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Mobile Payment Transaction Market

Global Market Study on Mobile Payment Transactions: Booming e-Commerce Sector to Drive Market Growth

Mobile Payment Transaction Market Segmented By Mobile payment transaction service, Mobile Payment Technology, E-payment

Mobile Payment Transaction Market Outlook (2023-2033)

The market for mobile payment transaction was valued at US$ 43,312.1 Mn in 2022, and by the end of 2033, it is expected to have grown to US$ 7,36,798.1 Mn. The market for mobile payment transaction is estimated to valuate to US$ 55,396.2 Mn in 2023. The market for mobile payment transaction is predicted to grow at a CAGR of 29.5% from 2023 to 2033.

A mobile payment transaction is a payment made through a portable electronic device such as a smartphone or tablet. This type of transaction can include purchases of goods or services, money transfers, payments to bills, and more. Mobile payment transactions are typically made through mobile applications, such as Paypal etc.

The market for mobile payment transactions has experienced an acceleration in growth as a result of rising smart device penetration and the introduction of features that can replace physical wallets. Also the need for mobile payment transactions is being driven by the rising demand for smart devices for a variety of purposes, including voice calling. Consumers are being pressured by a number of financial organizations to move more sophisticated and rapid ways of transaction.

Furthermore, use of online payment transaction has been significantly increased by the popularity of e-Commerce and desire for online purchasing. Mobile payment transactions are now extremely popular as a result of the recent massive entry of several payment services with convenient plans and simple user interfaces.

Such factors are providing lucrative environment for the adoption of mobile payment transaction systems in the coming future.

North America held the leading market share of 25.4% in the global landscape in 2022 and demand for Mobile Payment Transaction in the Europe region held 23.3% of the market in 2022.

Mobile Payment Transaction Market Size (2023)

US$ 55,396.2 Mn

Projected Market Value (2033)

US$ 7,36,798.1 Mn

Global Market Growth Rate (2023-2033)

29.5%

WAP/ WEB Segment Market Share (2022)

28.4%

India Market Growth Rate (2022)

32.7%

Bill Payment Segment Market Share (2022)

26.5%

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What Factor Driving Demand for Mobile Payment Transaction Market?

“Paybacks and Reward Strategies to Spur Market Expansion”

Pay-back and reward strategies are boosting the growth of mobile payment transactions by incentivizing customers to use mobile payments. By offering rewards such as cashback, discounts, special offers, loyalty points, and other incentives, customers are more likely to use mobile payment options. This not only encourages customers to use mobile payments, but it also increases the frequency of use.

  • In August 2021, Amazon Inc. and Affirm teamed up to offer a customised "buy now, pay later" (BNPL) service to a number of well-known e-commerce clients in order to enhance the availability of mobile payment options.
  • In January 2021, Mastercard partnered with Global Payments Inc. and NMI to launch its first live Cloud Tap on Phone pilot with Computer Engineering Group (CEG), a Napa, Calif.-based independent IT services provider.
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In U.S Mobile Payment Transaction Market is dominating?

“Rising Usage of Technology Along with The Introduction of New Services”

The U.S. mobile payment transaction market is currently dominated by Apple Pay, Google Pay, and Samsung Pay etc. Together, these three services accounted more of the total mobile payment transaction volume in the U.S. This is largely due to the high penetration rates of Apple and Android devices, as well as their respective payment platforms. The market is also driven by a growing number of merchants accepting mobile payments, increasing consumer awareness and usage of the technology, and the introduction of new products and services from payment providers.

Due to these factors, U.S. country is analyzed to dominate the global mobile payment transaction market with the share of 19.1% in 2022.

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Is Mobile Payment Transaction Market in India will provide Growth Opportunities?

“Government Initiatives to Promote Cashless Payments and Increasing Number of Smartphone Users”

The mobile payment transaction market in India is expected to grow at a very rapid pace over the next few years due to the increasing number of smartphone users, the expanding e-commerce market, and the rising demand for cashless payments. The growth of the mobile payment transaction market in India is likely to be driven by the increased usage of mobile wallets, the government initiatives to promote cashless payments, the increasing availability of mobile payment solutions, and the entry of new players in this market.

The mobile payment transaction market in India is expected to provide growth opportunities for existing players as well as new entrants. For existing players, the growth opportunities include increasing their market share by offering innovative products, expanding their customer base by introducing new payment methods, launching new marketing campaigns, and improving their customer service.

 For new entrants, the growth opportunities include entering into strategic partnerships with existing players, investing in research and development to develop innovative products, and leveraging the existing infrastructure and technology to enter the market. This trend is expected to continue during the forecast period, positively fueling the growth of the mobile payment transaction market.

Due to these factors the mobile payment transaction market is estimated to grow at a CAGR of 32.7% over the forecast period in India.

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Why Adoption of Mobile Payment Transaction systems increases in Europe.

“Increasing popularity of mobile phones and Government Initiatives in the European region”

The mobile payment transaction market is growing in Europe due to the increasing popularity of mobile phones and the emergence of new technologies such as contactless payments, NFC, and QR codes. Furthermore, the convenience and security offered by mobile payments are encouraging more and more people to use them. Additionally, governments and financial institutions in Europe are promoting the use of mobile payments, offering incentives to merchants and customers to encourage the adoption of this technology.

Additionally, the increase in e-commerce transactions has made mobile payments more attractive to customers, leading to an increase in the number of mobile payment transactions in Europe are all the major factors behind the significant market share of Europe of 23.3% in the mobile payment transaction market.

Category-wise Insights

Why WAP/ WEB Segment Have the Larger Market Share in The Mobile Payment Transaction Market?

WAP/ WEB segment are analyzed to dominate the mobile payment transaction market with the share of 28.4%. WAP/WEB offers a secure, convenient and reliable way to make payments. Also provide a secure platform for mobile users to make payments by entering their personal and financial information. Additionally, these technologies are compatible with most mobile phones, making it easy for mobile users to make payments. Furthermore, the integration of WAP/WEB technologies with existing payment systems has enabled mobile users to access payment services from any location. Such factors are positively impacting the adoption of the WAP/WEB.

Why Bill Payment segment in the Mobile Payment Transaction market have the largest market share in 2022?

Based on the purpose the share of bill payment segment in the mobile payment transaction hold the largest share of 26.5% in 2022, owing to the factors such as it provides a convenient and secure way for customers to pay their bills. It eliminates the need to write checks or to make in-person payments, and it provides a faster and more secure way to pay bills. Additionally, it allows customers to have control over their finances since they can view their bills online and manage their payment schedule. Lastly, mobile bill payment solutions often offer discounts and rewards, which are attractive incentives for customers.

Competitive Landscape

Major mobile payment transaction companies are collaborating and partnering to accelerate the technological advancements in the development and adoption of the mobile payment transaction systems, several companies investing in the development of cutting-edge mobile payment solution.

  • In November 2022, Jingle Pay, a financial super-app established in the UAE that offers money services, has declared a strategic partnership with Mastercard to deliver cutting-edge digital payment solutions that will promote financial inclusion.
  • In March 2021, Flutterwave, Africa's top payments technology provider has announced a new collaboration with the leader in global payments, PayPal, to allow PayPal users worldwide to pay African merchants on the continent via Flutterwave's platform.

Recent developments related to key players providing mobile payment transaction market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Mobile Payment Transaction Report Scope

Attribute

Details

Forecast Period

2023-2033

Historical Data Available for

2018-2022

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia & New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Technology
  • Purpose
  • Region

Key Companies Profiled

  • Paypal
  • MasterCard
  • Google Wallet
  • LevelUp
  • Braintree
  • Visa
  • MoneyBookers
  • WorldPay
  • CLINKLE
  • SinglePoint
  • Venmo

Pricing

Available upon Request

Key Segments of Mobile Payment Transaction Market Industry Research

By Technology:

  • SMS
  • WAP/ WEB
  • USSD
  • NFC

By Purpose:

  • Merchandise
  • Money Transfer
  • Bill Payment
  • Ticketing
  • Other

By Region:

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

- Companies Covered in This Report -

  • Paypal 
  • MasterCard
  • Google Wallet
  • LevelUp
  • Braintree
  • Visa
  • MoneyBookers
  • WorldPay
  • CLINKLE
  • SinglePoint
  • Venmo

- Frequently Asked Questions -

In 2022, the market value of mobile payment transaction was US$ 43,312.1 Mn.

The global mobile payment transaction market is estimated to advance at a 29.5% CAGR through 2033.

The market for mobile payment transaction is forecasted to climb to US$ 7,36,798.1 Mn by 2033 end.

Demand for mobile payment transaction market in India is projected to rise at a CAGR of 32.7% over the forecast period.

In 2022, the North America mobile payment transaction market held a dominant market share of 25.4%.

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