Mobile Payment Market by Mode of Transaction (Short Message Service (SMS), Near-field Communication (NFC), and Wireless Application Protocol (WAP)), by Type of Mobile Payment (Mobile Wallet/Bank Cards and Mobile Money), by Application (Entertainment,

The Global Mobile Payment Market size was valued at 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.

Market Dynamics and Trends

The global mobile payment market is booming, due to increased internet penetration, higher adoption of smartphones, increased diffusion rates of M-commerce industry, as well as inclination of consumers towards hassle-free quick-processing services. Besides, market trends such as rapid digitalization, evolution of more and more service providers, increased security offered for mobile transactions, reward-points, vouchers and cashbacks offered for using their services as well as integration of various industry verticals aiming at propagating the M-commerce business, are responsible for creating ample of opportunities in the global market in future.

Furthermore, the mobile payment services tend to bridge the gap between underbanked and banked population, hence substituting the mode of traditional payments at global level. This market scenario further supplements the growth of global mobile payment market.

However, safety concerns regarding the use of mobile payment technologies, theft or loss of configured mobile devices having financial details and credentials, hacking risks, as well as cyber crime are the factors that tend to hamper the mobile payment market growth.

Moreover, factors such as increasing support from regulatory bodies regarding digitalization and online payment methods, specifically in emerging economies, development of safer and more secured payment applications as well as developing connectivity with advanced spectrum, are to provide avenues for growth of the global mobile payment market in the coming future.
Market Segmentations and Scope of the Study:
The global mobile payment market share analysis is based on mode of transaction, type of mobile payment, application, and geography.

Based on mode of transaction, the mobile payment market is segmented into Short Message Service (SMS), Near-field Communication (NFC), and Wireless Application Protocol (WAP). Based on type of mobile payment, the market is divided into Mobile Wallet/Bank Cards and Mobile Money. Based on application in the end-users, the market is divided into Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, and Others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
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.

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.
KEY MARKET SEGMENTS:

Global Mobile Payment market – By Payment Type
Proximity
Remote
Global Mobile Payment market – By Transaction Mode
Mobile Web Payments
Near Field Communication
SMS Direct Carrier Billing
Other Transaction Mode
Global Mobile Payment market – By End User
Personal
Business
Global Mobile Payment market – By Purchase Type
Airtime Transfer and Top Ups
Money Transfer and Bill Payments
Merchandise and Coupons
Travel and Ticketing
Others
Global Mobile Payment market –

By Application

Media and Entertainment
Energy and Utilities
Healthcare
Retail
Hospitality and Transportation
Other Application
Global Mobile Payment market –By Geography
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Netherlands
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
RoW
Latin America
Middle East
Africa