Mobile Payment Technology Market

By Payment Mode;

Proximity Payment and Remote Payment

By Device Type;

Smartphones and Tablets

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 & Africa, and Latin America - Report Timeline (2021 - 2031)
Report ID: Rn101191782 Published Date: June, 2025 Updated Date: July, 2025

Mobile Payment Technology Market Overview

Mobile Payment Technology Market (USD Million)

Mobile Payment Technology Market was valued at USD 1,694,820.60 million in the year 2024. 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%.


Mobile Payment Technology Market

*Market size in USD million

CAGR 21.4 %


Study Period2025 - 2031
Base Year2024
CAGR (%)21.4 %
Market Size (2024)USD 1,694,820.60 Million
Market Size (2031)USD 6,586,497.67 Million
Market ConcentrationLow
Report Pages310
1,694,820.60
2024
6,586,497.67
2031

Major Players

  • PayPal Holdings, Inc.
  • Apple Inc.
  • Alphabet Inc.
  • Samsung Electronics Co., Ltd.
  • Square, Inc.
  • Visa Inc.

Market Concentration

Consolidated - Market dominated by 1 - 5 major players

Mobile Payment Technology Market

Fragmented - Highly competitive market without dominant players


The Mobile Payment Technology Market is witnessing rapid adoption, with more than 50% of users relying on mobile wallets and contactless payments in daily transactions. This trend supports seamless integration with POS systems and financial apps. Companies are pursuing effective strategies to embed mobile payment options into their sales channels. The momentum behind this shift is driving sustainable growth in digital payments.

Opportunities and Expansion
Approximately 45% of banks and retailers are tapping into new opportunities by offering integrated payment features such as QR payments, loyalty schemes, and peer-to-peer transfers. These additions improve user convenience and engagement. As usage escalates, mobile payment technologies are catalyzing expansion in sectors including e-commerce, public transport, and hospitality, driving broader adoption.

Technological Advancements
Innovation is at the core of this market, with over 60% of providers enhancing platforms via biometric login, secure tokens, AI fraud detection, and NFC capabilities. These technological advancements enhance security while ensuring smooth user interactions. The ongoing innovation in secure hardware elements and instant transaction processing is raising confidence in mobile payment adoption.

Future Outlook
With over 55% of market participants planning to scale or implement mobile payment systems, the future outlook is optimistic. Mobile payment technology is set to stimulate growth through enhanced user experience, faster payments, and innovative offerings like instant cross-border transfers. As the ecosystem matures, mobile payments will underpin further expansion, transforming consumer behavior and financial inclusion.

  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 Device Type

    3. Market Snapshot, By Technology
    4. Market Snapshot, By Applications
    5. Market Snapshot, By Region
  4. 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. Mobile Payment Technology Market, By Payment Mode, 2021 - 2031 (USD Million)
      1. Proximity Payment
      2. Remote Payment
    2. Mobile Payment Technology Market, By Device Type, 2021 - 2031 (USD Million)

      1. Smartphones

      2. Tablets

    3. 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
    4. 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
    5. 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(Association of South East Asian Countries)
        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