Mobile Payment Market to Record Impressive 29.1% CAGR

Pune, India, January 12, 2022 (GLOBE NEWSWIRE) – The world mobile payment market the size was $ 1.54 trillion in 2020. The market is expected to grow by $ 1.97 trillion in 2021 to $ 11.83 billion in 2028 at a CAGR of 29.1% over the period 2021-2028.

According to expert analysts at Fortune Business Insights ™, the digitization of payment services and the growth of e-commerce businesses are responsible for the increasing evolution of the market. This information is presented to you in the report, entitled, “Mobile payment market, 2021-2028”.

In addition, the existing companies in the market provide rewards, payment points and loyalty points, among others, to entice the customer to pay via mobile devices. This amplifies the use of these means of payment, thus exploding the demand.

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Impact of COVID-19

Approval of an increase in contactless payment during the COVID-19 pandemic

Coronavirus disease has significantly influenced the global economy and human life. It has radically changed the channels and ways of dealing with consumers and traders. Nowadays, people are more vigilant about cash transactions when shopping in public places. This has triggered a sharp increase in the demand for contactless payment processes such as mobile wallets, QR codes, NFC and many more.

Cover of the report

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On the basis of the type of payment, the market is classified into proximity payment and distance payment.

In terms of industry, the market is divided into media and entertainment, retail, BFSI, automotive, medical and healthcare, transportation, consumer electronics, and others. BFSI to gain rapid growth and maximum revenue share over the forecast period.

Geographically, the market is divided into five major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. They are further classified into major nations.

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Conductors and constraints

Cash Back and Prize Approaches to Strengthen Market Growth

Many mobile payment service providers are capitalizing on their businesses, creating fierce competition in the consumer market. To keep a loyal following and generate new customers, payment app companies like Google Pay, Amazon Pay, Alipay, and others are applying new tactics. For example, Google Pay offers scratch cards that feature a specific amount that can be earned on marginal transactions.

Such strategies help to build customer loyalty, with users paying via smartphones. This is driving the growth of the mobile payments market.

Scope and segmentation of the report:

Cover of the report Details
Forecast period 2021 to 2028
Forecast period 2021 to 2028 CAGR 29.1%
Projection of the value 2028 $ 11.83 billion
Year of reference 2020
Market size in 2020 US $ 1.54 trillion
Historical data for 2017 to 2019
Number of pages 150
Covered segments By type of payment, by sector, by region
Growth drivers Reimbursement and Reward Strategies to Drive Market Growth
Growing adoption of artificial intelligence-based applications in payments to accelerate market growth
Adoption of contactless payment to skyrocket amid COVID-19 pandemic
Pitfalls and challenges Security concerns and drawbacks of using cash to impact mobile transactions

Regional perspectives

Asia-Pacific is likely to hold the majority of the mobile payments market share during the forecast period. In India, the implementation of digital wallets and QR code services suddenly increased after the government’s demonetization process.

North America is expected to be responsible for the second highest market share. The United States has well-developed payment methods and a significant number of critical players are headquartered in this country.

Europe offers several digital mobile payment resolutions, in which most people have bank accounts as well as payment cards. The presentation of revolutionary payment solutions via smartphones is driving the implementation of mobile payment services in the region.

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Competitive landscape

Prominence on unveiling new payment platforms to navigate market growth

The key companies present on the market finance the development of exclusive payment solutions on mobile devices. Many network operators and mobile payment providers are teaming up to enter the market. Critical players across industries are using these payment solutions to deliver value-added services and improve the customer experience.

Industry development

  • August 2021: American Express Co. unveiled a web version and mobile app, Amex Pay, for paying taxes, insurance, Internet bills, cable bills and more. This new app also offers rewards and upgrades to its users.

List of key players covered by this market report

  • Co Ltd. (Hangzhou, China)
  •, Inc. (Washington, United States)
  • American Express Co. (New York, United States)
  • Boku Inc. (California, United States)
  • Google LLC (California, United States)
  • MasterCard International Inc. (New York, United States)
  • Obopay (California, United States)
  • Fidelity National Information Services (FIS), Inc. (Florida, United States)
  • PayPal, Inc. (California, United States)
  • Visa, Inc. (California, United States)

Quick Buy – Mobile payment market:


  • introduction
    • Definition, by segment
    • Research methodology / approach
    • Information source
  • Key points to remember
  • Market dynamics
    • Macro and micro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19
      • Short term impact
      • Long term impact
  • Competition landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of the main players
  • Overview and market share analysis of major global mobile payment players, 2020
  • Key market insights and strategic recommendations
  • Profiled companies (Covered for 10 key players only)
    • Overview
      • Key management
      • Headquarters, etc.
    • Offers / business segments
    • Key details (Key details are subject to data availability in the public domain and / or on chargeable databases)
      • Employee size
      • Key financial data
        • Past and current income
        • Gross margin
        • Geographic share
        • Share of business segment
    • Recent developments
  • Annex / Appendix
    • Global mobile payments market size estimates and forecasts (quantitative data), by segments, 2017-2028
      • By payment type (value)
        • Proximity payment
          • Near Field Communication (NFC)
          • QR code payment
        • Remote payment
          • Internet payments
          • Direct billing by the operator
          • Digital wallet
          • SMS payments
      • By industry (value)
        • Media and entertainment
        • Retail and e-commerce
        • BFSI
        • Automobile
        • Medical & Health
        • Transport
        • Consumer electronics
        • Others (Education, IT and Telecom, etc.)
      • By region (value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East and Africa
        • Latin America

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Elaine R. Knight