Mobile Payments Market Soars: Expected to Hit US$ 590 Billion by 2032 with 30% CAGR

The mobile payments market is predicted to reach US$ 42 billion in 2022 and grow at an astounding double-digit compound annual growth rate (CAGR) of 30% to reach US$ 590 billion by the assessment period of 2022–2032.

The reliance on mobile payments is being driven by the expansion of the m-commerce sector and the global growth in smartphone usage. The need for mobile payments is also being boosted by businesses accepting mobile payments and by consumers purchasing a wider range of items online.

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The Fact.MR analysis states that at the conclusion of the specified historical era, the demand for mobile payments reached US$ 36 billion between 2015 and 2021. Market research and competitive intelligence supplier Fact.MR claims that the demand for mobile payments increased at a CAGR of 27%. Mobile payments have become more common in recent years due to an increase in smartphone ownership and growing levels of digital literacy.

Due to the COVID-19 epidemic, governments over the world imposed stringent social distance laws that made traditional face-to-face financial transactions impossible. As a result, the number of money transactions made through mobile payments increased dramatically. The quantity of mobile-friendly online payment gateways surged to an astonishing degree, as more and more people turned to e-commerce websites to make purchases of products and services.

Key Companies Profiled

• Google (Alphabet Inc.)
• Samsung Electronics Co. Ltd.
• Visa Inc.
• Alibaba Group Holdings Limited
• PayPal Holdings Inc.
• WeChat (Tencent Holdings Limited)
• American Express Company
• M Pesa
• Money Gram International
• Amazon.com Inc.
• Apple Inc.

Simple Design Boosting Mobile Payments' Growth?

In addition to being quick, mobile payment methods are also practical. The widespread use of smartphones and tablets, in conjunction with reliable network connections, is a major factor in the adoption of mobile payments. Furthermore, both conventional and e-commerce companies are adjusting to the evolving consumer's behavior, which includes mobile device-based cashless payment options.

Furthermore, because making purchases using mobile payments doesn't involve additional verification processes, their simplicity is a major factor in their rising popularity. Additionally, banks provide their customers easy-to-use facilities and rapid payment capabilities.

When compared to PIN and chip technologies, mobile payment technology facilitates quick and simple transactions. Customers do not need to physically touch the POS devices in order to transfer information using mobile payment technology, which leverages NFC in mobile devices; instead, the customers' mobile devices simply need to be close to the terminal. As a result, mobile payments are being quickly adopted by companies and consumers.

Additionally, during the COVID-19 outbreak, customers preferred using mobile payments owing to the restrictions on movement. The use of mobile payments is being driven by their convenience and transaction detail availability. Furthermore, mobile payments are being accepted by e-commerce companies. Consequently, this has expedited the expansion of mobile payments.

Due of travel restrictions, the COVID-19 pandemic had a favorable effect for the remote payment market. Additionally, a number of businesses are releasing apps that let users make payments from a distance.

Additionally, it is anticipated that the growing use of virtual terminals for remote billing would propel market expansion. Therefore, it is anticipated that through 2032, remote payment would account for more than 60% of the mobile payment industry.

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Competitive Landscape

Leading mobile payment service providers are always working to improve the environment for digital financial transactions by launching wallets and payment gateways that are extremely safe and responsive. In addition, there are reports of partnerships with governments to ease the shift to a digital economy. Here are a few notable developments:

• For simpler and quicker payments, Samsung Electronics Co. Ltd. introduced a scan QR function with a camera and rapid panel in October 2021 in India. For smartphones that support Samsung Pay, the feature is presently available.
• Visa Inc. introduced the "Bring India Home" campaign in August 2021. The company's goal with this project is to help 50 million small businesses in India go digital. This will enable companies to profit from mobile payments.

Key Segments Covered

By Technology :

Direct Mobile Billing

Interactive Voice Response System based Mobile Payment

Mobile App based Payments

Mobile Payments via Near Field Communication

Mobile Web Payment

Mobile Payment via SMS

Other Mobile Payment Technologies

By Type :

B2B

B2C

B2G

Other Payment Types

By Location :

Remote

Proximity

By End Use :

Media & Entertainment

Healthcare

IT & Telecom

Retail & E-commerce

Transportation

BFSI

Other End Uses

By Region :

North America

Latin America

Europe

Asia Pacific

Middle East & Africa

As consumers and businesses alike embrace the shift towards cashless transactions, mobile payment technologies are revolutionizing the financial landscape, offering enhanced user experiences and greater efficiency. The projected growth underscores the critical role of mobile payments in driving digital transformation across various industries, from retail to banking and beyond. As the market evolves, continued innovation and strategic collaborations will be essential in addressing security concerns and ensuring the widespread adoption of mobile payment solutions, cementing their place as a cornerstone of the global economy.