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 2022-2030. The rising adoption of developed technologies such as wearable devices, mobile point-of-sale (m-POS), and nearfield communication is anticipated to boost the growth of the global mobile payment market. Moreover, the increasing utilization of mobile devices and the rising penetration of immediate payment methods also help to drive the market growth during the forecast period.
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The remote payment type segment led the market with a market value of around 538.60 billion in 2021.
The type segment of mobile payment market is divided into proximity payment and remote payment. The remote payment type segment led the market with a market value of around 538.60 billion in 2021. This growth is attributed to the ease of contactless payment via the available real-time online terminal.
The mobile web payment technology segment led the market with a market value of around 219.59 billion in 2021.
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 value of around 219.59 billion in 2021. This growth is attributed to enhanced payment protection and the penetration & spread of mobile phones.
The BFSI end-user industry segment led the market with a market value of around 193.30 billion in 2021.
The end-user industry segment of mobile payment market is divided into BFSI, healthcare, IT & telecommunication, transportation & logistics, retail, government, media & entertainment, and others. The BFSI end-user industry segment led the market with a market value of around 193.30 billion in 2021. This growth is attributed to the improved consumer experience.
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Regional Segmentation Analysis:
The market is analyzed based on five regions namely North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific region emerged as the largest global mobile payment market with a market value of around 397.51 billion in 2021. The Asia Pacific currently dominates the mobile payment market, and this trend is expected to continue during the forecast period. This growth is attributed to government reforms and rapidly growing e-commerce.
Competitive Analysis:
The significant market players include Vodacom Group Limited, Bharti Airtel Limited, Orange S.A., MTN Group Limited, Google, Amazon.com Inc., American Express Company, Millicom International Cellular SA, PayPal Holdings, Inc., WeChat (Tencent Holdings Limited), Apple Inc., MasterCard Incorporated, Econet Wireless Zimbabwe Limited, Samsung Electronics Co. Ltd, Alibaba Group Holdings Limited and Safaricom Limited, and among others.
