail category is expected to be the largest contributor in terms of revenue. This is because service providers are always looking for new solutions that will drive new clients and enhance consumer satisfaction.

Apart from that, consumers can use a diverse array of mobile payment methods offered by retail service providers. These applications expedite the payment process usually due to the NFC capabilities of the platforms.

Global Mobile Payment Technologies Market Report Coverage

Report Metric


Historical Period

2018 - 2023

Base Year Considered


Forecast Period

2025 - 2030

Market Size in 2023

U.S.D.  60.6 Billion

Revenue Forecast in 2030

U.S.D.  215.6 Billion

Growth Rate


Segments Covered in the Report

By Type, and By Industry

Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

Regions Covered in the Report

North America, Europe, Asia-Pacific, Middle East, and Rest of the World

Industry Dynamics

Industry Trends

Introduction of mobile payment technology is the most significant trend of the mobile payment technologies market that has resulted in its growth. It has made the entire process much simpler and hassle-free while purchasing products and services.

Also, making mobile payments today is a kind of necessity since most people buy products and services online through different channels that require them to use mobile payment technologies to make cashless transactions.

A lot of companies are now involved in developing better technologies and more foolproof solutions to make payments safely through mobile devices using digital wallets or mobile apps, which also store payment information safely.  

The rise in the use of smartphones among people has also resulted in the growth of this mobile payment technologies market, thanks to the growing interest in people to move towards cashless and digital transactions. It is far more convenient for them in comparison to making payments through credit cards or any other traditional modes.

Other factors that make cashless transactions more popular include faster networks, the use of barcode scanning, and promotional offers, all having a notable impact on the mobile payment technologies market.

Growth Drivers

The most notable growth driver of the mobile payment technologies market is the rising adoption of cashless transactions, looking for a simpler way to make payments. Moreover, the widespread use of smartphones and enhanced communication networks have also made buying goods and services more hassle-free, which has encouraged people to make payments in this way. People are also more aware now of cashless transactions being a clean way to make payments

All these have encouraged almost every industry to use mobile payment technology for almost all types of transactions, such as B2B, B2C, or B2B. This has resulted in the growing popularity of the technology.

This technology does not need any window dressing to make payments since all necessary information and details are displayed against each transaction. 

All these have fueled the global market growth for mobile payment technologies.


The most significant setback to the growth of the mobile payment technologies market is the chance of account hacking. Typically, the IoT devices used to make such payments store personal accounts to facilitate payments. This can be hacked easily by malicious actors.

However, efforts are being made by the governments and the major players in the industry to introduce a foolproof system to ensure safety, which will propel the growth of the mobile payment technologies market.

Industry Ecosystem

The major players in the mobile payment technologies market provide a lot of support to ensure the growth of this ecosystem with their continual introduction of new technological innovations. One such technology is the scan-and-pay technology. The introduction and implementation of this technology have made mobile payments safer and faster than before and are usually at par with global transaction security.

Geographic Overview

The APAC region dominates the mobile payment technologies market primarily due to the high population in this region. The younger generation of the countries in this region also contributes to the revenue growth with their widespread adoption of smartphones. Moreover, the governments of China and India have increased their efforts to promote cashless transactions, which further contributes to the growth in these regions. North America is a close follower of the APAC region.

Competitive Insight

Significant efforts are being made to increase the security of online payment platforms by major companies in the market for mobile payment technology. These actions include forming a separate department to concentrate solely on the security issue in cooperation with security providers. These actions by the major businesses provide them with a competitive advantage in the international market. Key players in the mobile payment technologies market include General Motors Company,, Samsung Group, MasterCard Incorporated, Apple Inc., Inc., PayPal Holdings Inc., Starbucks Corporation, and Paytm and Square Inc.

Recent Development by Key Players

Samsung has launched, Galaxy Ring - the company’s first ring product which is set to go on display. The new product is outfitted with sensors that provide readings on a person’s heart and respiratory rates, the length of time it takes them to fall asleep, and the amount they move once they’re sleeping. In addition, the device can give users a vitality score that collect data about physical and mental readiness to see how productive one can be.

The Mobile Payment Technologies Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.

Segments Covered in the Report

  • By Type
    • Proximity Payment
    • Remote Payment
  • By Industry 
    • IT & Telecommunications
    • BFSI
    • Travel and Hospitality
    • Government Services
    • Healthcare, Transportation, and Logistics
    • Media & Entertainment
    • Retail
    • Others

Region Covered in the Report

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Rest of the World (RoW)
    • Brazil
    • Saudi Arabia
    • South Africa
    • U.A.E.
    • Other Countries

Mobile Payment Technologies Market Size

Source: VynZ Research

Mobile Payment Technologies Market Analysis

Source: VynZ Research

Frequently Asked Questions

Globally industry players are bolstering the growth of mobile payment technologies market by launching new advancements in the technology on day-to-day basis.
Increase in adoption of cashless transactions, increasing demand for easy and hassle-free purchase of goods and services, improved communication networks, increasing adoption of smartphone technology and increasing acknowledgment for the need of clean transactions are some of the key factors that are driving the growth of mobile payment technologies market exponentially.
The key players in the mobile payment technologies market are, General Motors Company, MasterCard Incorporated, Samsung Group,, Inc., Apple Inc., Starbucks Corporation, PayPal holdings, Inc., Paytm and Square, Inc.
On the basis of industry, the mobile payment technologies market is segmented into IT & telecommunications, government services, travel and hospitality, BFSI, healthcare, retail, media & entertainment, transportation and logistics and others.
There are two types of mobile payment types that include remote and proximity payments.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle


Key Takeaways