Mobile Payments Market to Hit USD 6317.5 Billion by 2028; Mobile Payments Industry CAGR of 24.10% Between 2022-2028; Exclusive Insight Report by Vantage Market Research

WASHINGTON, May 04, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Mobile Payments Market finds that increasing demand for smartphones, digitalization across the globe as well as increasing adoption of Mobile Payment services in emerging countries, are factors that influencing the growth of Mobile Payments Market.

The total Global Mobile Payments Market is estimated to reach USD 6,317.5 Billion by the year 2028. The Global Market revenue value was USD 1,729.5 Billion in the year 2021, and projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 24.10%, states Vantage Market Research, in a report, titled “Mobile Payments Market Size, Share & Trends Analysis Report by Payment Type (Proximity, Remote), by Transaction Mode (Mobile Web Payments, Near-Field Communication, SMS Direct Carrier Billing, Others), by End User (Personal, Business), by Purchase Type (Airtime Transfer and Top Ups, Money Transfer and Bill Payments, Merchandise and Coupons, Travel and Ticketing), by Application (Media & Entertainment, Energy & Utilities, Healthcare, Retail), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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  • The report analyzes the Mobile Payments market competitive landscape and offers information on several market vendors.
  • An Exclusive study come up with Vantage Market Research experienced researchers projected value of USD 6,317.5 Billion at a CAGR of 24.10%.
  • It offers additional highlights and key points on various market segments and their impact in the coming years.
  • The sample report includes Latest Drivers and Trends in the Market.
  • Comprehensive information on factors that will assist Mobile Payments market growth during the next five years.
  • The report offers predictions on upcoming trends and changes in consumer behavior.
  • Comprehensive study involving market types, application and end-users.
  • To understand more about Market Dynamics, get access to our free sample report.

Market Dynamics:


Increasing Demand for Smartphones and Several Government Initiations

Since the past decade, the demand for smartphones across the globe has witnessed significant growth and demand is increasing with each passing day. For instance, according to India Cellular & Electronics Association (ICEA), India became the second largest smartphone market by volume in 2017 and recorded a growth rate of 14.5% in 2018 with 142.3 million units shipped.

Moreover, according to India Brand Equity Foundation (IBEF), As of October 2021, the country had around 1.18 billion mobile connections, and 700 million internet users, plus about 600 million smartphones. These numbers have grown rapidly by each quarter. With about 25.5 billion real-time payment transactions, India ranked first in the world in terms of the number of transactions in 2020. Thus, the demand for smartphones is increasing. Ultimately increasing the Mobile Payments Market, it is further propelling the market growth. Likewise, increasing government support, initiatives and fundings from the government as well as several major players is further fueling the market growth.

The Mobile Payments Market Covers the Following Key Insights & Findings:

  • Exclusive Summary: Basic statistics on the global Mobile Payments market.
  • The changing effect on market dynamics: global part provides driving factors, trends, challenges and opportunities; post-COVID analysis.
  • View 2022-2028 by type, end user and region/nation.
  • Evaluate industry by market segments, countries/regions, manufacturers/companies, revenue share and sales of these companies in these various regions of major countries/regions (2022-2028).
  • Understand the structure of the Mobile Payments market by identifying its various sub-segments.
  • Researchers shed light on market dynamics, such as drivers, restraints, trends, and opportunities.
  • It offers massive data about the trending factors that will influence the progress of the market.
  • In-depth understanding of Mobile Payments Market drivers, restraints, and major micro markets.
  • Regional analysis: Asia Pacific Region to Stand Firm on its Leading Position in the industry.
  • Free Report Customization: This report can be customized according to specific client needs.
  • Key Strategic Developments: The study also includes the key strategic developments of the market, new product launch, comprising R&D, mergers and acquisitions, collaborations, joint ventures, agreements, partnerships, and regional growth of key competitors operating in the market globally and regionally.

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Segmentation of Mobile Payments Market:

  • Payment Type
    • Proximity
    • Remote
  • Transaction Mode
    • Mobile Web Payments
    • Near-Field Communication
    • SMS Direct Carrier Billing
    • Others
  • End User
    • Personal
    • Business
  • Purchase Type
    • Airtime Transfer and Top Ups
    • Money Transfer and Bill Payments
    • Merchandise and Coupons
    • Travel and Ticketing
    • Others
  • Application
    • Media & Entertainment
    • Energy & Utilities
    • Healthcare
    • Retail
    • Hospitality & Transportation Others
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa

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Increasing Digitalization, Changing Trend and Increasing Adoption of Mobile Payment Services

Governments across the globe are focusing on digitalization. Thus, taking several initiatives, and increasing fundings for development of better security for networks and services to motivate the population. Additionally, the ability of ease to use and convenience is further motivating people and increasing the Mobile Payment transactions. Changing trends towards online shopping, shopping from malls, payment of utility bills (like electricity, mobile bills, water bills, etc.) and movie tickets is increasing the Mobile Payment transactions. Plus, several offers and discounts presented such as cashback, discount coupons among others on the online payment is further increasing the adoption of Mobile Payment. In turn, driving the market growth over the forecast period.

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges such as disruptions in the supply chain. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

  1. Impact Assessment of COVID-19 Pandemic
    1. North America
    2. Europe
    3. Asia Pacific
    4. Latin America
    5. Middle East & Africa
  2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
  3. Key Strategies Undertaken by Companies to Tackle COVID-19
  4. Long Term Dynamics
  5. Short Term Dynamics

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The Report on Mobile Payments Market Highlights:

  • Assessment of the Market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates, and Forecast
  • Company Profiles
  • Global and Regional Dynamics

Regional Analysis:

Asia Pacific Holds Maximum Market Share

Asia Pacific region dominated the Mobile Payments Market in 2021. The major driving factors for the market are changing lifestyle, latest online retailing trends, and increased smartphone penetration in the region. Additionally, the presence of a large base of population as well as increasing government initiatives and support for digitalization is providing the opportunity for the market which is further propelling market growth.

List of Prominent Players in the Mobile Payments Market:

  • American Express Company
  • Apple Inc. Google LLC
  • JPMorgan Chase Co;
  • Mastercard
  • One Communication Limited
  • PayPal Holdings Inc. Payu
  • Samsung
  • Visa Inc.

Browse market data Tables and Figures spread through 172 Pages and in-depth TOC on "Mobile Payments Market Size, Share & Trends Analysis Report by Payment Type (Proximity, Remote), by Transaction Mode (Mobile Web Payments, Near-Field Communication, SMS Direct Carrier Billing, Others), by End User (Personal, Business), by Purchase Type (Airtime Transfer and Top Ups, Money Transfer and Bill Payments, Merchandise and Coupons, Travel and Ticketing), by Application (Media & Entertainment, Energy & Utilities, Healthcare, Retail), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here -

Recent Developments:

August 2021: American Express Co. launched a web version and mobile app, Amex Pay for the payments of taxes, insurance, cable bills, internet bills, and more. The new application also offers rewards and promotions to the customers.

Key Questions Answered in Mobile Payments Market Report:

  • Which manufacturing technology is used for Mobile Payments Market?
  • What developments are happening in that technology?
  • What trends are causing these developments?
  • Who are the global key players in this market?
  • What are your company profile, your product information and contact information?
  • What was Global Market Status of Mobile Payments industry?
  • What was capacity, Production Value, Cost and PROFIT of Market?
  • What is current Market Status Mobile Payments Industry?
  • What is the market competition in this industry, both company and country wise?
  • What's Market Analysis of Market by Taking Applications and Types in Consideration?
  • What should be Entry Strategies, Economic Impact Countermeasures, and Marketing Channels for Mobile Payments industry?

This report titled “Mobile Payments Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

Market Size Provided for Years2016-2028
Base Year2021
Historic Years2016-2020
Forecast Years2022-2028
Segments Covered • Payment Type

    • Proximity

    • Remote

• Transaction Mode

    • Mobile Web Payments

    • Near-Field Communication

    • SMS Direct Carrier Billing

    • Others

• End User

    • Personal

    • Business

• Purchase Type

    • Airtime Transfer and Top Ups

    • Money Transfer and Bill Payments

    • Merchandise and Coupons

    • Travel and Ticketing

    • Others

• Application

    • Media & Entertainment

    • Energy & Utilities

    • Healthcare

    • Retail

    • Hospitality & Transportation Others

    • Others

• Region

    • North America

    • Europe

    • Asia Pacific

    • Latin America

    • Middle East and Africa

Region & Counties Covered• North America

    • U.S.

    • Canada

    • Mexico

• Europe

    • U.K

    • France

    • Germany

    • Italy

    • Spain

    • Rest Of Europe

• Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • South East Asia

    • Rest Of Asia Pacific

• Latin America

    • Brazil

    • Argentina

    • Rest Of Latin America

• Middle East & Africa

    • GCC Countries

    • South Africa

    • Rest Of Middle East & Africa
Companies Covered• American Express Company

• Apple, Inc; Google LLC

• JPMorgan Chase Co;

• Mastercard

• One Communication Limited

• PayPal Holdings, Inc; Payu

• Samsung

• Visa, Inc.
Report CoverageMarket growth drivers, restraints, opportunities, Porter’s five forces analysis,
PEST analysis, value chain analysis, regulatory landscape, technology landscape,
patent analysis, market attractiveness analysis by segments and North America,
company market share analysis, and COVID-19 impact analysis

Customization of the Report:

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