According to the latest research report titled, “Mobile Payments Market Report (2023 – 2028)” by Mordor Intelligence, the market is estimated at USD 94.51 billion in 2024 and growing at a CAGR of 34.04% during the forecast period. 

The industry is expected to witness growth with the widespread adoption of sound wave-based mobile payments. This innovative method involves processing financial transactions through specific sound waves that carry encrypted information, diverging from traditional technologies such as banking applications, mobile wallets, NFC, or card terminals. 

The expansion of the smartphone market can be attributed to the increasing popularity of key operating systems, particularly Android and iOS. Google’s Android stands out as one of the most widely utilized smartphone operating systems globally.  

 Report Summary 

• Market Size (2024): USD 94.51 billion 
• Market Size (2029): USD 408.96 billion 
• CAGR (2024 – 2029): 34.04% 
• Study Period: (2019-2029) 
• Forecast Units: Value (USD Billion)   
• Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends    
• Market Drivers: Increasing Internet Penetration and Growing M-commerce Market and Increasing Number of Loyalty Benefits in Mobile Environment 

Which are the Top Companies in the Mobile Payments Market?     

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. 

Prominent players in the Mobile Payments Market: 

• Google LLC (Alphabet Inc.) 
• Samsung Group 
• Amazon.com Inc. 

• Apple Inc. 
• Paypal Inc. 
• Mastercard PLC 
• Visa Inc. 
• American Express Co. 
• Comviva Technologies Limited (A Tech Mahindra Company) 
• WeChat (Tencent Holdings Limited) 
• Alipay.com Co. Ltd (Ant Financial) 

Other Reports that Might be of Your Interest 

• South Korea Mobile Payment Market Report: The South Korea Mobile Payment Market size is estimated at USD 40.67 billion in 2024, and is expected to reach USD 62.96 billion by 2029, growing at a CAGR of 9.13% during the forecast period (2024-2029) 
• Japan Mobile Payments Market Report: The Japan Mobile Payments Market size is estimated at USD 211.13 billion in 2024, and is expected to reach USD 815.79 billion by 2029, growing at a CAGR of 31.04% during the forecast period (2024-2029) 

 

Key Highlights from the Mobile Payments Market Report 

 

1. GeM: Driving Indian E-Commerce Growth Through Government Initiatives 

• The Indian e-commerce market is poised for substantial growth, with forecasts predicting a market size of USD 200 billion by 2026, driven by increasing demand for international brands and rare products. 
• The government encouraged the MSMEs to market their products on the E-commerce site and through the Government e-Marketplace (GeM), which is run and owned by the government. 
• Many Ministries and PSUs (public sector undertakings) source their procurement from GeM.  
• As of July 14, 2022, GeM, a government-owned e-Marketplace, facilitated 10.55 million orders valued at INR 266,533 crores (USD 33.28 billion). 
• The Government e-Marketplace (GeM) platform provided 60,632 customers with 10.35 million orders of Rs. 258,359 crores (USD 33.07 billion) from 4.56 million registered sellers and service providers in June 2022. 

2. Accelerating Internet Reach Fuels Market Growth in the Mobile Commerce Sector 

The substantial growth in mobile devices and widespread internet adoption has prompted many retail and eCommerce businesses to adopt mobile-centric strategies aggressively.  

The emergence of M-commerce represents the next evolutionary phase in eCommerce, leveraging the pervasive presence of mobile devices and internet accessibility among the newer generations. Retailers are increasingly recognizing its significance as a vital channel for customer interaction. 

Moreover, chatbots are gaining prominence, and their integration into mobile banking is on the rise. As consumer habits evolve with the increasing accessibility of mobile devices, the purchasing experience on mobile apps is becoming comparable to that on brand websites. In fact, mobile app users often enjoy additional features and customization options compared to their website counterparts. 

 

What are the Latest Developments in the Mobile Payments Market?    

• In April 2023 – Visa has announced its 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.  
• In 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. 

Mordor Intelligence Report on the Mobile Payments Market segments the market based on product type, application, and geography: 

• By Payment Type (Market Size & Forecast based on Value (USD billion), 2024-2029)   

• NFC 
• QR-based 
• Online digital payments 
• Text-based 
• Other Payment Types (MST, etc.) 

• By Geography (Market Size & Forecast based on Value (USD billion), 2024-2029)   

• North America 
• Europe 
• Asia-Pacific 
• Latin America 

• Middle East & Africa 

In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the North American luxury hotel industry. Get a glance at the North American Luxury Hotel Market Report (2024 – 2029) 

About Mordor Intelligence 

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.  

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.   

Other Related Reports that Might be of Interest 

• Payments Market Report: The Payments Market size is estimated at USD 2.85 trillion in 2024, and is expected to reach USD 4.78 trillion by 2029, growing at a CAGR of 10.88% during the forecast period (2024-2029) 
• Europe Online Travel Marke Report: The Mobile Payment Security Software Market size is estimated at USD 14.13 billion in 2024, and is expected to reach USD 24.81 billion by 2029, growing at a CAGR of 11.93% during the forecast period (2024-2029) 

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