Mobile Payment Market Report and Forecast 2025-2034

The global mobile payment market size reached a value of nearly USD 2.98 trillion in 2024. The market is projected to grow at a CAGR of 18.80% between 2025 and 2034 to reach around USD 16.72 trillion by 2034.

Mobile payment (also known as mobile money, mobile money transfer, and mobile wallet) refers to payment services that are carried out from or via a mobile device and are governed by financial regulations. A user can use a mobile phone to pay for a variety of services and digital or tangible products instead of cash, check, or credit card.

Mobile payments have experienced significant growth, with smartphones becoming the preferred choice for financial management. The expansion of digital wallets is aiding the mobile payment market expansion. In 2023, 53% of Americans made more frequent use of digital wallets than traditional payment methods.

Another trend aiding the market is the rise of mobile point of sale (mPOS), which has shifted card payment processing to a wireless economy, offering a space-saving, wire-free solution for accepting payments. Apple has successfully integrated mPOS into its operations.

Some of the factors driving the mobile payment market growth are the rising internet penetration and growing smartphone ownership. Mobile payments are quick, simple, and linked to established, well-known financial processing systems and more retailers are rapidly supporting and encouraging them. Mobile payments are a viable alternative to cash, credit cards, and money held in the banking system. As a result, mobile payments are gaining popularity in developing economies.

Key Trends and Developments

Increasing internet penetration; surging smartphone users; government initiatives to promote digital payments; and technological advancements and innovations support the mobile payment market growth.

Figure: Global Internet Users (in Billion), 2021

Global Mobile Payment Market Trends

Mobile payment adoption varies by region due to economic, regulatory, and banking differences. The Asia-Pacific is the largest adopter, driven by its significant unbanked population, followed by Europe and North America. Companies from various backgrounds are drawn to this market, leading to competition between newcomers such as Samsung and Google, and traditional financial players.

Furthermore, the widespread availability of internet connectivity in both developed and developing economies is anticipated to be a significant catalyst for the mobile payment market growth in the coming years. The increasing adoption of QR codes allows smaller merchants to begin accepting electronic payments.

Figure: Country-wise Representation of Credit Card Ownership (age 15+) w.r.t. % of Population, 2021

Market Segmentation

"Global Mobile Payment Market Report and Forecast 2025-2034" offers a detailed analysis of the market based on the following segments:

Market Breakup by Transaction Mode

• Mobile Web Payments
• Near Field Communication
• SMS Direct Carrier Billing
• Others

Market Breakup by End User

• Personal
• Business

Market Breakup by Purchase Type

• Airtime Transfer and Top Ups
• Money Transfers and Bill Payments
• Merchandise and Coupons
• Travel and Ticketing
• Others

Market Breakup by Application

• Media and Entertainment
• Energy and Utilities
• Healthcare
• Retail
• Hospitality and Transportation
• Others

Market Breakup by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

By transaction type, mobile web payments are expected to hold a significant market share due to the flexibility and security offered by this technology

The global mobile web payments market is expected to grow in the forecast period due to the increasing use of mobile devices and the increasing popularity of mobile payments. Mobile wallets are becoming increasingly popular, as they offer a convenient and secure way to make payments. Due to the increasing e-commerce market, there is a growing demand for mobile web payments for online transactions.

The adoption of mobile payment solutions by businesses is significantly increasing

Businesses are widely employing mobile payment methods for B2B transactions, such as EFT, wire transfers, and corporate credit cards. Additionally, banks are increasingly adopting B2B mobile payments to enhance the experience for business customers. In 2022, the B2B segment led with over 60.0% of the total revenue share. Notably, substantial investments from private equity and venture capital firms in B2B payments are opening new growth avenues.

Meanwhile, individuals use mobile payment to reduce expenses, improve cash flow, enhance convenience, simplify bookkeeping, and surge payment security. The low cost of usage and adoption of mobile wallets, coupled with the speed of payments offered by this method, further aids the mobile payment market growth.

The use of mobile payment for money transfers and bill payments is expected to rise in the forecast period

Money transfers and bill payments are anticipated to hold a substantial mobile payment market share due to the rising popularity of contactless payment. In 2022, money transfer operators represented over 73.68% of global revenue. The introduction of digital-first operators and enhanced digital capabilities from established operators are expected to drive this segment's growth in the forecast period.

In travel and ticketing applications, mobile payments are preferred as alternatives to credit cards. They simplify the payment process, build customer engagement, and increase traveller satisfaction. Reportedly, three-quarters of travellers use mobile payments for shopping and around 68% use it for beverage, food, and restaurants.

Competitive Landscape

Market players are increasing their collaboration, partnership, and research and development activities to gain a competitive edge

Other key players in the mobile payment market include Mastercard Incorporated, Paytm (One 97 Communications Limited), and PayPal Holdings, Inc.

Global Mobile Payment Market Analysis by Region

North America is anticipated to dominate the mobile payment market share in the forecast period. In 2.02 trillion Americans aged 14 years and older used in-store mobile payment apps, marking a significant milestone. By 2028, use is expected to reach 58% of all smartphone users in the coming years. By the end of 2025, over 85% of Americans are likely to own smartphones, leading to a greater uptake of mobile payments at the business-to-consumer level.

The Europe mobile payment market is being driven by the consumer preference for digital payments, easier cross-border transactions, and the launch of the European Digital Identity Wallet. Mobile online payment systems in Europe have surged by over 30% in the past three years. In Germany, around 44% of all domestic online transactions are done using digital wallets.

The Asia-Pacific is expected to hold a prominent market share in the coming years, driven by the rise of e-commerce and the O2O (Online to Offline) market. The mobile payment market landscape across the Asia-Pacific region is changing rapidly owing to unsettling digital transformation. Technological developments in the smartphone and government initiatives have enabled POS at retail terminals and on-the-go fund transfers, which are fuelling the market growth.