Mobile Payments Market Size, Trends and Insights By Technology (Near Field Communication, Direct Mobile Billing, Interactive Voice Response System, Mobile Web Payment, SMS, Mobile App, Others), By Payment Type (B2B, B2C, B2G, Others), By Location (Remote Payment, Proximity Payment), By End-use (BFSI, Media & Entertainment, Retail & E-commerce, Healthcare, IT & Telecom, Transportation, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Code: CMI17975
Category: Next Generation Technologies
Report Snapshot
Source: CMI
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Money Gram International
- PayPal Holdings Inc.
- Samsung Electronics Co. Ltd.
- Visa Inc.
- Others
Reports Description
The mobile payments market was valued at USD 43.11 billion in the year 2021 and USD 55.34 billion in the year 2022 it is expected to grow to USD 587.52 billion by the year 2030 growing at a compound annual growth rate of 37.1% during the forecast period. There are many factors that have been instrumental in the growth of the market in recent years. An increase in the adoption of M-commerce and the increased use of smartphones in the developed as well as the developing nations of the world are some of the factors which led to the growth of the market in the past and it shall continue to grow in the coming years.
The availability of Internet connectivity across developed as well as developing economies is expected to drive market growth. Various organizations across the world are concentrating on providing modes for payments that are compatible with mobile phones or smartphones. This shall provide good opportunities for the growth of the market in the coming years.
The demands for these solutions which assist in making mobile payments are extremely convenient and fast. Various purchasers or consumers around the world have adopted this technology due to the availability of tablets as well as smartphones. The use of this technology for paying for various products and services that are bought from organizations will play an instrumental role in the growth of the mobile payments market during the forecast period. Increased use of e-commerce platforms is another reason why the market is expected to grow in the coming years. There has been an adoption of this technology even in traditional businesses across the globe as consumers seek this option for making payments.
The growing demand for cashless payments has played an important role in the growth of the market. After the outbreak of the COVID-19 pandemic, the restrictions and social distancing norms have played instrumental roles in the growth of this industry in the past.
All of these factors will fuel the growth of the market in the coming year. The use of near-field communication technology in making payments is adopted on a large scale as it helps in transmitting the encrypted data instantly to the devices available at the point of sale. The use of this technology is that opted for by many consumers as it helps in saving time when it is compared to debit cards or credit card payments. This technology is based on the use of identification of the radio frequency through the use of mobile phones which are in close proximity.
The information is transferred from one device to the other without making any physical contact. Although the market for this industry shall continue to grow in the coming years there are a few concerns that will hamper the market growth. Security issues associated with the use of this technology will have a negative impact on the growth of the market.
There have been cases of data breaches of various high-profile consumers worldwide, which has created a negative image for the market. The use of credit cards or the use of debit cards is preferred by various consumers as they have better security as compared to contactless payments options. The elderly population across the globe in the developing as well as the developed nations prefers making use of debit cards as well as credit cards and they shall have a negative impact on the growth of the market in the coming year’s period
Due to the outbreak of the pandemic in the year 2019 the market saw a change in terms of the availability of payments options. There was increased use of eCommerce platforms for various purchases across the globe.
The increased preference for making contactless payments due to the restrictions on movement as well as social distancing will continue to have a positive impact on the market. E-commerce platforms had become extremely popular during the outbreak of the pandemic. In order to reduce the touch points where the consumer may come in contact with the virus, contactless payments options for adopted on a large scale across the nation. In recent years this technology has been adopted by various consumers and this happens to be about 87% across the globe.
Growth Factors
Various organizations that deal in payments services are constantly focusing on providing innovative platforms for the business. There has been an increase in competition as the service providers are enhancing their services. In order to have a large consumer base and to create a new base of customers these organizations are concentrating on providing payments applications with different strategies.
Amazon pay and Google Pay is constantly engaging in Activities that will help them gain a larger consumer base. Some of the lucrative offers provided by these service providers are in the form of scratch cards that provides some amount for performing a few transactions through the use of the application.
There are many such strategic decisions taken by the organization in order to have a competitive edge in the market. It helps in improving the loyalty of the consumers over a period of time. Offers like cashback and rewards on various transactions will continue to engage consumers in using these platforms.
The availability of these reward facilities will help the organizations or the service providers capture the market as the consumer may engage in making payments through the use of the application for every single transaction. There has been a growth in the use of the Samsung pay application over the years as rewards are offered in the form of points for the purchases that are made by the consumers. These reward points may be redeemed by consumers for other purchases. These organizations provide coupons for various products and services.
Segmental Insights
Mobile payments market segment on the basis of Technology
On the basis of the technology used in the mobile web payments segment, we will have a larger market share in the coming year. This segment has dominated the market and occupied a share of 23% in terms of revenue in the past. The use of this segment shall be more due to the flexibility and the security provided through the use of this technology.
The segment is expected to grow as there has been an increase in the use of the M-commerce platform. Apart from the mobile web payments segment the near field communication segment is also expected to grow well in the coming years period as compared to the mobile replacement segment then near field communication segment is estimated to grow at a higher compound annual growth rate in the coming years.
The integration of various loyalty programs for the consumers in the technology when this platform is used for making payments will help in the growth of the segment. These loyalty programs are provided in the form of coupons or cash back. The incorporation of various advanced technologies in the platform shall lead to the growth of the segment.
Mobile payments market segment on the basis of the Type of Payments
On the basis of the type of the payments, the B2B segment will have a larger market share in the coming year’s period this segment has dominated the market in the past with a share of about 60% in terms of revenue. Continuous investments in larger amounts by various venture capital organizations and private equity firms will provide growth opportunities for the future. An amount of 25 million U.S. dollars was acquired in the year 2022 by an application provider for business-to-business payments, Rupifi, from various organizations in order to increase the use of the payments options.
Mobile payments market segment on the basis of Location
Depending upon the location the remote payments segment will have a larger market share in the coming year’s period this segment has dominated the market in the past with a share of about 59% in terms of revenue. There has been an increase in the popularity of this payments option due to which the market is expected to grow. The use of this payments option helps in reducing the direct interaction and the demand for these payments options had grown on a large scale during the outbreak of the COVID-19 pandemic.
Mobile payments market segment on the basis of the End User
The BFSI Segment will have a dominant position in the coming years. In terms of the revenue generated about 22% of the market share was held by this segment in the past. In order to overcome the challenges associated with the management of wealth this industry shall make maximum use of mobile payments options.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 43.11 Billion |
| Projected Market Size in 2030 | USD 587.52 Billion |
| CAGR Growth Rate | 37.1% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Money Gram International, PayPal Holdings Inc., Samsung Electronics Co. Ltd., Visa Inc., WeChat (Tencent Holdings Limited), Google (Alphabet Inc.), Alibaba Group Holdings Limited, Amazon.com Inc., Apple Inc., American Express Company, M Pesa, and Others |
| Key Segment | By Technology, Payments Type, Location, End-use, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Regional Insights
The Asia Pacific region is expected to have the largest market share in the coming year. This region has dominated the mobile payments market in the past with a share of about 34% in terms of revenue. Rapid urbanization and industrialization have changed the lifestyle of the population. Increased use of e-commerce platforms in developing as well as developed nations shall be instrumental in the growth of the market.
The increased use of smartphones in the Asia Pacific region will also help in the growth of the market. Initiatives taken by various governments of the countries in the Asia Pacific region will promote the use of cashless payments in the coming years and it will help in providing better opportunities for growth in this region. There has been an increase in the adoption of the technology in many emerging countries as the banking sector is also engaged in providing solutions on the online platform for consumers to have access to their services.
The North American region is also expected to see a good amount of growth during the forecast period. The president of various market players in the North American region will be one of the major factors associated with the growth of the market. the early adoption of the technology by the North American region has also played an important role in providing better technologies and features in payments solutions. There has been an increased use of these mobile payments options due to various stores which are available in the United States that are unmanned. Another reason that is expected to drive the market growth in the North American region is the extensive use of the e-commerce platforms in the past and they shall continue to grow in the coming year.
Key market players in the mobile payments market
- Money Gram International
- PayPal Holdings Inc.
- Samsung Electronics Co. Ltd.
- Visa Inc.
- WeChat (Tencent Holdings Limited)
- Google (Alphabet Inc.)
- Alibaba Group Holdings Limited
- com Inc.
- Apple Inc.
- American Express Company
- M Pesa
Key Developments
A mobile application and a web page were launched by American Express in the year 2021 for paying taxes. Amex Pay can be used for making payments for cable bills, insurance, Internet bills and other payments. In order to increase the customer base, promotional offers and rewards are provided to the consumers.
Segments covered in the report
By Technology Outlook
- Near Field Communication
- Direct Mobile Billing
- Interactive Voice Response System
- Mobile Web Payments
- SMS
- Mobile App
- Others
By Payments Type Outlook
- B2B
- B2C
- B2G
- Others
By Location Outlook
- Remote Payments
- Proximity Payments
By End-use Outlook
- BFSI
- Media & Entertainment
- Retail & E-commerce
- Healthcare
- IT & Telecom
- Transportation
- Others
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Mobile Payments Market, (2022 – 2030) (USD Trillion)
- 2.2 Global Mobile Payments Market: snapshot
- Chapter 3. Global Mobile Payments Market – Industry Analysis
- 3.1 Mobile Payments Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Growing demand of fast transaction services
- 3.2.2 Rise in adoption of mobile payment
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Technology
- 3.7.2 Market attractiveness analysis By Payment
- 3.7.3 Market attractiveness analysis By Location
- 3.7.4 Market attractiveness analysis By End-use
- Chapter 4. Global Mobile Payments Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Mobile Payments Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Mobile Payments Market – Technology Analysis
- 5.1 Global Mobile Payments Market overview: By Technology
- 5.1.1 Global Mobile Payments Market share, By Technology, 2021 and 2030
- 5.2 Near Field Communication
- 5.2.1 Global Mobile Payments Market by Near Field Communication, 2022 – 2030 (USD Trillion)
- 5.3 Direct Mobile Billing
- 5.3.1 Global Mobile Payments Market by Direct Mobile Billing, 2022 – 2030 (USD Trillion)
- 5.4 Interactive Voice Response System
- 5.4.1 Global Mobile Payments Market by Interactive Voice Response System, 2022 – 2030 (USD Trillion)
- 5.5 Mobile Web Payment
- 5.5.1 Global Mobile Payments Market by Mobile Web Payment, 2022 – 2030 (USD Trillion)
- 5.6 SMS
- 5.6.1 Global Mobile Payments Market by SMS, 2022 – 2030 (USD Trillion)
- 5.7 Mobile App
- 5.7.1 Global Mobile Payments Market by Mobile App, 2022 – 2030 (USD Trillion)
- 5.8 Others
- 5.8.1 Global Mobile Payments Market by Others, 2022 – 2030 (USD Trillion)
- 5.1 Global Mobile Payments Market overview: By Technology
- Chapter 6. Global Mobile Payments Market – Payment Analysis
- 6.1 Global Mobile Payments Market overview: By Payment
- 6.1.1 Global Mobile Payments Market share, By Payment, 2021 and 2030
- 6.2 B2B
- 6.2.1 Global Mobile Payments Market by B2B, 2022 – 2030 (USD Trillion)
- 6.3 B2C
- 6.3.1 Global Mobile Payments Market by B2C, 2022 – 2030 (USD Trillion)
- 6.4 B2G
- 6.4.1 Global Mobile Payments Market by B2G, 2022 – 2030 (USD Trillion)
- 6.5 Others
- 6.5.1 Global Mobile Payments Market by Others, 2022 – 2030 (USD Trillion)
- 6.1 Global Mobile Payments Market overview: By Payment
- Chapter 7. Global Mobile Payments Market – Location Analysis
- 7.1 Global Mobile Payments Market overview: By Location
- 7.1.1 Global Mobile Payments Market share, By Location, 2021 and 2030
- 7.2 Remote Payment
- 7.2.1 Global Mobile Payments Market by Remote Payment, 2022 – 2030 (USD Trillion)
- 7.3 Proximity Payment
- 7.3.1 Global Mobile Payments Market by Proximity Payment, 2022 – 2030 (USD Trillion)
- 7.1 Global Mobile Payments Market overview: By Location
- Chapter 8. Global Mobile Payments Market – End-use Analysis
- 8.1 Global Mobile Payments Market overview: By End-use
- 8.1.1 Global Mobile Payments Market share, By End-use, 2021 and 2030
- 8.2 BFSI
- 8.2.1 Global Mobile Payments Market by BFSI, 2022 – 2030 (USD Trillion)
- 8.3 Media & Entertainment
- 8.3.1 Global Mobile Payments Market by Media & Entertainment, 2022 – 2030 (USD Trillion)
- 8.4 Retail & E-commerce
- 8.4.1 Global Mobile Payments Market by Retail & E-commerce, 2022 – 2030 (USD Trillion)
- 8.5 Healthcare
- 8.5.1 Global Mobile Payments Market by Healthcare, 2022 – 2030 (USD Trillion)
- 8.6 IT & Telecom
- 8.6.1 Global Mobile Payments Market by IT & Telecom, 2022 – 2030 (USD Trillion)
- 8.7 Transportation
- 8.7.1 Global Mobile Payments Market by Transportation, 2022 – 2030 (USD Trillion)
- 8.8 Others
- 8.8.1 Global Mobile Payments Market by Others, 2022 – 2030 (USD Trillion)
- 8.1 Global Mobile Payments Market overview: By End-use
- Chapter 9. Mobile Payments Market – Regional Analysis
- 9.1 Global Mobile Payments Market Regional Overview
- 9.2 Global Mobile Payments Market Share, by Region, 2021 & 2030 (USD Trillion)
- 9.3. North America
- 9.3.1 North America Mobile Payments Market, 2022 – 2030 (USD Trillion)
- 9.3.1.1 North America Mobile Payments Market, by Country, 2022 – 2030 (USD Trillion)
- 9.3.1 North America Mobile Payments Market, 2022 – 2030 (USD Trillion)
- 9.4 North America Mobile Payments Market, by Technology, 2022 – 2030
- 9.4.1 North America Mobile Payments Market, by Technology, 2022 – 2030 (USD Trillion)
- 9.5 North America Mobile Payments Market, by Payment, 2022 – 2030
- 9.5.1 North America Mobile Payments Market, by Payment, 2022 – 2030 (USD Trillion)
- 9.6 North America Mobile Payments Market, by Location, 2022 – 2030
- 9.6.1 North America Mobile Payments Market, by Location, 2022 – 2030 (USD Trillion)
- 9.7 North America Mobile Payments Market, by End-use, 2022 – 2030
- 9.7.1 North America Mobile Payments Market, by End-use, 2022 – 2030 (USD Trillion)
- 9.8. Europe
- 9.8.1 Europe Mobile Payments Market, 2022 – 2030 (USD Trillion)
- 9.8.1.1 Europe Mobile Payments Market, by Country, 2022 – 2030 (USD Trillion)
- 9.8.1 Europe Mobile Payments Market, 2022 – 2030 (USD Trillion)
- 9.9 Europe Mobile Payments Market, by Technology, 2022 – 2030
- 9.9.1 Europe Mobile Payments Market, by Technology, 2022 – 2030 (USD Trillion)
- 9.10 Europe Mobile Payments Market, by Payment, 2022 – 2030
- 9.10.1 Europe Mobile Payments Market, by Payment, 2022 – 2030 (USD Trillion)
- 9.11 Europe Mobile Payments Market, by Location, 2022 – 2030
- 9.11.1 Europe Mobile Payments Market, by Location, 2022 – 2030 (USD Trillion)
- 9.12 Europe Mobile Payments Market, by End-use, 2022 – 2030
- 9.12.1 Europe Mobile Payments Market, by End-use, 2022 – 2030 (USD Trillion)
- 9.13. Asia Pacific
- 9.13.1 Asia Pacific Mobile Payments Market, 2022 – 2030 (USD Trillion)
- 9.13.1.1 Asia Pacific Mobile Payments Market, by Country, 2022 – 2030 (USD Trillion)
- 9.13.1 Asia Pacific Mobile Payments Market, 2022 – 2030 (USD Trillion)
- 9.14 Asia Pacific Mobile Payments Market, by Technology, 2022 – 2030
- 9.14.1 Asia Pacific Mobile Payments Market, by Technology, 2022 – 2030 (USD Trillion)
- 9.15 Asia Pacific Mobile Payments Market, by Payment, 2022 – 2030
- 9.15.1 Asia Pacific Mobile Payments Market, by Payment, 2022 – 2030 (USD Trillion)
- 9.16 Asia Pacific Mobile Payments Market, by Location, 2022 – 2030
- 9.16.1 Asia Pacific Mobile Payments Market, by Location, 2022 – 2030 (USD Trillion)
- 9.17 Asia Pacific Mobile Payments Market, by End-use, 2022 – 2030
- 9.17.1 Asia Pacific Mobile Payments Market, by End-use, 2022 – 2030 (USD Trillion)
- 9.18. Latin America
- 9.18.1 Latin America Mobile Payments Market, 2022 – 2030 (USD Trillion)
- 9.18.1.1 Latin America Mobile Payments Market, by Country, 2022 – 2030 (USD Trillion)
- 9.18.1 Latin America Mobile Payments Market, 2022 – 2030 (USD Trillion)
- 9.19 Latin America Mobile Payments Market, by Technology, 2022 – 2030
- 9.19.1 Latin America Mobile Payments Market, by Technology, 2022 – 2030 (USD Trillion)
- 9.20 Latin America Mobile Payments Market, by Payment, 2022 – 2030
- 9.20.1 Latin America Mobile Payments Market, by Payment, 2022 – 2030 (USD Trillion)
- 9.21 Latin America Mobile Payments Market, by Location, 2022 – 2030
- 9.21.1 Latin America Mobile Payments Market, by Location, 2022 – 2030 (USD Trillion)
- 9.22 Latin America Mobile Payments Market, by End-use, 2022 – 2030
- 9.22.1 Latin America Mobile Payments Market, by End-use, 2022 – 2030 (USD Trillion)
- 9.23. The Middle-East and Africa
- 9.23.1 The Middle-East and Africa Mobile Payments Market, 2022 – 2030 (USD Trillion)
- 9.23.1.1 The Middle-East and Africa Mobile Payments Market, by Country, 2022 – 2030 (USD Trillion)
- 9.23.1 The Middle-East and Africa Mobile Payments Market, 2022 – 2030 (USD Trillion)
- 9.24 The Middle-East and Africa Mobile Payments Market, by Technology, 2022 – 2030
- 9.24.1 The Middle-East and Africa Mobile Payments Market, by Technology, 2022 – 2030 (USD Trillion)
- 9.25 The Middle-East and Africa Mobile Payments Market, by Payment, 2022 – 2030
- 9.25.1 The Middle-East and Africa Mobile Payments Market, by Payment, 2022 – 2030 (USD Trillion)
- 9.26 The Middle-East and Africa Mobile Payments Market, by Location, 2022 – 2030
- 9.26.1 The Middle-East and Africa Mobile Payments Market, by Location, 2022 – 2030 (USD Trillion)
- 9.27 The Middle-East and Africa Mobile Payments Market, by End-use, 2022 – 2030
- 9.27.1 The Middle-East and Africa Mobile Payments Market, by End-use, 2022 – 2030 (USD Trillion)
- Chapter 10. Company Profiles
- 10.1 Money Gram International
- 10.1.1 Overview
- 10.1.2 Financials
- 10.1.3 Product Portfolio
- 10.1.4 Business Strategy
- 10.1.5 Recent Developments
- 10.2 PayPal Holdings Inc
- 10.2.1 Overview
- 10.2.2 Financials
- 10.2.3 Product Portfolio
- 10.2.4 Business Strategy
- 10.2.5 Recent Developments
- 10.3 Samsung Electronics Co. Ltd
- 10.3.1 Overview
- 10.3.2 Financials
- 10.3.3 Product Portfolio
- 10.3.4 Business Strategy
- 10.3.5 Recent Developments
- 10.4 Visa Inc
- 10.4.1 Overview
- 10.4.2 Financials
- 10.4.3 Product Portfolio
- 10.4.4 Business Strategy
- 10.4.5 Recent Developments
- 10.5 WeChat (Tencent Holdings Limited)
- 10.5.1 Overview
- 10.5.2 Financials
- 10.5.3 Product Portfolio
- 10.5.4 Business Strategy
- 10.5.5 Recent Developments
- 10.6 Google (Alphabet Inc)
- 10.6.1 Overview
- 10.6.2 Financials
- 10.6.3 Product Portfolio
- 10.6.4 Business Strategy
- 10.6.5 Recent Developments
- 10.7 Alibaba Group Holdings Limited
- 10.7.1 Overview
- 10.7.2 Financials
- 10.7.3 Product Portfolio
- 10.7.4 Business Strategy
- 10.7.5 Recent Developments
- 10.8 Amazon.com Inc.
- 10.8.1 Overview
- 10.8.2 Financials
- 10.8.3 Product Portfolio
- 10.8.4 Business Strategy
- 10.8.5 Recent Developments
- 10.9 Apple Inc.
- 10.9.1 Overview
- 10.9.2 Financials
- 10.9.3 Product Portfolio
- 10.9.4 Business Strategy
- 10.9.5 Recent Developments
- 10.10 American Express Company
- 10.10.1 Overview
- 10.10.2 Financials
- 10.10.3 Product Portfolio
- 10.10.4 Business Strategy
- 10.10.5 Recent Developments
- 10.11 M Pesa
- 10.11.1 Overview
- 10.11.2 Financials
- 10.11.3 Product Portfolio
- 10.11.4 Business Strategy
- 10.11.5 Recent Developments
- 10.1 Money Gram International
List Of Figures
Figures No 1 to 38
List Of Tables
Tables No 1 to 102
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
|
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Key market players in the mobile payments market
- Money Gram International
- PayPal Holdings Inc.
- Samsung Electronics Co. Ltd.
- Visa Inc.
- WeChat (Tencent Holdings Limited)
- Google (Alphabet Inc.)
- Alibaba Group Holdings Limited
- com Inc.
- Apple Inc.
- American Express Company
- M Pesa
- Others
FAQs
“Asia Pacific” region will lead the global Mobile Payments market during the forecast period 2022 to 2030.
The adoption of this technology is more in various nations due to the feature of Cashless transactions. The availability of payment through mobile phones is extremely hassle-free. Features available on the platform will help in the growth of the market in the coming years.
The key players operating in the Mobile Payments market are Money Gram International, PayPal Holdings Inc., Samsung Electronics Co. Ltd., Visa Inc., WeChat (Tencent Holdings Limited), Google (Alphabet Inc.), Alibaba Group Holdings Limited, Amazon.com Inc., Apple Inc., American Express Company, M Pesa, and Others.
The global Mobile Payments market is expanding growth with a CAGR of approximately 29.1% during the forecast period (2022 to 2030).
The global Mobile Payments market size was valued at USD 1.97 trillion in 2021 and it is projected to reach around USD 11.83 trillion by 2030.
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