The Global Mobile Payment Market Expected to Surpass USD 221.92 Billion by 2030

According to the report published by Next Move Strategy Consulting, the global Mobile Payment Market size is predicted to reach USD 221.92 billion with a CAGR of 15.0% till 2030.

Various mobile payment systems are available, encompassing mobile wallets, mobile banking applications, and online payment services like PayPal, Venmo, and Google Pay. These systems leverage different technologies, including SMS, near-field communication (NFC), and quick response (QR) codes, among others, to facilitate transactions. They also incorporate additional security measures such as encryption and biometric authentication to safeguard personal and financial data.

Mobile payment systems offer a wide range of uses and advantages, including convenience, speed, security, integration with other financial apps, and the ability to make contactless payments. These advantages are driving widespread adoption of digital payment methods. Users can configure payment apps to automatically handle recurring bills, such as utility or credit card payments, aiding in efficient financial management and preventing late payments.

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High Adoption of Smartphones and Growing Internet Penetration Drive Market Growth:

• Adoption of smartphones and mobile devices drives mobile payment market growth.

• Smartphones enable convenient access to a variety of mobile payment apps and services for consumers.

• Enhanced security with features like biometric authentication and encryption in mobile payment apps and services.

Rising Fintech and Digital Banking Drive the Mobile Payment Market:

• Fintech and digital banking use technology to enhance financial services.

• Mobile payment systems in fintech enable payment transfers via mobile devices.

• Digital banking involves online and mobile platforms for banking services like account management and bill pay.

• These platforms often integrate with mobile payment systems.

• Fintech and digital banking disrupt traditional finance, altering how people access and manage their finances.

• Mobile payments provide a secure and convenient way for consumers to transfer funds and manage finances via mobile devices.

• The growth of fintech and digital banking brings substantial changes to the financial industry, offering innovative solutions to consumers.

Risks Related to Data Breaches and Security Concerns Hamper the Market Growth:

• Data breaches and security risks are notable concerns in the mobile payment market.

• Mobile payment systems manage sensitive financial data, which can be exposed in a breach.

• Despite security measures like encryption and authentication, data breaches occur periodically.

• Mobile payment providers work to enhance and maintain their security measures against potential threats.

• Consumers can bolster their security by employing strong passwords, activating two-factor authentication, and avoiding suspicious links or emails to mitigate potential threats.

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The Emergence of Real-Time Payment Creates Opportunities in the Market:

• Real-time payment (RTP) schemes in mobile payments enable instant fund transfers via mobile devices.

• These systems utilize digital platforms to ensure swift, secure, and seamless transactions.

• Funds are transferred in real-time, typically within seconds.

• RTP solutions enhance the speed, convenience, and efficiency of financial transactions in the fast-paced digital commerce landscape.

• Users can quickly send and receive money using these RTP solutions.

The mobile payment industry is expected to be dominated by the Asia-Pacific region:

In 2022, Asia-Pacific already held a substantial share of the mobile payment market. The region's embrace of cashless payments has been driven by a desire to transform into a digital society, offering enhanced efficiency and convenience. Collaborative efforts between banks, payment networks, and payment service providers have played a pivotal role in creating secure and user-friendly solutions, accelerating the adoption of digital payments. Popular mobile payment methods in the region include PayPal, Payoneer, Alipay, WeChat Pay, Paytm, OVO, GrabPay, and DOKU.

The European market has experienced significant growth in mobile payment systems:

In recent years, these systems have gained traction among both consumers and businesses in the region, who increasingly opt for mobile devices to conduct transactions for various products and services. This surge in adoption can be attributed to several factors, including the widespread use of smartphones, the availability of high-speed mobile internet connections, and a growing preference for secure and convenient payment solutions.

Key Players:

• Alphabet, Inc. (Google)
• Alibaba Group Holdings Limited
• Amazon.com, Inc.
• Apple, Inc.
• PayPal Holdings, Inc.
• Visa, Inc.
• Tencent Holdings Limited (WeChat)
• MasterCard International, Inc.
• Samsung Electronics Co. Ltd.
• Block, Inc.
• American Express Company

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Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports that help multinational companies triumph over their competition and increase their industry footprint by capturing a greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining, and data analytics.

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This release was published on openPR.