Global Mobile Payment Technology Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

By Payment Mode;

Proximity Payment and Remote Payment.

By Technology;

NFC, QR Code, WAP & Card-Based, Digital Wallet, Banking App-Based, SMS-Based/DCB, and Others.

By Applications;

BFSI, Retail, Healthcare, Entertainment Sector, IT & Telecom, Energy & Utilities, Hospitality & Tourism, and Others.

By Geography;

North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2021 - 2031).
Report ID: Rn101191782 Published Date: January, 2025 Updated Date: February, 2025

Introduction

Global Mobile Payment Technology Market (USD Million), 2021 - 2031

In the year 2024, the Global Mobile Payment Technology Market was valued at USD 1,694,820.60 million. The size of this market is expected to increase to USD 6,586,497.67 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 21.4%.

The Global Mobile Payment Technology Market is witnessing a significant transformation driven by the widespread adoption of smartphones, the proliferation of digital payment solutions, and the evolving consumer preferences towards cashless transactions. Mobile payment technology enables users to make secure and convenient transactions using their mobile devices, eliminating the need for physical cash or cards. This paradigm shift towards mobile payments is reshaping the payments landscape, empowering consumers with seamless and contactless payment experiences across various retail channels, including online, in-store, and peer-to-peer transactions.

Key drivers fueling the growth of the Global Mobile Payment Technology Market include the rapid digitization of financial services, the increasing penetration of smartphones and internet connectivity, and the growing preference for convenience and security in payment methods. Mobile payment solutions offered by tech giants such as Apple, Google, and Samsung, as well as leading financial institutions and fintech companies, are driving innovation and expanding the accessibility of mobile payments to a broader audience. Furthermore, the COVID-19 pandemic has accelerated the adoption of mobile payment technology as consumers seek contactless payment options to mitigate health risks, leading to a surge in demand for mobile wallet solutions and QR code-based payments.

The Global Mobile Payment Technology Market is witnessing intense competition among key players vying for market share and dominance in the rapidly evolving landscape. Companies are investing in research and development to enhance the security, speed, and convenience of mobile payment solutions, as well as expanding their partnerships and collaborations to broaden their reach and offer value-added services. Moreover, regulatory initiatives aimed at promoting interoperability, standardization, and consumer protection in mobile payments are shaping the market dynamics and influencing the strategies of industry players as they navigate the evolving regulatory landscape.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Payment Mode
    2. Market Snapshot, By Technology
    3. Market Snapshot, By Applications
    4. Market Snapshot, By Region
  4. Global Mobile Payment Technology Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Increasing Smartphone Penetration
        2. Growing Demand for Contactless Payments
        3. Advancements in Mobile Wallet Technology
        4. Rising Preference for Convenience and Security
        5. Expansion of E-commerce and M-commerce
      2. Restraints
        1. Security Concerns and Data Privacy Risks
        2. Lack of Standardization and Interoperability
        3. Regulatory Challenges and Compliance Issues
        4. Limited Access to Banking Services in Rural Areas
        5. Resistance to Change Among Traditional Payment Users
      3. Opportunities
        1. Emerging Markets and Untapped Demographics
        2. Integration with Internet of Things (IoT) Devices
        3. Expansion of Digital Wallet Ecosystems
        4. Partnerships and Collaborations with Retailers and Financial Institutions
        5. Leveraging Blockchain and Cryptocurrency for Mobile Payments
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Mobile Payment Technology Market, By Payment Mode, 2021 - 2031 (USD Million)
      1. Proximity Payment
      2. Remote Payment
    2. Global Mobile Payment Technology Market, By Technology, 2021 - 2031 (USD Million)
      1. NFC
      2. QR Code
      3. WAP & Card-Based
      4. Digital Wallet
      5. Banking App-based
      6. SMS-based/DCB
      7. Others
    3. Global Mobile Payment Technology Market, By Applications, 2021 - 2031 (USD Million)
      1. BFSI
      2. Retail
      3. Healthcare
      4. EntertainmentSector
      5. IT & Telecom
      6. Energy & Utilities
      7. Hospitality & Tourism
      8. Others
    4. Global Mobile Payment Technology Market, By Geography, 2021 - 2031 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia/New Zealand
        5. South Korea
        6. ASEAN
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. PayPal Holdings, Inc.
      2. Apple Inc.
      3. Alphabet Inc.
      4. Samsung Electronics Co., Ltd.
      5. Square, Inc.
      6. Visa Inc.
  7. Analyst Views
  8. Future Outlook of the Market