Consumer Mobile Payment Market to Hit US$ 8,50,251.2 Million at 27.2% CAGR by 2034: Fact.MR Report
Rising Adoption of Mobile Wallets Propels Consumer Mobile Payment Market Growth
Rockville, Jan. 16, 2024 (GLOBE NEWSWIRE) — According to a new study by Fact.MR, a market research and competitive intelligence provider, the global Consumer Mobile Payment Market size is projected to reach US$ 76,501.3 million in 2024. The consumer mobile payment sales are expected to witness a healthy CAGR of 27.2% from 2024 to 2034. By 2034, the consumer mobile payment demand is anticipated to reach a valuation of US$ 8,50,251.2 million.
The rise of e-commerce has made it possible for customers to pay with their phones. The comfort and convenience these payment technologies provide propel the market expansion of consumer mobile payment. These payment methods are becoming more widely used due to various companies’ quick adoption of e-commerce platforms. Based on estimates, developing economies are set to lead the consumer mobile payment industry in adoption rates and growth, with contactless payment technology expected to become widely used.
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Key Segments of Consumer Mobile Payment Industry Research Report
|By Mode of Payment
|By End Use
The release of apps like Samsung Pay and Apple Pay has expanded the user base and significantly raised market revenue for consumer mobile payment. The millennial generation’s high rate of mobile payment acceptance is one of the main factors powering the market growth of consumer mobile payment.
Issues with privacy, security, and regulations constrain the consumer mobile payment market. The severe threat of identity theft and data breaches hampers user trust. Customers who value their privacy can be reluctant to use mobile payment systems because they worry about exposing their personal data. Different regional laws make it more difficult for adoption to be implemented globally. Limited merchant acceptance and compatibility issues hamper the widespread adoption of consumer mobile payments.
With a large percentage of the population incorporating mobile wallets into their daily routines, North America’s consumer mobile payment market is witnessing a demand boom due to a tech-centric culture.
With a focus on security and data privacy, the Europe consumer mobile payment sector has influenced the development of sophisticated authentication techniques and biometric technologies.
The fast adoption of cashless transactions in the Asia Pacific is supported by a tech-savvy populace and broad smartphone adoption, spurring the consumer mobile payment market in this region.
“Increased convenience and digitalization are propelling the growth of the consumer mobile payment market. A global cashless economy is predicted to be fostered, and established transaction standards can be reshaped by customers using mobile payment alternatives.” Say an analyst
- The proximity segment in the mode of payment category is to grab a share of 75.7% by 2034.
- In the end-use industry category, the hospitality and tourism segment to acquire a market share of 25.5% by 2034.
- The remote segment in the mode of payment category to exhibit a CAGR of 28.2% from 2024 to 2034.
- In the end-use industry category, the BFSI segment is to accelerate at a CAGR of 30.5% between 2024 and 2034.
- The United States consumer mobile payment market is anticipated to surge at a CAGR of 28% by 2034.
- Canada consumer mobile payment industry to develop at a CAGR of 28.1% through 2024.
- Mexico consumer mobile payment sales are anticipated to surge at a CAGR of 26.6% by 2034.
- China consumer mobile payment sales are expected to surge at a CAGR of 28.1% until 2034.
- South Korea consumer mobile payment industry is anticipated to boost at a CAGR of 23.6% by 2034.
- Japan consumer mobile payment market to exhibit a CAGR of 28.4% by 2034.
To strengthen their position in the market, prominent consumer mobile payment providers are implementing tactics such as product improvements, strategic alliances, and new product releases. The consumer mobile payment vendors’ primary objective is to improve customer experience by forming strategic partnerships with financial service providers.
- Visa announced its partnership with PayPal and Venmo for the Visa+ trial program in April 2023. This cutting-edge service intends to assist users in securely and swiftly transferring funds between various person-to-person (P2P) digital payment apps. Using this partnership, Visa+ can broaden its scope and facilitate other use cases, such as payments to creators, gig workers, and marketplaces.
- Passkeys for Apple iOS are a novel, simple, and secure log-in mechanism for qualified PayPal users; passkeys are available to eligible customers on Google Android devices, beginning on Android mobile web. PayPal introduced Secure Payments to consumers in March 2023.
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|Value Projection (2034)
|USD 8,50,251.2 Million
|Growth Rate (2024-2034)
|No. of pages
|No. of Tables
|No. of Figures
Thriving Mobile Payment Markets in North America: A Technologically Advanced Landscape
The mobile payment market in the United States is poised for continuous growth, propelled by the nation’s extensive smartphone usage and tech-savvy population. With a surge in diverse mobile payment solutions catering to varied preferences, the consumer smartphone payment market in the United States is anticipated to secure a substantial 72.2% share in 2024, driven by the increasing demand for secure and seamless transactions.
In Canada, the mobile payment sector is witnessing a gradual shift towards contactless transactions, influenced by the nation’s inclination towards cutting-edge payment technologies. With a high smartphone penetration rate and a population that values technological advancements in financial services, Canada’s consumer mobile payment sector is projected to capture a noteworthy 12.8% market share in 2024.
Checkout More Related Studies Published by Fact.MR Research:
Biometric Payment Market: Biometric payment market is, however, expected to exhibit highest growth rate during the forecast period, owing to the increasing digitalization, penetration of internet, adoption of smart devices and smart technologies and changing consumer transactional behaviour.
Wearable Payment Devices Market: The global wearable payment devices market is projected to expand at an impressive CAGR of around 29% over the forecast period of 2022 to 2032, with an expected market value of US$ 171.38 Bn by 2032.
Payment Gateway Market: The global market for payment gateway is expected to hold a value of US$ 26 Bn in 2022 and secure US$ 189 Billion by 2032. The industry is projected to expand at a CAGR of 21% during the forecast period from 2022 to 2032.
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