Mobile Payments Market is estimated to be USD 3908.3 Billion by 2034; Surge in the penetration of smartphones to Propel Market Growth

Mobile Payments is the act of paying or transferring money usually using a mobile device to some business, person or a merchant in exchange for bills, goods or services. There are many payments tool like digital wallet, SIM toolkit, mobile menu or even mobile browser which are very useful in our day-today life. The Mobile Payments Market has grown quickly in recent years due to the ease and security that mobile payment solutions provides.

An app called a mobile wallet stores the user's debit and credit card information and enables digital payments for products and services using a mobile device, also mobile payments are used by governments and public services to collect taxes, fines, and other fees from citizens and these things are to be considered as wide applications of mobile payments to drive the target market growth. The surge in the penetration of smartphones across the world and the rising m-commerce are some factors that are contributed to the target market growth. Moreover, the advancements in mobile payment technology and digital generation also known as the generation Z, is more likely to create vast opportunities for the payment industry to fuel target market growth. Increasing demand for cashless transactions, rise of e-commerce and online shopping, and increase in adoption of smartphones and mobile devices is expected to fruitful the demand for Mobile Payments market growth in coming years. Mobile Payments Market Size was valued at USD 1086 Billion in 2024 and is expected to reach USD 3908.3 Billion by 2034 growing at a CAGR of 15.1%.

The report “Mobile Payments Market, By Purchase (Airtime Transfer and Top-Ups, Money Transfers and Payments, Merchandise and Coupons, Travel and Ticketing, and Digital Products), By Type (Proximity Payment (Near Field Communication (NFC) and QR Code Payment) and Remote Payment (SMS-Based, USSD/STK, Direct Operator Billing (Credit/Debit Card-Based), and Digital Wallet)), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis and Forecast till 2034”

 Key Highlights:

• In March 2021, National Payments Corporation of India (NPCI) launched a new digital payments product for feature phone users and also for those who are not very comfortable for using mobile apps. The stage of the product is at the Proof of Concept (POC) and shall help further to accomplish the goal of taking digital payments to everyone
• In September 2022, Mastercard and Prophius have launched “Tap on Phone” technology that enables small business to accept the contactless using NFC-enabled Android phones. This launch is expected to boost the digital payment acceptance at small and micro enterprises in Nigeria, Uganda, Kenya and other countries by supporting consumers for safe digital payments.

Analyst View:

The key factor driving the growth of the Mobile Payments market is increasing the penetration of smartphones along with the increasing availability of high-speed mobile networks. Further, boosting the adoption of mobile-based payment solutions as well as the growing e-commerce business and digitalization of payment services fuels the growing target market trends. Furthermore, the development of new technologies such as blockchain and biometric authentication, is expected to further drive the growth of the Mobile Payments Market by enhancing security and improving user experience.

Key Market Insights from the report:

The Mobile Payments Market is segmented based on Purchase, Type and Region.

• Based on Purchase, Mobile Payments Market is segmented into Airtime Transfer and Top-Ups, Money Transfers and Payments, Merchandise and Coupons, Travel and Ticketing, and Digital Products.
• Based on Type, Mobile Payments Market is segmented into Proximity Payment (Near Field Communication (NFC) and QR Code Payment) and Remote Payment (SMS-Based, USSD/STK, Direct Operator Billing (Credit/Debit Card-Based), and Digital Wallet).
• By Region, the Mobile Payments Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Competitive Landscape & their strategies of Mobile Payments Market:

The prominent players operating in the Mobile Payments Market includes, MasterCard International Inc., Visa, Inc., American Express, Co., Boku, Inc., Fortumo OU, PayPal, Inc., Bharti Airtel Ltd., Vodafone Ltd., AT & T, Inc., Google, Inc., Apple, Inc., Tencent, Ant Financial Services Group, and Microsoft Corporation and others.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.