Market Size of Mobile Payments Industry
| 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
*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.
The COVID-19 pandemic epidemic had a favorable effect on the market expansion. COVID-19 is altering customer shopping habits by raising health-related concerns. The industry has increased the desire for contactless payments to reduce the number of touchpoints at the point of sale.
