According to a report by The Brainy Insights, the global mobile payment market is projected to grow from USD 942.42 billion in 2021 to USD 9924.92 billion by 2030, at a CAGR of 29.90% over the period 2022-2030. In 2021, the Asia-Pacific region dominated the global mobile payment market, accounting for 42.18 percent of market revenue.
During the forecast period, the expanding mobile subscriber base and rising internet penetration are driving market growth in this region. Additionally, the expansion of digital transformation in various BFSIs and the expansion of government enterprises for mobile payment in developing nations such as India and China contribute to the market’s expansion in the region. In addition, North America is anticipated to experience the highest CAGR growth over the forecast period due to its rapid internet penetration.
Brainy Insights Mobile Payment Industry to Grow 29.90% by 2030 with Strong Payment Technologies and IoT Devices:
This information is provided by The Brainy Insights in their report titled “Mobile Payment Market Size by Type (Proximity Payment and Remote Payment), Technology (Mobile Web Payment, Direct Mobile Billing, Near Field Communication, SMS, Mobile App, Interactive Voice Response System, and Others) End-User Industry (BFSI, Healthcare, IT and Telecommunication, Government, Transportation & Logistics, Retail, Media & Entertainment, and Others), Regions, Global Industry Analysis”
The increasing preference for smart devices for activities such as voice calling drives the growth of the mobile payment market. In addition, the increasing pervasiveness of mobile phones and the rising penetration of devices and mobility are driving the expansion of the mobile payment market. In addition, the growing interest in innovative payment technology and the rising trend of smartphone internet access among end-users also contribute to the market’s expansion.
Scope & Segmentation of the Report:
| Report Coverage | Details |
| Forecast Period | 2022-2030 |
| Forecast CAGR | 29.90% |
| 2030 Value Projection | USD 9924.92 Billion |
| Base Year | 2021 |
| Mobile Payment Market Size in 2021 | USD 942.42 Billion |
| Historical Data | 2019-2020 |
| No. of Pages | 230 |
| Segments Covered | Type, Technology and End-User Industry |
| Mobile Payment Market Growth Drivers | The expanding accessibility of technologically advanced smartphones |
| Improved adoption of mobile POS: |