Mobile Payment Market Outlook - 2027
The global mobile payment market size was valued at $1.48 trillion in 2019, and is projected to reach $12.06 trillion by 2027, growing at a CAGR of 30.1% from 2020 to 2027.
Mobile payment is an alternative method for traditional payment systems where cash, cheques or credit cards are the medium of payment. Mobile Payment provide customers a way to purchase any good or services with the help of wireless devices such as smartphones, tablets and others. In addition, Mobile Payment use different technologies such as NFC (Near Field Communication), SMS-based transactional payments and direct mobile billing, for improving the security of the transaction and to provide hassle-free transactions.
Market Drivers
Rise in penetration of smartphones across the globe and increase in the e-commerce industry in emerging countries are the major factors driving the growth of the market. In addition, upsurge in adoption of mobile payment services in emerging countries fuels the mobile payment market growth. However, rise in data breaches and security issues in mobile payment service hampers the growth of the mobile payment market. On the contrary, growth in usage of NFC, RFID and host card emulation technology in the mobile payment domain and rise in demand for fast and hassle-free transaction services is expected to provide a mobile payment market opportunity.
The core banking solutions market is expected to offer numerous growth opportunities for new players in the market. The increase in the acceptance of cryptocurrencies like Bitcoin and Ethereum in mainstream payment systems presents a significant opportunity. As consumers and businesses become more familiar with digital currencies, mobile wallets and payment solutions that support both fiat and cryptocurrencies are poised for growth. Integrating cryptocurrency payment solutions into mobile platforms provides enhanced convenience and broaden the appeal of digital wallets. In addition, the surge in the integration of mobile payments with the Internet of Things (IoT) is opening up opportunities for seamless and automated transactions, making mobile payments an even more integral part of daily life. This is expected to provide remunerative opportunities for the growth of the market.
Furthermore, the incorporation of Artificial Intelligence (AI) and Machine Learning (ML) are being used to provide personalized experiences, detect fraud, and analyze transaction data. In addition, the blockchain technology is being explored to enhance transparency and reduce fraud in mobile payments. Moreover, the upsurge in the use of Near Field Communication (NFC) technology enables faster and more secure contactless payments. In addition, the increase in the use of QR codes enhances user convenience by enabling simple scan-and-pay transactions. This is expected to offer lucrative opportunities for the growth of the Mobile Payment market.
On April 23, 2024, BharatPe launched BharatPe One, an all-in-one payment device integrating POS, QR code, and speaker. The product was set to launch in 100 cities initially, expanding to 450 cities within six months. Equipped with a high-definition touchscreen, 4G and Wi-Fi connectivity, and the latest Android OS, BharatPe One offered enhanced performance and security. It provided versatile payment options, including dynamic and static QR codes, tap-and-pay, and traditional card payments. CEO Nalin Negi highlighted its cost-effectiveness and suitability for small and medium businesses across various sectors.
The mobile web payments segment is expected to garner a significant share during the forecast period. Mobile web payments mode of payment is the most popular and preferred method of making mobile payment as users only need a smartphone which drives the growth of the market in this segment. However, the near field communication segment is expected to witness growth at the highest rate during the forecast period, owing to varied features such as higher security, faster transaction processing and growing demand among the end users.
Technology Insights
The mobile payment industry is rapidly changing due to technological advancements that are reshaping financial transactions for both consumers and businesses. Near Field Communication (NFC) is an essential technology that facilitates contactless payments, enabling users to conduct transactions by simply tapping their smartphones, smartwatches, or NFC-compatible devices near a payment terminal. Tokenization represents another important innovation, substituting sensitive payment details with unique digital tokens to lower fraud risk and boost consumer trust. Biometric authentication methods, such as facial recognition, fingerprint scanning, and voice recognition, are increasingly popular due to their security and user-friendly nature. Furthermore, blockchain technology is enhancing transparency, reducing transaction costs, and creating more secure peer-to-peer transactions, particularly in international payments. Collectively, these technologies are increasing the speed, security, and accessibility of mobile payments, setting the stage for future advancements in the digital finance landscape.
For instance, in March 2025, Ooredoo Group partnered with Evina to enhance mobile payment security by integrating AI-powered fraud prevention technology. This initiative aimed to protect millions of customers across its markets from sophisticated fraud attacks. Digital service merchants using Ooredoo’s carrier billing gained access to Evina’s system to detect and block fraudulent transactions in real time. Rene Werner, Ooredoo's Group Chief Strategy Officer, emphasized the importance of security and trust in digital payments. This partnership set new security standards for mobile payments, supporting the growth of digital merchants and services.
Regional Insights
Region wise, the Mobile Payment market was dominated by Asia-Pacific in 2019 and is expected to witness the highest growth rate during the mobile payment market forecast period owing to expansion of the FinTech infrastructure and hefty investments from the private & public players in the region.
For instance, in January 28 2025, Akurateco partnered with Dinero Pay to innovate in the mobile payments sector in Saudi Arabia. They deployed advanced mobile wallet solutions, including Apple Pay and Google Pay, tailored for the Saudi market. The partnership implemented an on-premises payment infrastructure on Oracle Cloud, ensuring compliance with SAMA requirements. They used network tokenization to enhance security and minimize fraud risks. This collaboration aimed to capitalize on the growing mobile payment market in the Middle East, driving digital transformation and empowering businesses and consumers.
The report focuses on the growth prospects, restraints, and mobile payment market trends of the market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Mobile Payment market.
Segment Review
The global Mobile Payment market is segmented on the basis of payment type, transaction mode, end user, purchase type, application and region. In terms of payment type, the market is bifurcated into proximity and remote. As per transaction mode, the market is segmented into mobile web payments, near field communication, SMS/direct carrier billing, and others. As per end user, the market is bifurcated into personal and business.
In terms of purchase type, it is segmented into airtime transfer & top-ups, money transfers & bill payments, merchandise & coupons, travel & ticketing and others. In terms of application, the market is segmented into media & entertainment, energy & utilities, healthcare, retail, hospitality & transportation and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
For instance, in July 2024, Wero launched its digital wallet in Germany by the European Payments Initiative (EPI). The service facilitates account-to-account transfers, removing the need for intermediates such as card networks and enabling users to send money straight from their bank accounts. By 2025, the wallet will integrate services such as POS and online payments, subscription management, and buy now pay later (BNPL).
By Transaction Mode
Near Field Communication (NFC) is projected as one of the most lucrative segments.
Competitive Analysis
The key players and mobile payment companies profiled in the mobile payment market analysis are American Express company, Apple Inc., Google, LLC, JPMorgan Chase & Co, Mastercard, One97 Communications Limited, PayPal Holdings, Inc., PayU, Samsung and Visa Inc. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the mobile payment market.
Recent Developments in the Market
On September 18, 2024, Market Pay, a French fintech company, launched a new point of sale software payment solution. The solution featured a single app for terminal and smartphone payments, usable for all point-of-sale purchases. It combined POS and SoftPOS, providing a unified interface and single payment management access. Merchants could accept payments on terminals or iOS/Android devices, offering various payment methods and transaction analysis reports. Aude Vicaire, Market Pay Tech's managing director, highlighted the app's ability to offer diverse shopping experiences and streamline payment management.
On August 7, 2024, Pine Labs and Axis Bank launched UPISetu, a UPI-focused payments platform for businesses and developers. UPI saw a surge in P2M transactions, reaching over 8.70 billion in June 2024, with a 137% growth since June 2022, according to NPCI data.
October 21, 2024, Mastercard launched its Mastercard Move Commercial Payments at the Sibos conference in Beijing. This new product aimed to enable near real-time, predictable, and transparent commercial cross-border payments. It sought to simplify operations, optimize liquidity, reduce counterparty risk, and provide end-to-end visibility for banks and their customers. Key features included 24/7 near real-time payments, flexible settlement options, reduced counterparty risk, and compatibility with existing Swift messaging infrastructure. The solution also offered value-added services like risk control and fraud analytics.
Top Impacting Factors
Increase in Demand for Fast and Hassle-free Transaction Services
Mobile payment adoption is the preferred medium for paying or receiving payments, as it offers high-speed and hassle-free services. This in turn attracts all types of mobile payment companies to offer their goods and services via mobile platform. Telecommunication providers, groceries, retailers are now gradually launching their mobile apps through which customers can shop online from anywhere.
In addition, to sustain in the competition, market players need to cater to the needs of customers. For instance, Starbucks initially launched an order and pay program in the U.S., by which customers can order and pay through the mobile app and avoid waiting in the cashier line. The company is gradually launching this service in other parts of the world to offer convenient services to customers and cater to their needs efficiently.
By Purchase Type
Money Transfers & Bill Payments accounted for the largest market share in 2019.
Rise in Adoption of Mobile Payment in Emerging Economies
Emerging economies, such as India and China, have high penetration of smartphones along with increasing 3G and 4G connectivity users. In addition, both the countries account for more than one-third of the world’s population, thus posing maximum market potential for mobile payment. It is anticipated that approximately 90% of the population under the age of 30 years resides in these emerging markets.
Growth in middle-class segment, rapid urbanization, rise in literacy level, and increase in tech-savvy youth generation would increase the consumption rate in emerging economies, thus leading to growth of mobile payment policy. Emerging markets are still not well equipped with financial services, and the geographical reach of financial institution in remote locations is limited. Moreover, mobile payments challenge is ensuring robust security measures to protect against fraud and data breaches while maintaining ease of use for consumers.
However, over the past few years, the evolvement of technology and innovations has made it financially viable for financial institutions to provide services such as e-banking and mobile money to unbanked and under-banked population in emerging markets. Kenya is among the emerging markets in mobile payment industry, where approximately two-thirds of the adult population either receive or make payment through their mobile phones, thus reflecting the growth of the Mobile Payment market in emerging economies.
By End User
Personal segment is expected to attain signficant growth during the forecasted period.
Market Trends Insights
The mobile payment market is expected to witness several noteworthy trends in future, driven by the growing adoption of digital wallets, NFC technology, and innovations in payment methods. One of the most prominent trends is the rise of digital wallets and mobile wallets, which have revolutionized the way consumers make payments. Digital wallets apps, such as Apple Pay, Google Wallet, and Samsung Pay, allow users to store credit cards, debit cards, loyalty programs, and other payment credentials on their mobile devices. These apps provide a convenient, secure, and fast method of payment without needing physical cards or cash. In addition, there is growing trend toward mobile wallets, allowing users to make payments with a simple tap or scan at stores, online, or in-app. These wallets use NFC technology for contactless transactions, valued for its speed, ease of use, and enhanced security through tokenization, which protects sensitive data by not exposing card numbers during transactions.
For instance, in March, 2025, Cash App partnered with Afterpay to offer a buy now, pay later (BNPL) option for its customers, launching the "Cash App Afterpay" brand. This partnership aimed to expand access to seamless pay-over-time experiences. Nick Molnar, global head of sales at Cash App parent Block, highlighted the benefits for both merchants and customers. The collaboration came as BNPL options gained popularity, especially among consumers facing financial difficulties. Additionally, Klarna partnered with Walmart to offer pay-later options via Walmart’s OnePay service.
Another notable trend in the mobile payment market is the integration of NFC-enabled devices in wearable devices, such as smart rings for payment. With ring NFC payments, consumers can make payments by simply waving their ring near an NFC-enabled terminal. These small, stylish, and practical devices offer the ultimate in convenience, as users don’t need to pull out their phones or wallets to make a purchase. The NFC payment ring trend is gaining momentum due to its ease of use and seamless integration into daily life. Furthermore, the shift in preference towards mobile wallets and NFC payments is promoting financial inclusion. In emerging markets with limited traditional banking infrastructure, digital wallets enable easier access to financial services, providing transactions without a bank account or physical credit card, fostering a more inclusive financial ecosystem.
For instance, in January 2025, Akurateco partnered with DineroPay to advance Saudi Arabia’s mobile payments sector. They deployed optimized mobile wallet solutions, including Apple Pay and Google Pay, tailored to the Saudi market. This collaboration highlighted the growing importance of mobile payments in the Middle East. A few months earlier, AzeriCard integrated Apple Pay and Google Pay using Akurateco’s expertise to deliver secure and optimized financial solutions for its customers.
Report Coverage & Deliverables
The Mobile payment market report provides comprehensive analysis, including global and regional market size estimates, growth projections, and key trends. It covers market drivers, challenges, and opportunities, with insights into strategic partnerships and technological advancements. Deliverables include detailed forecasts and competitive strategies from major market players.
Type Insights
The market is segmented into proximity payments (NFC-based) mobile payments, and remote payments (e-commerce and bill payments). Proximity payments are growing rapidly due to the popularity of contactless transactions in retail, while remote payments continue to rise with the expansion of online shopping.
Application Insights
The e-commerce sector dominates the mobile payment market as consumers increasingly favor the convenience and security of using smartphones for online transactions. The rapid growth of online shopping platforms has made mobile payments a preferred method for purchasing goods and services, with digital wallets enabling seamless checkouts. This trend is especially prominent in regions with high smartphone penetration, where mobile payment methods like Apple Pay, Google Pay, and PayPal are widely accepted.
In addition to e-commerce, the retail sector benefits significantly from mobile payments, particularly in brick-and-mortar stores. Retailers have adopted NFC-enabled payment systems, allowing for contactless payments with smartphones, which reduces checkout friction and enhances the shopping experience. The pandemic has further accelerated the demand for touchless transactions.
Mobile payments are also transforming transportation and ticketing. Ride-hailing apps and public transit systems now allow users to pay directly from their phones, streamlining the process and eliminating the need for physical tickets or cash. In the financial services industry, mobile payments have made banking and money transfers more accessible and secure, promoting financial inclusion globally.
Regional Insights
North America leads with platforms like Apple Pay and Google Pay. Europe benefits from regulations like PSD2, Asia-Pacific is the fastest-growing with Alipay and WeChat Pay, and Middle East & Africa sees increasing adoption driven by digital transformation.
Key Companies & Market Share Insights
The major players operating in the mobile payment market include Apple, Google, PayPal, Alipay, WeChat Pay, and Samsung Pay, dominating the market with innovative solutions and global reach, driving growth through strategic partnerships and expansions. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the mobile payment market.
By Region
Asia-Pacific would exhibit the highest CAGR of 31.2% during 2020-2027.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the global Mobile Payment market share along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global Mobile Payment market is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the Mobile Payment industry.
- The quantitative analysis of the market for the period 2020–2027 is provided to determine the Mobile Payment market potential.
Mobile Payment Market Report Highlights
| Aspects | Details |
 By Payment Type |
|
 By Transaction Mode |
|
 By End User |
|
 By Purchase Type |
|
 By Application |
|
 By Region |
|
 Key Market Players | PAYPAL HOLDINGS, INC, APPLE, INC, MASTERCARD, JPMORGAN CHASE CO, VISA, INC, ONE COMMUNICATIONS LIMITED, PAYU, AMERICAN EXPRESS COMPANY, SAMSUNG, GOOGLE LLC |
Analyst Review
The adoption of mobile payments has increased over time, due to rise in adoption of smartphones, contactless payment cards and ease of transactions as compared to traditional banks. In addition, various retailers across the developed nations have adopted mobile payments to provide an enhanced customer experience and to increase the adoption of mobile payments in the emerging countries of Asia-Pacific such as India and China. Furthermore, technological advancements and increase in awareness about contactless payments among the consumers can lead to a rapid growth during the forecast period. In addition, surge in adoption of near-field communication (NFC) technology in various sectors such as transport and entertainment, is anticipated to provide lucrative opportunity for the market.
According to CXOs of leading companies, increase in economic strength of developing nations such as China and India, is expected to provide lucrative opportunities for the market growth. Moreover, emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period. The global players are focusing toward product development and increasing their geographical presence, owing to growth incompetition among local vendors, in terms of features, quality, and price. In addition, these players are adopting various business strategies to enhance their product offerings and strengthen their foothold in the market. For instance, in April 2020, OCBC Bank partnered with Google LLC to enable their customers peer-to-peer transfers through Google Pay. This partnerships helps Singapore people to pay anyone from their connected OCBC Bank accounts.
The mobile payment market share is 30.1% from 2020 to 2027.
The increase in number of smartphone users and growing e-commerce business are driving the mobile payment market growth.
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The potential customers of mobile payment are individuals, corporates, and others.
American express company, Apple, Google, JPMorgan Chase & Co, Mastercard, One97 Communications Limited, PayPal Holdings, PayU, Samsung and Visa are the leading players in mobile payment market
On the basis of top growing big corporations, we select top 10 players.
North America and Aisa-Pacific will provide more business opportunities for mobile payment in future.
The solutions of mobile payment industry are payments, processing services, customer and channel management, risk management, and others.
The key growth strategies of mobile payment market players are merger and acquisition, product launch, and joint-venture.
The mobile payment market is expected to reach $12.06 trillion by 2027
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