Mobile Payment Market Global Demand and Analysis by Top Manufacturers 2021-2030

The Global Mobile Payment Market size valued to USD 1,409.50 billion in 2019, and is predicted to garner USD 17,706.10 billion by 2030, with a growing CAGR of 25.8% from 2020-2030.

Mobile Payment refers to the payment for goods and services performed by the means of mobile or smart phones. Rather than making payments in cash, cheque, or using credit cards; consumers can pay via mobile phones for a wide range of services and goods. Rapid digitization and technological advancements have led to development of various mobile applications and payment gateways, making the traditional payment process absolutely hassle-free.

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Competitive Landscape

The mobile payment market is highly competitive and fragment in nature which consists of various market players. Some of the major market players include Orange S.A., Bharti Airtel Limited, Vodacom Group Limited, Safaricom Limited, Econet Wireless Zimbabwe Limited, Millicom International Cellular SA, MasterCard Incorporated, PayPal Holdings, Inc., MTN Group Limited, and Mahindra Comviva among others.

The key players are employing strategies such as joint ventures, technical collaboration, capacity expansion, mergers, and acquisition in-order to gain stronger position in the global mobile payment market. For instance, in April 2019 Orange S.A., engaged in digital transformation of Africa and the Middle East, launched its first “Orange Digital Centre” in Tunisia.

Furthermore, in January 2020, PayPal Holdings and UnionPay International entered a global partnership agreement to accelerate the growth of digital payments. With this collaboration, UPI plan to add more than 30 markets, to benefit the consumers in shopping at any of the 24 million merchants globally where PayPal is accepted via the PayPal wallet. The partnership empowers the consumers in exploring the option to expand PayPal's digital wallet to physical retail locations where UnionPay is accepted at global level. This joint venture is the first-ever foreign-payments platform licensed to process online payments in China.

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Geographical Analysis

North America represents a developed market, accounting for the highest market share; hence dominating the global mobile payment market throughout the forecast period. This is attributed to technological advancement, higher demand for hassle-free shopping and increased penetration of smart phones.

Asia Pacific is expected to gain traction in the global mobile payment market, over the forecast period, with gradual increase in market size. Moreover, increase in internet penetration, higher use of smart phone, growing number of M-commerce industries coupled and increased inclination towards mobile wallets are expected to further augment the market growth.

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