Mobile Payment Market is expected to generate a revenue of USD 15.69 Trillion by 2028, Globally, at 41.10% CAGR: Verified Market Research®


The growing penetration of smartphones, rising digitalization, & increasing merchant efficiency, and increasing popularity of mobile payment owing to assured flexibility & convenience are expected to drive the Mobile Payment Market over the predicted years.

Jersey City, New Jersey, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Mobile Payment Market” By Payment Mode (Proximity Payment and Remote Payment), By Technology (NFC, QR Code, WAP & Card-Based, Digital Wallet), By Application (BFSI, Retail, Healthcare, Entertainment), and By Geography.

The Mobile Payment Market size was valued at USD 0.98 Trillion in 2020 and is projected to reach USD 15.69 Trillion by 2028, growing at a CAGR of 41.10% from 2021 to 2028, according to the most recent study from Verified Market Research.

Download PDF Brochure:

Browse in-depth TOC onMobile Payment Market

202 - Pages

126 – Tables

37 – Figures

Report Scope

Global Mobile Payment Market Overview

Mobile payment technology refers to a money transfer for a product or service through a portable electronic device such as a cell phone or tablet. It is used to send money to the shopkeeper, family members, and friends with an application such as Google Pay, Phone Pay, Paytm, PayPal, and Venmo. The technology enables payment information encryption during transmission, the most obvious advantage of mobile payments is the elimination of a physical wallet, which saves effort to keep the change, and is safe from wallet thieves. Mobile payments offer additional privacy and security benefits compared to physical cards.

Many banks have adopted technology into their banking apps that allow customers to send money directly from their banking accounts. Mobile payment simply by scanning a barcode on an app at convenience stores to large, multi-national retailers is trending nowadays. Mobile payments have become increasingly popular owing to assured flexibility, and convenience. Players within the market are actively collaborating with banks to bring new applications, and the degree of the entrance is estimated to be high during the forecast period.

There are certain restraints and challenges faced which can hinder market growth. Payment mode stores personal information including card PIN, purchasing pattern, location, amount balance, and others. This increases security concerns amongst the consumers which are likely to act as a market restraint.

Key Developments

Partnerships, Collaborations, and Agreements

  • In 2019, Wirecard and Sisal Group agreed to collaborate on contactless payment solutions under the SisalPay brand.

Mergers and Acquisitions

  • In April 2019, MasterCard International Inc. acquired Vyze, a point-of-sale financing company that supplies retailers with network access of creditors, enabling customers to receive various funding options during purchase.

Product Launches and Product Expansions

  • In February 2019, Visa and Planeta Informatica announced the release of new technology that allows transport modes operators around the globe to enact contactless payments easily and quickly than before, and at a much cheaper price.

Key Players

The major players in the market are Samsung Group, Google LLC, Inc., Visa Inc., Paypal Inc., Orange SA, Co. Ltd, American Express Co., Apple Inc., and Mahindra ComViva.

Based on their research, Verified Market Research has segmented the global Mobile Payment Market.

  • Mobile Payment Market, by Payment Mode
    • Proximity Payment
    • Remote Payment

  • Mobile Payment Market, by Technology
    • NFC
    • QR Code
    • WAP & Card-Based
    • Digital Wallet
    • Banking App-based
    • SMS-based/DCB
    • Others

  • Mobile Payment Market, by Application
    • BFSI
    • Retail
    • Healthcare
    • Entertainment
    • IT and Telecom
    • Energy & Utilities
    • Hospitality & Tourism
    • Others

  • Mobile Payment Market, by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

Browse Related Reports:

Smart Payment Systems Market By Type (Internet Payment, Smartphone Payment), By End-User (Retail, Transportation), By Geography, And Forecast

Contactless Biometrics Technology Market By Technology (Contactless Fingerprint Technology, Facial Recognition), By Application (Identity Verification, Payments And Transactions), By Geography, And Forecast

Real-Time Payments Market By Payment Type (Person-to-Person, Business-to-Person), By Component (Solutions, Services), By Deployment (Cloud, On-premises), By Enterprise Size (Small and Medium-sized Enterprises, Large Enterprises), By Geography, And Forecast

Wearable Payment Device Market By Device Type (Smart Watches, Fitness Tracker), By Technology (Radio Frequency Identification (RFID), QR & Bar Codes), By Sales Channels, (Direct Sales, Indirect Sales), By Application (Retail/Grocery Stores, Restaurants) By Geography, And Forecast

Top 10 Mobile Payment Companies completing local and cross-border transactions

Visualize Mobile Payment Market using Verified Market Intelligence -:

Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.

VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.

About Us

Verified Market Research is a leading Global Research and Consulting firm servicing over 5000+ customers. Verified Market Research provides advanced analytical research solutions while offering information-enriched research studies. We offer insight into strategic and growth analyses, Data necessary to achieve corporate goals, and critical revenue decisions.

Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance and use industrial techniques to collect and analyze data on more than 15,000 high-impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise, and years of collective experience to produce informative and accurate research.

We study 14+ categories from Semiconductor & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & Construction, Agriculture industry and Medical Devices from over 100 countries.

CONTACT: Mr. Edwyne Fernandes

Verified Market Research®

US: +1 (650)-781-4080

UK: +44 (753)-715-0008

APAC: +61 (488)-85-9400

US Toll Free: +1 (800)-782-1768



BI Enabled Platform:

Follow Us: LinkedIn | Twitter