Mobile Payment Market Size to Surpass USD 18.84 Trillion by 2030, exhibiting a CAGR of 30.1%

As per the report by Fortune Business Insights, the global Mobile Payment Market size is projected to reach USD 18.84 Trillion by 2030, at a CAGR of 30.1% during the forecast period.

Pune, India, May 29, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global mobile payment market size was valued at USD 2.32 trillion in 2022 and is projected to grow from USD 2.98 Trillion in 2023 to USD 18.84 Trillion by 2030, exhibiting a CAGR of 30.1% during the forecast period. Paybacks and Reward Strategies to Augment Growth. Fortune Business Insights presents this information in their report titled Global Mobile Payment Market Forecast, 2023–2030.

Customers can securely replace cash-based transactions with mobile payments, allowing rapid money transfers. The use of mobile-based payment solutions is being boosted by the expansion of high-speed mobile networks and the proliferation of smartphones. Growing e-commerce companies and the digitization of payment systems are fueling industry developments. During the forecast period, the payment industry is expected to benefit greatly from the digital generation or generation.

Request a Free Sample PDF:

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/mobile-payment-market-100336

Key Industry Development: 

Antelop launched a new NFC mobile payment with a white label. The white label helps banks offer the latest innovation in the digital payment system to their customers. This new solution is adopted by Huawei Mobile Services. It is available in some of the banks of European countries. 

Key Takeaways

• Mobile payment enables instant money transfers and is a secured substitute for cash-based transactions for customers.
• Growing Adoption of Artificial Intelligence-based Applications in Payments to Accelerate Market Growth
• By Payment Type Analysis: Instant Payment Facilities to Drive Proximity Payment Demand
• Instant Online Payment Applications to Spur Growth
• Mobile Payment Market Size in Asia Pacific was USD 1.02 Trillion in 2022

Discover the Leading Players Featured in the Report:

“Companies leading the Mobile Payment Market are Alipay.com Co., Ltd. (China), Amazon.com, Inc. (U.S.), American Express Co. (U.S.), Boku Inc. (U.S.), Google LLC (U.S.), MasterCard International Inc. (U.S.), Obopay (U.S.), Fidelity National Information Services (FIS), Inc. (U.S.), PayPal, Inc. (U.S.), Visa, Inc. (U.S.)”

Report Scope & Segmentation

Browse Complete Report Details:

https://www.fortunebusinessinsights.com/industry-reports/mobile-payment-market-100336

Drivers & Restraints:

Strategies for Paybacks and Rewards to Accelerate Market Growth

There is intense rivalry in the consumer market due to numerous payment service providers investing in their companies. Companies that make payment apps, including Alipay, Amazon Pay, Google Pay, and others are utilizing new strategies to keep their existing user base and attract new ones. For instance, Google Pay offers scratch cards that could be obtained with few purchases and include a specific amount. Such programs are supporting in maintaining client loyalty among those who use their smartphones to make payments. These features are expected to increase the mobile payment market share.

Most people still prefer cash and are reluctant to use online applications for payments, which may stifle the mobile payment market growth.

Regional Insights

Asia Pacific Dominates the Market due to Government Programs for Digitalization

The research report predicts that Asia Pacific (APAC) will hold the largest market share during the forecast period. Following the government’s demonetization initiative, digital wallets and QR code services have skyrocketed in India. Government programs, such as digitalization, are also anticipated to help the India market grow further. During the projection period, innovative payment options, increased online purchasing, and the advent of new e-commerce channels are anticipated to assist Asia Pacific the market growth.

North America is anticipated to account for the second-highest market share. The U.S. has well-developed payment methods, and a significant number of key players have their headquarters in the country.

Quick Buy – Mobile Payment Market Research Report:

https://www.fortunebusinessinsights.com/checkout-page/100336

Competitive Landscape

Companies Focus on Introduction of New Payment Platforms to Drive Market Expansion

Major corporations are making investments in the creation of innovative mobile device payment solutions. Several network operators and mobile payment companies are working together to enter the industry. Major companies in various sectors use these payment solutions to offer value-added services and improve consumer experience. The businesses integrate payment choices with their internal app to offer a simple payment process.

FAQ’s

How big is the mobile payment market?

Mobile Payment Market size was USD 2.32 trillion in 2022.

How fast is the mobile payment market growing?

The mobile payment market will exhibit a CAGR of 30.1% during the forecast period, 2023-2030

Related Reports:

Digital Payment Market Size, Share, Growth & Analysis Report

Artificial Intelligence [AI] Market Size, Share & Forecast 2023

Payment Security Market Size, Share, Growth Analysis

Online Payment Market Size, Share, Global Industry Report

5G Infrastructure Market Size, Growth & Share 2023-2027

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: sales@fortunebusinessinsights.com