Mobile Payment Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)

The Report Covers Mobile Payment Technologies Market Forecast and is Segmented by Payment Type (NFC, QR Based, Online Digital Payments, Text-Based), and Geography (North America, Europe, Asia Pacific, Latin America, Middle East & Africa). The Report Offers Market Forecasts and Size in Value (USD) for all the Above Segments.

Mobile Payment Market Size

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Mobile Payments Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 94.51 Billion
Market Size (2029) USD 408.96 Billion
CAGR (2024 - 2029) 34.04 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Mobile Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Mobile Payment Market Analysis

The Mobile Payments Market size is estimated at USD 94.51 billion in 2024, and is expected to reach USD 408.96 billion by 2029, growing at a CAGR of 34.04% during the forecast period (2024-2029).

  • Mobile payment services like Pay, Samsung Pay, AliPay, Apple Pay, and WeChat Pay are being quickly adopted by businesses and services worldwide to receive and transmit payments. Due to increasing internet usage and the rapid growth of online commerce, this trend is projected to continue during the projection period.
  • The industry is anticipated to expand as sound wave-based mobile payments are widely used. The processing of sound wave-based financial transactions takes place through particular sound waves that contain encrypted information about the transactions, as opposed to conventional technologies like banking applications, mobile wallets, NFC, or card terminals.
  • The expansion of the smartphone market can be ascribed to the rising acceptance of a few essential operating systems, most notably Android and iOS. Google's Android is one of the most widely used smartphone operating systems worldwide. The availability of numerous features in Android phones increases the popularity of Android OS among users. Due to its widespread use, multiple smartphone manufacturers are switching to Android as their operating system. Thus, the market under study is anticipated to increase due to the rising demand for and the introduction of numerous Android-based smartphones.
  • Emerging economies and developing countries worldwide are observing prominent growth rates in the adoption of mobile payments, not only due to the ease of transactions or penetration of smartphones but also because of the financial inclusion features offered by the technology.
  • However, it is anticipated that security issues with mobile payment systems may impede industry expansion. Over the forecast period, the rise in high-profile data breaches worldwide is expected to restrain the development of the mobile payment industry.

Mobile Payment Market Trends

Increasing Internet Penetration and Growing M-commerce Market To Drive the Market Growth

  • Mobile commerce, often known as m-commerce, is the practice of doing all of one's business transactions using a mobile device, most commonly a smartphone. The primary goal is to improve CX on smartphones, which will subsequently result in improved conversion rates and earnings.
  • Many retail and eCommerce firms have aggressively adopted more mobile-centric strategies as a result of the enormous development of mobile devices and the widespread adoption of internet services. It serves as a vital channel for firms to communicate with their customers as well as a means of communication with friends and family.
  • M-commerce was made possible by the incredible rise of mobile devices and the accessibility of the internet, which are dominating the new generation. M-commerce (mobile commerce), which is the next phase in the growth of eCommerce, is becoming more and more popular.
  • Additionally, chatbots are receiving more attention, and mobile banking will increasingly incorporate them. Consumer habits are evolving due to mobile accessibility. Compared to brand websites, the purchasing experience is the same on mobile devices; in fact, users of mobile apps receive more new options and customization.
Mobile Payments Market Size of E-commerce Industry Across India from 2014 to 2018, with Forecasts Until 2030, in Billion USD

North America Holds the Major Share of the Market

  • One of the major market participants in the industry under study is the North American area. Although acceptance of mobile payments was somewhat modest during the study period, the COVID-19 pandemic and the surge in e-commerce have significantly sped it up.
  • With the country's mobile payment experience improving, e-commerce sales are also rising. This rise also reflects customers' growing familiarity with online buying and the rise in handheld and mobile device usage.
  • Along with the widespread adoption of mobile technology in emerging countries, the region's growing government initiatives to go cashless are anticipated to offer growth opportunities for the market. This gives fintech companies and banks a new way to provide mobile banking solutions to underserved and unbanked customers in remote areas.
  • The modernization of payment systems, domestic and foreign payment innovations, payment service providers, and regulatory initiatives to restructure the future payments sector continue to impact the Canadian market for digital payments.
  • To compete with the e-commerce sector, brick-and-mortar stores are also planning to alter the in-store experience by implementing mobile pay-and-go purchasing across the region. Retailers may increase their average revenue per user (ARPU), improve customer experience, foster greater loyalty, and increase operational efficiencies by implementing mobile pay-and-go solutions, which are gaining traction globally.
Mobile Payments Market - Growth Rate by Region

Mobile Payment Industry Overview

The Mobile Payments Market is moderately competitive with important firms, including American Express Co., Apple Inc., PayPal Inc., MasterCard Inc., Google LLC, and Visa Inc. Corporations are constantly spending on new product development, collaborations, and acquisitions to gain a larger market.

In May 2023, Visa introduced CVV (Cardholder Verification Value) free online transactions for domestic tokenized credentials in India. Due to the increased use of tokens, businesses that tokenize Visa card transactions are no longer required to collect the CVV2 for domestic online transactions made using tokenized credentials. This was previously taken care of when the card was initially tokenized. We are convinced this approach will give consumers positive and straightforward payment experiences for domestic Internet transactions.

In October 2022, PayPal announced that it would introduce passkeys as a quick and safe way for accounts to log in. Passkeys, a new industry standard developed by the FIDO Alliance and the World Wide Web Consortium, replace passwords with cryptographic key pairs, providing customers with a quick and secure way to access PayPal using phishing-resistant technology that prevents passkey information from being shared between platforms. Simplifies online transactions for customers while removing obstacles at the checkout for businesses.

Mobile Payment Market Leaders

  1. Google LLC

  2. Samsung Group

  3. Inc.

  4. Apple Inc.

  5. Paypal Inc.

*Disclaimer: Major Players sorted in no particular order

Mobile Payments Market Concentration
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Mobile Payment Market News

  • April 2023 - Visa has announced it's partnering with PayPal and Venmo to pilot Visa+. This innovative service aims to help individuals move money quickly and securely between different person-to-person (P2P) digital payment apps. Through this collaboration, Visa+ will expand its reach and enable more use cases, including gig, creator, and marketplace payouts. Participating digital wallets, neo-banks, and other payment apps reaching millions of US users will be able to enable interoperability through Visa+.
  • March 2023 - PayPal has announced Secure Payments to customers to access their account by introducing passkeys on Apple iOS as a new, easy, and secure log-in method for eligible PayPal customers and passkeys to eligible customers on Google Android devices, starting on Android mobile web.

Mobile Payment Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Sizing and Estimates of Global Mobile Payments Market

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products and Services

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Assessment of the Impact of COVID-19 on the Market


    1. 5.1 Market Drivers

      1. 5.1.1 Increasing Internet Penetration and Growing M-commerce Market

      2. 5.1.2 Increasing Number of Loyalty Benefits in Mobile Environment

    2. 5.2 Market Challenges

      1. 5.2.1 Security Issues Associated with Mobile Payments

    3. 5.3 Analysis of the Major Business Models and Subscription Models in Mobile Payments?

    4. 5.4 Mobile Payment Industry Landscape

    5. 5.5 Regulatory Framework (ETFA/Regulation E, EU PSD2, etc.)

    6. 5.6 Future of Mobile Payments (Cashless Evolution, Rise of Wearables, Biometrics Payments, Impact of Blockchain Technology)

    7. 5.7 Mobile Payments in E-Commerce (Utility of e-wallets, Digital Commerce Spending (2021 and 2025), Mobile Commerce Penetration, Future Developments, etc.)

    8. 5.8 Impact on Banking Industry (Investments in Mobile Technology, Bank-MNO partnership, Opportunities in Government to Person (G2P) Payments, etc.)


    1. 6.1 Global Mobile Spending by Segment (Money Transfers, Merchandise Purchases, Bill Payments, Airtime Top Ups, Ticketing)

    2. 6.2 Share of Selected Payment Methods as Percentage of Total e-commerce Transaction Volume Worldwide in 2020, with a Forecast for 2024 (Mobile Wallet, Debit Card, Credit Card, Bank Transfer etc.)

    3. 6.3 Worldwide Consumer Mobile Payments, 2014 to 2020 (In USD Billion)


    1. 7.1 By Payment Type (Proximity & Remote) (Overview, Trends, Percentage Breakdown, Growth Influencers and Market Outlook)

      1. 7.1.1 NFC

      2. 7.1.2 QR-based

      3. 7.1.3 Online digital payments

      4. 7.1.4 Text-based

      5. 7.1.5 Other Payment Types (MST, etc.)

    2. 7.2 By Geography***

      1. 7.2.1 North America

      2. 7.2.2 Europe

      3. 7.2.3 Asia

      4. 7.2.4 Australia and New Zealand

      5. 7.2.5 Latin America

      6. 7.2.6 Middle East and Africa


    1. 8.1 Company Profiles*

      1. 8.1.1 Google LLC (Alphabet Inc.)

      2. 8.1.2 Samsung Group

      3. 8.1.3 Inc.

      4. 8.1.4 Apple Inc.

      5. 8.1.5 Paypal Inc.

      6. 8.1.6 Mastercard PLC

      7. 8.1.7 Visa Inc.

      8. 8.1.8 American Express Co.

      9. 8.1.9 Comviva Technologies Limited (A Tech Mahindra Company)

      10. 8.1.10 WeChat (Tencent Holdings Limited)

      11. 8.1.11 Co. Ltd (Ant Financial)



**Subject to Availability
*** In the Final Report Asia, Australia and New Zealand will be Studied Together as 'Asia Pacific'
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Mobile Payment Industry Segmentation

Mobile payments automate payment systems by offering an alternative method of payment using a portable electronic device like a mobile or tablet. Mobile payments can also be used for fund transfers digitally rather than paying with a cheque or cash. Mobile payment technology provides diverse applications in end-user industries like movie tickets, food, and retail stores.

The Mobile Payments Market is segmented by payment type (NFC, QR Based, online digital payments, text-based) and geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.

By Payment Type (Proximity & Remote) (Overview, Trends, Percentage Breakdown, Growth Influencers and Market Outlook)
Online digital payments
Other Payment Types (MST, etc.)
By Geography***
North America
Australia and New Zealand
Latin America
Middle East and Africa
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Mobile Payment Market Research FAQs

The Mobile Payments Market size is expected to reach USD 94.51 billion in 2024 and grow at a CAGR of 34.04% to reach USD 408.96 billion by 2029.

In 2024, the Mobile Payments Market size is expected to reach USD 94.51 billion.

Google LLC, Samsung Group, Inc., Apple Inc. and Paypal Inc. are the major companies operating in the Mobile Payments Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Mobile Payments Market.

In 2023, the Mobile Payments Market size was estimated at USD 62.34 billion. The report covers the Mobile Payments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mobile Payments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Key factors driving the Mobile Payments Market are: a) Increasing internet penetration b) Growing M-commerce market and c) Increasing number of loyalty benefits in the mobile environment

Major challenges for the adoption of Mobile Payments are: a) Data privacy concerns b) Lack of infrastructure in some regions, and c) Interoperability issues

Mobile Payment Industry Report

The mobile payment market is experiencing remarkable growth, fueled by an increase in smartphone ownership and the digitization of payment services. As consumers increasingly embrace cashless transactions, the adoption of mobile payment apps and services is on the rise. Despite this growth, the market faces challenges such as security concerns related to data breaches, identity theft, and fraud, prompting a surge in AI investments for enhanced fraud detection. The market covers various sectors, with the BFSI sector taking the lead. The Asia Pacific region stands out as the global market leader, driven by government initiatives that encourage the adoption of mobile payment methods. Mordor Intelligence™ Industry Reports offer in-depth statistics for the Mobile Payment market, including share, size, and revenue growth rate, along with a market forecast and a historical overview. A sample of this industry analysis is available for download as a free report PDF.

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Mobile Payment Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)