Mobile Payment (Mobile Money) Market Size, Share, Growth, And Industry Growth By Type (Remote and Proximity) By Application (Retail, Hospitality & Tourism, IT & Telecommunication, BFSI, Media & Entertainment, Healthcare, Airline, and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Mobile Payment (Mobile Money) Market REPORT OVERVIEW

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The global mobile payment (mobile money) market size was USD 14810 million in 2022 and market is projected to touch USD 37637.18 million by 2031, at CAGR of 9.7% during the forecast period.

All customers are using mobile payments to ensure fast, contactless transactions. It has achieved massive popularity. As the lifestyle improves, small and medium-scale retailers and shops are making mobile payments accessible to attract customers. Mobile payment is a digital product where the transaction is done through mobile with the help of secure applications.

Mobile payment is another futuristic development to cope with the emerging needs of the fast-paced contemporary world. The banking revolution has attracted customers to explore other online-based financial products. Moreover, digital payments have boosted the economy and the rise in the business sector.

COVID-19 Impact: Pandemic to Improve the Market Demand

The pandemic was an eye-opener to improve the existing healthcare units. The sudden emergence has pushed the people into utter crisis, not only the people but the governments of many nations struggling to overcome the difficulty posed by COVID-19. As the deadly virus was spreading, the experts urged the people to maintain social distancing and imposed lockdown. Many industries were affected by the sudden shutdown of production and disruption in the supply chain. Amidst all these, cashless payment was rapidly rising because of the fast, safe and contactless transactions. The pandemic has further popularized the mobile payment market growth. 

LATEST TRENDS

"Providers Acquiring New Skills to Boost the Market Demand"

The fast growth of mobile payment has increased of providers in the market. There are many key players operating at domestic and international levels. As the competition is escalating, providers are on the lookout to acquire new skills for better customer acquisition. They are striving tic arete a value chain with the availability of all the lending products and marketing. As they are focusing on evolving the core business, however, companies providing the facility of mobile money are planning to broaden the customer products which will give them higher returns.   

Mobile Payment (Mobile Money) Market Segmentation

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• By Type Analysis 

According to type, the market can be segmented into the remote and proximity The remote is expected to lead this segment in the forecasted year.

• By Application Analysis

Based on application, the market can be divided into retail, hospitality & tourism, it & telecommunication, BFSI, media & entertainment, healthcare, airline and others. The retail sector is anticipated to lead this segment.

DRIVING FACTORS

"Digitalization of Banking Services to Accelerate the Mobile money (Mobile Payment) Market Growth"

Recent years have witnessed a massive change in the banking sector. The traditional banking methods were replaced by smart technology. Cashless and paperless became the mode of operation for banks worldwide. As the hustle of the contemporary world increased, customers found it time-consuming to visit banks for all transactions and queries. The implementation of the right technology resulted in the smart banking process which was swiftly adopted by the customer. The digital revolution helped in the establishment of digital data thus reducing human errors and focusing on maintaining strong customer relationships. In a nutshell, it helped the bank to enhance the customer experience. Furthermore, the government initiatives to opt for digital banking boosted mobile payment services. The rising popularity and usage of mobile payment in the everyday lives of people are contributing to the mobile payment market growth.

"Rise in the Use of Mobile Phones to Propel Market Demand"

Mobile phones have become an omnipresent part of human lives. It is considered a necessary technology to live. Not only does it improve global communication but also the growth of online transactions. The study shows that in the last few years, mobile payment has increased due to the increasing adaptability of smartphones. The new generations of users prefer to use mobile phones as a mode of transaction. The reason is simple: its fast payment process and efficient tracking of financials. In light of the new developments small and medium retailers and has activated the mobile payment system to attract customers. Moreover, the rise in international transfers using smart mobile phones is driving the mobile payment market share in the upcoming years. According to the survey published, the UPI payments in India crossed the USD 1 trillion mark in the year 2021-2022.  It was a big achievement for the financial providers and the easy accessibility and efficiency of the payment applications have increased the approval of mobile money.

RESTRAINING FACTORS

"Stringent Regulations and Data Security of the Product to Hamper the Market Growth"

Although mobile payment has the potential to become the next big thing in the financial architecture, however, the stringent regulations imposed by the government can hinder the growth of mobile money. In addition to these, the rising concern of data security is escalating and can prove to be a major restoring factor for the product. The customer's data is being collected and this poses harm to cyber security. A few cases of bank fraud have also been reported. Furthermore, smart transaction procedures have increased the chances of money laundering. All these factors might restrict the growth of mobile payments in the forthcoming years.

Mobile Payment (Mobile Money) Market REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market due to the Emergence of a Strong Economy.  "

Asia Pacific region is witnessing a revolution across all industries. Digitization has improved the nation's economic growth. The fast-paced growth and the improvement in the lifestyle of the people have played a crucial role in the wide adoption of mobile payment in this region. China is anticipated to dominate this region as its emergence status as the major economic hub.

"Market Players Focus on New Product Launches to Strengthen Market Position"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies also invest in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• ACI Worldwide (U.S.)
• Samsung Electronics (South Korea)
• Fiserv (U.S.)
• MasterCard (U.S)
• PayPal Holdings (U.S.)
• Square (U.S.)
• Visa (U.S.)
• Apple (U.S)
• Alipay (China)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.