M-commerce Payment Market Expected to Reach $33,153.13 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “M-commerce Payment Market By Payment Method, Transaction Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global m-commerce payment market size was valued at $7,345.24 billion in 2020, and is projected to reach $33,153.13 billion by 2030, growing at a CAGR of 16.5% from 2021 to 2030.

Access to high-speed internet and increase in use of m-commerce payments among merchants drive the global m-commerce payment market growth. Furthermore, rise in penetration of smartphones across the globe and development of the m-commerce industry in emerging countries are the major factors driving the growth of the market. However, rise in data breaches and security issues in mobile payments hamper the growth of the market. Restaurants, retailers, and merchants are the largest end user segments that adopted m-commerce payments method in their existing businesses.

Furthermore, the global m-commerce payment market is in its developing phase, and exhibits high growth potential, due to rise in need for operational efficiency & transparency during transactions and surge in demand for customized digitalized payment options globally. For instance, according to a study conducted by Mastercard in 2020, 95% of South African consumers consider using at least one emerging payment method, such as contactless, m-commerce, cryptocurrency, or QR code in the next year. In addition, as several stores were closed to maintain social distancing, retailers worldwide moved their businesses online and adopted the potential of m-commerce payment and other contactless transaction mode.

By application, the personal segment acquired major share. Increased adoption & implementation of m-commerce payment services by various food & grocery stores owners and retailers for improving the speed of the transaction and to attract large customer base drive the growth of m-commerce payment among individuals.

Region wise, Asia-Pacific dominated the market in 2020, and is expected to maintain this trend during the forecast period. Traditional lenders have slowly begun to reopen for providing m-commerce payment, which therefore propels the market growth in this region. Moreover, growing m-commerce payment market trends among retailers, merchants, & restaurants and increase in penetration of smartphones & internet usage among consumers are expected to propel the market growth in the region.

COVID-19 Impact Analysis

The demand for m-commerce payment market has increased considerably during the COVID-19 pandemic. This is attributed to increased familiarity toward m-commerce among consumers and initiatives by governing bodies across the globe are to curb the spread of virus by initiating various policies for conducting payments. Moreover, m-commerce payment method is expected to be intact by economic downturn, and is anticipated to remain high during the forecast period. Thus, these factors promoted the growth of the m-commerce payment industry during the pandemic situation.     

Key Findings of the Study

• By payment method, the mobile web payments segment led the highest m-commerce payment market share, in terms of revenue in 2020.
• On the basis of application, the business segment is expected to exhibit the fastest growth rate during the forecast period.
• Region wise, Asia-Pacific generated the highest revenue in 2020.  

The key players operating in the m-commerce payment market analysis include ACI Worldwide, Inc., Alphabet Inc. (Google), Apple Inc., FIS, Fiserv, Inc., Ingenico, Mastercard, PayPal Holdings, Inc., Square, Inc., and Visa, Inc.. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.