The global market for mobile payment technologies is expected to develop and generate revenue of $215.6 billion by 2030. For the projected period of 2022-2030, the market is expected to grow at a significant CAGR of 31.8%. The implementation of cashless transaction methods, a solid communication network, an increase in demand for simplicity, and a spike in the usage of smartphone technology for shopping purposes are the factors fueling the growth of the mobile payment industry. Major players in the mobile payment technology industry are comprehensively driving the growth by introducing technological breakthroughs such as scan pay, UPI, and e-wallets.
The cybercrime of account hacking poses the greatest challenge to the global market of mobile payment technology. The integration of the IoT (Internet of Things) system to an online payment technique allows the platform to keep the payees’ highly secret financial details. It gives hackers the ability to take information and utilize it illegally. In collaboration with governments, advanced security systems such as two-phase authentication, scan-pay with a camera, rapid panel for simpler and faster payment, and advanced encryption technology assist the market in dealing with these threats and provide immense opportunities for end-users to use the mobile platform for cashless transactions.
Browse the market insight and the Global mobile payment technology market 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) -Analysis and Forecast (2022-2030)
The mobile payment market is split into two segments: payment type and industry type and both markets are anticipated to higher the CAGR during the forecast period. The adoption of proximity payment and remote payment methods enables every market sector to go cashless and send& receive amounts directly into a bank account or wallet using NFC, QR code, UPI Google pays, PayPal, PayTM, and others.
The retail sector is attributed to contributing the highest to the global mobile payment technology market as it has extensive buying and selling activities. Apparently, the latest AI-enabled secured payments system, barcodes, and promotional offers to mobile payment transfer technology are also contributing to the growth of the worldwide mobile payment transfer market.
North America is estimated to hold the highest market growth during the forecast year
On the basis of geography, North America has a highly dense population and is estimated to contribute the highest to the Global Mobile Payment Technology market during the forecast period. The Asia Pacific (APAC) followed by North America also has a significant amount of smartphone adoption and is attributed to making the anticipated CAGR stronger to reach the projected target. Additionally, India and China in their governments’ collaboration are estimated to support the cashless transaction and apparently support market growth.
The industry key player in the global mobile payment technology market includes General Motors Company, Alipay.com, Samsung Group, MasterCard Incorporated, Apple Inc., Amazon.com Inc., PayPal Holdings Inc., Starbucks Corporation, and Paytm and Square Inc. These industry players are attributed to have the crucial role market’s growth as Samsung Electronics Co. Ltd. has released a scan QR function with a camera and speedy panel for simpler and faster payments in India. The feature is presently available on handsets that enable Samsung pay. In August 2021, Visa Inc. announced its "Bring India Home" mission. With this endeavor, the corporation hopes to assist 50 million small companies in India in going digital.
Global Mobile Payment Technologies Market Coverage
Type Insight and Forecast 2018-2030
Industry Insight and Forecast 2018-2030
Mobile Payment Technologies Market by Region
Rest of the World (RoW)