Mobile Payment Market to thrive at CAGR of 29.90% by 2030; Development of Strong Payment Technologies & Incorporation with IoT Devices to Bolster Growth: The Brainy Insights

The rising adoption of smartphones & mobile payment is one of the major factors driving the growth of the global mobile payment market. Also, the increasing adoption of smart devices like smartphones is expected to contribute to market’s growth. Asia Pacific region emerged as the largest market for the global mobile payment market with a 42.18% share of the market revenue in 2021.

Newark, April 05, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global mobile payment market is expected to grow from USD 942.42 billion in 2021 to USD 9924.92 billion by 2030, at a CAGR of 29.90% during the forecast period 2022-2030. Asia Pacific region emerged as the largest market for the global mobile payment market with a 42.18 % share of the market revenue in 2021. The increasing mobile subscriber base and rising internet penetration are propelling the market’s growth during the forecast period in this region. Additionally, the upgrade in penetration of digital transformation in different BFSIs and the increase in government enterprises for mobile payment in developing countries like India & China also boost the region’s growth in the market. In addition, the North America region is expected to show the fastest CAGR growth over the projection period due to the high speed of internet penetration.

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The mobile payment market is a rapidly growing industry that allows users to make payments using their mobile devices. With the increasing use of smartphones and mobile devices, mobile payment solutions have become an increasingly popular option for consumers and businesses alike. Mobile payments can be made through a variety of methods, including mobile wallets, contactless payments, and mobile banking apps. These payment solutions offer convenience, security, and speed, making them a popular choice for people who want to make quick and easy transactions. The mobile payment market is expected to continue to grow in the coming years, driven by factors such as the increasing adoption of smartphones and the rise of e-commerce. The use of mobile payments is also becoming more widespread in developing countries, where traditional banking infrastructure may be lacking.

This information is provided by The Brainy Insights, in its report titled, “Mobile Payment Market Size by Type (Proximity Payment and Remote Payment), Technology (Mobile Web Payment, Direct Mobile Billing, Near Field Communication, SMS, Mobile App, Interactive Voice Response System, and Others) End-User Industry (BFSI, Healthcare, IT and Telecommunication, Government, Transportation & Logistics, Retail, Media & Entertainment, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030“

Leading companies in the industry include Vodacom Group Limited, Bharti Airtel Limited, Orange S.A., MTN Group Limited, Google, Amazon.com Inc, MasterCard Incorporated, Econet Wireless Zimbabwe Limited, Samsung Electronics Co. Ltd, Alibaba Group Holdings Limited, American Express Company, Millicom International Cellular SA, PayPal Holdings, Inc., WeChat (Tencent Holdings Limited), Apple Inc., and Safaricom Limited, and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

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The type segment is divided into proximity payment and remote payment. The remote payment type segment led the market with a market share of 57.15 % in 2021. This growth is attributed to the rising merchant efficiency & consumer convenience. The technology segment is divided into mobile web payment, direct mobile billing, near field communication, SMS, mobile app, interactive voice response system, and others. The mobile web payment technology segment led the market with a market share of 23.30 % in 2021. This growth is attributed to the technological advancements that allow more convenient & protected payments. The end-user industry segment is divided into BFSI, healthcare, IT & telecommunication, government, transportation & logistics, retail, media & entertainment, and others. The BFSI end-user industry segment led the market with a market share of 20.51 % in 2021. This growth is attributed to the rapid adoption of IoT solutions.

The increasing preference for smart machines for various activities such as voice calling propels the mobile payment market’s growth. Further, the growing omnipresence of mobile phones and rising penetration of smartphones & mobility are also boosting the growth of the mobile payment market. Moreover, the increasing interment in pioneering payment technology and the rising trend for internet accessibility among end-users through a smartphone is also helping to drive the market growth.

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