Market Analysis and Insights:

The market for Mobile Payments is anticipated to increase at a CAGR of 30.05% from US$ 2375.03 billion in 2021 to US$ 25536.04 billion by 2030.

The fast expansion of online shopping cart and the introduction of e-commerce are expected to drive growth in the global Mobile Payments Market. 

Mobile Payments Market Scope:

Market Definition

The mobile payment industry is rapidly rising and holds great promise. 
Mobile devices are used to make payments in the mobile payment business. This includes Near Field Communication (NFC) payments, text message payments, and app payments. The industry is growing quickly as more people make transactions using their cell phones.

Key Market Segmentation:

Insights on Type:

The Remote is expanding at the quickest rate of any region. 

Remote payments are made without the customer or merchant needing to be present in person. This may be performed using a number of mediums, such as mobile apps, websites, and text messaging. Remote payments are frequently perceived as more convenient and secure than traditional payment options like cash or credit cards. 
• Online purchasing and e-commerce are becoming increasingly popular.
• Growing consumer need for ease and security.
• The increasing use of portable wallets and apps for payments.

Insights on Application:

The Mobile Payments Segment is boosting In the hotel and tourism businesses, mobile payments are becoming increasingly common. This is due to the numerous benefits they offer over traditional payment methods such as credit cards and cheques. Mobile payments are more convenient since they may be made from any location with an internet connection. They are also safer since they encrypt user data.

A variety of factors are driving the expansion of mobile payments in the hotel and tourist industries. First, the growing popularity of mobile booking and payments is propelling this segment's growth. People are increasingly utilizing their cell phones to book hotels, flights, and other forms of travel. 

Insights on Region Analysis:

The Asia-Pacific Ample Financing Opportunities Over the course of the projection period, the mobile payment industry is anticipated to develop at the quickest rate in the Asia Pacific region. For the 2023–2030 prediction period, the Asia Pacific region is anticipated to increase at a compound annual growth rate of 38.5%. Several causes are driving this expansion, including:
• Smartphone penetration is rising.
• Online purchasing and e-commerce are becoming increasingly popular.
• Growing consumer need for ease and security.
• The government's growing support for mobile payments.
The Asia Pacific area has a big and expanding population, and smartphone adoption is also increasing quickly. This is resulting in a significant and expanding market for mobile payments. The area also has a number of major and expanding e-commerce markets, which drive demand for mobile payments.Furthermore, governments in the Asia Pacific area favor mobile payments. This helps to provide a beneficial regulatory framework for the growth of the mobile payment business.

Company Profiles:

Google, Alibaba Group Holding Limited, Amazon.com, Apple Inc, American Express Company, M Pesa, Money Gramme International, PayPal Holdings, Samsung Electronics, Visa, and WeChat lead the Mobile Payments industry.

COVID-19 Impact and Market Status 

Increase in demand of the market The mobile payment industry has suffered greatly with the advent of COVID-19. The pandemic has changed consumer behaviour, leading to a desire for contactless payments among other things. As a result, the popularity of mobile payments has grown.

In a variety of ways, the COVID-19 epidemic has boosted the uptake of mobile payments. For starters, the epidemic has reduced the use of currency. This is because currency is viewed as a possible vector for viral propagation. As a result, people are increasingly turning to mobile payments as a more sanitary and convenient method of purchasing products and services. 

Latest Trends and Innovation:

• The development of contactless payments: Contactless payments have grown in popularity in recent years because they provide a more convenient and sanitary method to pay for products and services. Contactless payments will account for 30% of all mobile payments in the United States by 2021. This figure is predicted to rise to 50% by 2031.

• The emergence of mobile wallets: The rise of mobile wallets is another rising trend in the mobile payment market. Users may utilize mobile wallets to save their payment information on their cell phones, making it simple to make payments with a single tap. Mobile wallets will account for 15% of all mobile payments in the United States by 2021. This figure is predicted to rise to 25% by 2031.

• The growth of mobile payment acceptance: Mobile payments are rapidly being accepted by merchants. By 2021, 65% of US retailers will accept mobile payments. This figure is predicted to rise to 80% by 2031.

• The development of new mobile payment technologies: New mobile payment technologies are always being developed. The most promising upcoming technologies include facial recognition, near-field communication (NFC), and blockchain. These technologies have the potential to increase mobile payment convenience, security, and efficiency.

Significant Growth Factors:

The number of individuals who own smartphones is constantly increasing, creating a vast and expanding market for mobile payments.

• Online purchasing is becoming increasingly popular: Online purchasing is getting more popular, which is boosting the need for mobile payments.

• Consumers are increasingly searching for convenient and secure methods to pay for products and services, and mobile payments provide both of these benefits.

• New mobile payment technologies are being developed: Near-field communication (NFC) and face recognition are two new mobile payment technologies that are making mobile payments more convenient and safer.

• Government and company support: Governments and corporations are progressively supporting the development of mobile payments, creating a favorable regulatory framework for industry growth. 

Restraining Factors:

Mobile payments are less secure than traditional payment methods such as credit cards. This is because mobile payments are frequently done over unprotected networks, and hackers may steal consumers' financial information.

• Interoperability: Because there are so many different mobile payment platforms available, it might be difficult for customers to transition between them. This is due to the possibility of users having to register new accounts and re-enter their payment information.

• Acceptance: Because not all merchants accept mobile payments, consumers may be inconvenienced. This is because retailers may lack the requisite technology or may be unwilling to take mobile payments owing to security concerns.

Key Segments Mobile Payments Market Insights Insights

by Type 
• Remote
• Proximity

By Application 
• Hospitality & Tourism
• IT & Telecom

Regional Overview 

North America
• U.S
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America