Mobile payment market is expected to reach USD 221.92 billion by 2030
The rapid acceptance of digital currencies and the increasing availability of secure and reliable payment solutions worldwide with the high penetration of smartphones and the internet are major factors for the growth of the digital payment market.
According to a new research report by Next Move Strategy Consulting, the global Mobile Payment Market size was valued at USD 67.26 billion in 2022, and is expected to reach USD 221.92 billion by 2030, with a CAGR of 15.0% during the forecast period, 2023–2030.
Mobile payment is witnessing a rapid growth in adoption, owing to the growing internet penetration for e-commerce and m-commerce. This, in turn, drives the growth of the market. Moreover, with the rising adoption of sound wave-based mobile payments, payments are made using sound waves and processed using special sound waves that contain encrypted payment information. This method eliminates the use of existing technologies, including banking apps or mobile wallets, near-field communication (NFC), or card terminals. Mobile payments based on sound waves do not require the internet. This, in turn, is expected to propel the growth of the market.
However, security concerns and the threat of data breaches further lead to the loss of personal information. This, in turn, hinders the market growth. On the other hand, the introduction of advanced technologies, such as artificial intelligence and virtual & augmented reality, to improve the functionality and convenience of mobile payment systems is expected to create ample growth opportunities for the market.
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According to the report, the leading market players in the global mobile payment market are Alphabet, Inc. (Google), Alibaba Group Holdings Limited, Amazon.com, Inc., Apple, Inc., PayPal Holdings, Inc., Visa, Inc., Tencent Holdings Limited (WeChat), MasterCard International, Inc., Samsung Electronics Co. Ltd., Block, Inc., and others. These companies use various business strategies across several regions to maintain their dominance.
For instance, in December 2022, American Express invested USD 40 million in Selfbook, Inc., a hotel payment software platform, in Series A and A+ rounds led by Tiger Global. Selfbook’s platform empowers hotels in providing guests with a seamless and one-step checkout experience directly on their websites. Customers can book hotels through mobile payment systems, such as Apple Pay, AMEX, GPay, VISA, and Mastercard.
Moreover, in October 2022, Amazon announced Venmo as a new payment option for the orders that are placed through Amazon.com and the Amazon mobile app in the U.S. Through this collaboration, consumers can enjoy convenient, simple, and secure payment methods and gain more choices during the checkout.
In March 2022, Google Pay announced the Tap to Pay feature for Unified Payment Interface (UPI) payments by collaborating with Pine Labs. This collaboration is aimed at completing payments even faster using the new Tap to Pay feature in India. Through this launch, Goole Pay users can tap their NFC-enabled Android smartphone on the point of sale (POS) terminal and authenticate the payment using the UPI PIN.
Key Insights from the Mobile Payment Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the mobile payment market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of stakeholders.
The market share of the players in the global mobile payment market along with their competitive analysis are provided in the report.