How big is the mobile payment industry?
The mobile payment market was valued at USD 43.11 billion in the year 2021 and USD 55.34 billion in the year 2022 it is expected to grow to USD 587.52 billion by the year 2030 growing at a compound annual growth rate of 37.1% during the forecast period.
Mobile Payment Market size is valued at USD 965.9 Billion in 2022 and is estimated to register a CAGR of over 14.5% between 2023 and 2032.
In 2023, the Payments Market size was estimated at USD 2.54 trillion. The report covers the Payments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Payments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
In India, there is a three way competition for market share between Paytm, PhonePe and Google Pay. Paytm is the largest in terms of users and transactions, however, PhonePe and Google Pay process more UPI payments. Apple Pay and Google Pay are the two global payment solutions, with Samsung Pay a distant third.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 102.60 Billion |
| Market Size in 2032 | USD 510.30 Billion |
| CAGR | 17.4% |
| No. of Pages in Report | 236 |
1 Mobile payments use has become widespread: Forty-six percent of U.S. consumers report having made a mobile payment, which translates to approximately 114 million adults.
Adoption Of Mobile Contactless Payments Increased Globally
China is the leader when it comes to mobile payments, with 87.3% of the population reported to use contactless payment methods.
The Global Mobile Payments Market Size was Valued at USD 942.3 Billion in 2022 and the Worldwide Mobile Payments Market Size is Expected to Reach USD 2983.9 Billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: Google (Alphabet Inc.), Samsung Electronics Co.
The last five years of growth in the global payments industry has been propelled by the ongoing cash-to-non-cash conversion, a rise in non-transaction revenue such as deposit-related income, the accelerated adoption of digital commerce, and the expanding implementation of modern payments infrastructure.
| Company | Operating System |
|---|---|
| PayPal Best for Ease of Use and Convenience | iOS and Android |
| QuickBooks Online Mobile Best for Small Business | iOS and Android |
| Wise Best for International Payments | iOS and Android |
| Stripe Best for Freelancers | iOS and Android |
What is the No 1 payment gateway?
| 11 Best Payment Gateways in India Comparison at a Glance | ||
|---|---|---|
| Payment Gateway | Pricing | Checkout |
| Razorpay | 2% Razorpay platform fee + GST | Flash checkout |
| PayGlocal | Contact for Pricing | Secure checkout |
| PayU | 2% + GST | Checkout UI |
Google Pay is also commonly used by Indians for online transactions. 77% of people in India use this mobile payment service app developed by Google.
Total payments revenues grew at an annual rate of 8.3% from 2017 to 2012, taking the revenue pool to $1.6 trillion at the end of 2022. Revenue growth will likely rise by just 6.2% annually over the next five years, with the revenue pool reaching $2.2 trillion by 2027.
In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company Ant Financial remains Hangzhou-based. Alipay overtook PayPal as the world's largest mobile (digital) payment platform in 2013.
Bengaluru topped the list of cities in India for highest digital transactions accounting for 29 million transactions worth ₹6,500 crore in 2022, as per data released by Worldline, a French payment and transactional services firm.
Do Americans Prefer To Bank Digitally or Traditionally? The tides have shifted, and the majority of Americans are now on board with digital banking. As of 2022, 78% of adults in the U.S. prefer to bank via a mobile app or website. Only 29% of Americans prefer to bank in person.
- 1 iPhone 12 Pro60%
- 2 Samsung Galaxy S21+ 5G58%
- 3 Samsung Galaxy S21 Ultra 5G56%
- 4 Samsung Galaxy S21 5G55%
- 5 Samsung Galaxy S10+54%
- 6 Galaxy S854%
- 7 iPhone 1253%
- 8 Samsung Galaxy S20 Ultra52%
PayPal is the world's most widely used payment acquirer, processing over 22,3 billion payments in 2022. More than 30 million merchants and 400 million active customers use PayPal.
Cards are still the most-used payment method, with American Express, Mastercard, Visa as large global card schemes. Even though they're recognized globally, other payment methods like online banking, direct debit, digital wallets, or Buy Now Pay Later (BNPL) are more common elsewhere.
The market's largest market is Digital Commerce with a projected total transaction value of US$7.63tn in 2024. From a global comparison perspective it is shown that the highest cumulated transaction value is reached in China (US$3,744.00bn in 2024).
How many people use Apple Pay?
Apple Pay is the most popular contactless payment platform, but only a small share of in-store transactions take place through digital wallets. 43.9 million U.S. iPhone owners actively used Apple Pay in 2021, and 101.2 million U.S. consumers used a mobile payment platform in 2021.
| Report Attribute | Specifications |
|---|---|
| Market size value in 2022 | USD 29.65 Bn |
| Revenue forecast in 2031 | USD 162.68 Bn |
| Growth rate CAGR | CAGR of 21.12% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
Global Payments's top competitors include Worldpay, Stripe, and Ingenico. Worldpay provides electronic payment processing services to merchants and financial institutions. It offers merchant acquiring and payment processing services, such as …
4. Buy now, pay later (BNPL) is now the fastest-growing payment method.
The Bottom Line. The global payments industry in 2024 is poised for significant transformation. The rise of digital currencies, advancements in AI, and the proliferation of mobile payment platforms are all expected to rejig the landscape by some stretch.
