M-commerce Payment Market Size, Share, By Type (Digital Payment Services, Mobile Ticketing, In-app Purchasing, Mobile Banking, and Other Types), By Technology (QR Code Payments, Near Field Communication (NFC), Magnetic Secure Transmission (MST), Bluetooth Low Energy Technology, and Others), By Payment Method, By Application and By Region - Trends, Analysis and Forecast till 2034

Report Code: PMI566624 | Publish Date: October 2024 | No. of Pages: 194

M Commerce Payment Market Overview

  • In 2023, M-Commerce Payment market was estimated to be worth USD 12.8 Billion.
  • By 2034, the target market is expected to grow to USD 64.5 Billion.
  • Target market is expanding at a CAGR of 16.9%

Market Overview:

M-Commerce Payment Market is growing rapidly due to consumers increasing reliance on smartphones and other mobile devices for online shopping. This target market is expanding significantly as consumers increasingly choose mobile shopping for ease and smooth buying experiences. M-commerce is a major force behind the global digital economy as contactless payment methods, digital wallets and also secure mobile payment gateways are increasingly integrated into everyday life.  

Key Takeaways:

  • Asia Pacific held the largest share of the market in 2024.
  • North America is projected to be the fastest-growing market in the coming years.
  • By Type, the digital payment services segment accounted for the largest share of the M-Commerce Payment market in 2024.
  • Solutions like Apple Pay, Google Pay, Alipay, and WeChat Pay continue to lead the target market
  • By Technology, the QR codes segment dominated the market globally in 2024.
  • In 2024, approximately 56% of global e-commerce transactions were completed through mobile devices, underscoring the growing reliance on M-Commerce in the retail sector.

M-commerce Payment Market Report

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M Commerce Payment Market Dynamics

Key Drivers of Target Market:

Rise in Smartphone Adoption:

The global adoption of smartphones is a significant driver of the target market. More consumers are buying on mobile platforms as the demand of smartphones in the world rises to above 80% by the ongoing year.

  • According to the recent research report from IDC which was published in September 2024, claims that smartphone shipments will exceed 1.5 billion units in coming years. This factor is particularly strong in emerging markets where mobile devices serve as the primary means of accessing the internet which facilitating mobile payments for goods and services.  

Restrains:

Competition from Alternative Energy Sources

Security Concerns:

Security issues remain a substantial challenge for the target market. The rise in mobile payments has led to corresponding increase in acts of fraud such as phishing attacks and identify theft.

  • Counterbalance Statements: Although identity theft and fraud are serious issues, the application of AI and machine learning technology is improving fraud detection and prevention enabling real-time monitoring and faster reactions to suspicious activity

M Commerce Payment Market Segmentation

The market is segmented based on Type, Technology, Payment Method, Application, and Region.

By Type

By Technology

By Payment Method

By Application

  • Digital payment services
  • Mobile ticketing
  • In-app purchasing
  • Mobile banking
  • Other Types
  • QR Code Payments
  • Near field communication (NFC)
  • Magnetic Secure Transmission (MST)
  • Bluetooth low energy technology
  • Others
  • Mobile wallets
  • Contactless mobile payments
  • Money transfers
  • Mobile point-of-sale (POS)
  • Carrier payments
  • Others
  • Retail and Shopping
  • Banking and Financial Services
  • Travel and Ticketing
  • Entertainment and Media
  • Other Applications

 

Type Insights:

On the basis of Type, M-Commerce Payment Market is segmented into Digital payment services, Mobile ticketing, In-app purchasing, Mobile banking, and Other Types. Digital payment services segment dominates the target market with approximately 35.6% of global revenue, for example PayPal Express Checkout highlights how digital mobile payments are becoming a crucial part of the shopping experience and indicate a big shift in retail environments towards digital transaction.

Technology Insights:

The M-Commerce Payment market by Technology is segmented into QR Code Payments, Near field communication (NFC), Magnetic Secure Transmission (MST), Bluetooth Low Energy Technology, and Others. Near field communication (NFC) is expected to have a high share for target market growth as it has highest appeal for quick contactless transactions particularly in retail environments.

Payment Method Insights:

The M-Commerce Payment market by Transaction Type is segmented into Mobile Wallets, Contactless Mobile Payments, Money Transfers, Mobile point-of-sale (POS), Carrier payments, and others. Mobile wallets transactions dominates the target market growth

  • For instance, in October 2024, leading financial services platform Mukuru has announced the debut of the “Mukuru Wallet”, which is a new mobile wallet that will be available in Malawi. According to the company, the Mukuru Wallet was created to meet the rising need for a quick, safe and effective way to send and receive money.

Application Insights:

Retail and Shopping, Banking and Financial Services, Travel and Ticketing, Entertainment and Media, and Other Applications are the Payment Method segments that define the M-Commerce Payment market. Retail and shopping is expected to dominate the target market growth

  • For Instance, in October 2024, in collaborative effort by state government, Municipal Corporation and team foundation the first mobile shop “Udyogini Mart” was launched in Nashik. It is considered as an initiative which is aimed at empowering women’s self-help groups.     

Regional Insights

North America: The target market is also dominated in this region, which is supported by the rising demand for contactless payments from consumers as well as the quick development of mobile payment solutions and high levels of digital literacy.

Asia Pacific: Due to the widespread use of smartphones, increased internet usage and a sizable e-commerce sector this region leads the world in m-commerce payments. Southeast Asian nations, including India, are leading the way in this expansion.

M-Commerce Payment Market Report Scope:

Attribute

Details

Market Size 2024

USD 15.6 Billion 

Projected Market Size 2034

USD 64.5 Billion

CAGR Growth Rate

16.9% (2024-2034)

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels, analyzing industry trends and opportunities across sub-segments from 2024 to 2034. It segments the market by Type, Technology, Payment Method, Application, and Region.

Segmentation:

By Type:

  • Digital Payment Services
  • Mobile Ticketing
  • In-App Purchasing
  • Mobile Banking
  • Other Types

By Technology:

  • QR Code Payments
  • Near Field Communication (NFC)
  • Magnetic Secure Transmission (MST)
  • Bluetooth Low Energy Technology
  • Others

By Payment Method:

  • Mobile Wallets
  • Contactless Mobile Payments
  • Money Transfers
  • Mobile Point-Of-Sale (POS)
  • Carrier Payments
  • Others

By Application:

  • Retail and Shopping
  • Banking and Financial Services
  • Travel and Ticketing
  • Entertainment and Media
  • Other Applications

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

M Commerce Payment Market Key Players

The key players operating in the M-Commerce Payment Market include Razorpay, Paytm, PayPal, Apple Pay, Google Pay, Amazon Pay, Samsung Pay, Alipay, WeChat Pay, Square, Stripe, Adyen, Visa Checkout, Masterpass (Mastercard), Venmo, Zelle, Klarna, and Braintree.

M-commerce Payment Market Key Players

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M Commerce Payment Market Key Issues Addressed

  • In August 2024, Worldline, a global leader in payment services, unveiled India’s first Omnichannel Payments Platform 'One Commerce' at the Global Fintech Fest 2024. Worldline One Commerce is designed to help businesses provide consistent, convenient, and customized commerce experiences across all channels, whether offline or online.

Analyst View:

The industry for M-Commerce Payment is expected to increase significantly due to the quick development of mobile technology, rising smartphone adoption and changing customer preferences for online shopping. The target market evolution is further accelerated by advancements in digital wallets and contactless payments systems and also to maintain long term and consumer trust in the target market it is essential to solve security concerns. 

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M Commerce Payment Market Company Profile

  • Razorpay
  • Paytm
  • PayPal
  • Apple Pay
  • Google Pay
  • Amazon Pay
  • Samsung Pay
  • Alipay
  • WeChat Pay
  • Square
  • Stripe
  • Adyen
  • Visa Checkout
  • Mastercard
  • Venmo
  • Zelle
  • Klarna
  • Braintree

FAQs

M-Commerce Payment Market Size was valued at USD 15.6 Billion in 2024 and is expected to reach USD 64.5 Billion by 2034 growing at a CAGR of 16.9%

The Market is segmented into Type, Technology, Payment Method, Application, and Region.

The Market is segmented by region North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. Asia Pacific is expected to dominate the Market.

The key players operating in the M-Commerce Payment Market include Razorpay, Paytm, PayPal, Apple Pay, Google Pay, Amazon Pay, Samsung Pay, Alipay, WeChat Pay, Square, Stripe, Adyen, Visa Checkout, Masterpass (Mastercard), Venmo, Zelle, Klarna, and Braintree.