Mobile Payment Market Is Projected to Gain $12.06 Trillion by 2027, Growing at a 30.1% CAGR: Allied Market Research


The mobile payment market is experiencing significant growth, owing to several factors such as the rise in smartphone penetration around the world, the growth of the mobile commerce sector in developing nations, and a surge in mobile payments in developing countries. Based on region, the market across the Asia-Pacific region would exhibit the highest CAGR during the forecast timeframe.

Wilmington, Delaware, Nov. 05, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global mobile payment market is projected to reach $12.06 trillion by 2027, having witnessed $1.48 trillion in 2019, exhibiting a considerable CAGR of 30.1% from 2020 to 2027. The market report provides a detailed analysis of leading investment pockets, top market segments, market dynamics, market size and estimations, competitive analysis, and regional analysis. It is an essential resource for investors or shareholders, and leading market players to strategically plan and enhance their competitive edge. 

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193 – Tables       

42 – Charts       

294 – Pages     

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Report Coverage and Details:      

Report Coverage  Details 
Forecast Period  2020-2027 
Base Year  2019 
Market Size in 2019  $1.48 Trillion 
Market Size in 2027  $12.06 Trillion 
CAGR  30.1% 
No. of Pages in Report  294 
Segments Covered  Payment Type, Transaction Mode, End User, Purchase Type, Application, and Region 
Drivers  The rise in smartphone penetration around the world 
Growth of the mobile commerce sector in developing nations 
A surge in mobile payments in developing countries 
Restraints  Increase in the prevalence of data breaches 
Increasing security concerns in the mobile payment sector 
Opportunities  The rise in demand for fast and frictionless transaction services 

The global mobile payment market is classified into various segments based on payment type, end user, transaction mode, purchase type, application, and region.  It is offered in both tabular and graphical form, permitting an individual or a commercial enterprise to benefit perception into the highly profitable and swiftly expanding segments. 

By payment type, the remote segment held the major market share in 2019, contributing to nearly two-thirds of the global mobile payment market revenue, and is projected to rule the roost by 2027. Nonetheless, the proximity segment is estimated to showcase the fastest CAGR of 31.4% from 2020 to 2027. 

By transaction mode, the mobile web payments segment held the largest market share in 2019, accounting for more than half of the global mobile payment market revenue, and is expected to maintain its lead position during the forecast period. However, the near-field communication segment would cite the highest CAGR of 33.4% from 2020 to 2027.  The SMS direct carrier billing, regional, and others segment are also studied in the report. 

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In terms of region, the market across the Asia-Pacific region dominated the largest market share, holding more than half of the global mobile payment market revenue, and is anticipated to retain its dominance throughout the forecast period. The same region is expected to witness the highest CAGR of 31.2% from 2022 to 2027. The other regions included in the report are North America, Europe, and LAMEA. 

The report also provides an in-depth analysis of the prominent players in the global mobile payment market such as JPMorgan Chase & Co., Apple Inc., PayU, Samsung, Visa Inc., One97 Communications Limited, Mastercard, PayPal Holdings, Inc., Google, LLC, and American Express Company. These market leaders have adopted a variety of tactics such as joint ventures, new technological advancements, collaboration, and geographical expansion, to gain their foothold in the market and to prove their flair in the industry. 

Key Benefits for Stakeholders 

  • The study provides an in-depth analysis of the global Mobile Payment market share along with the current & future trends to elucidate the imminent investment pockets. 
  • Information about key drivers, restraints, and opportunities and their impact analysis on the global Mobile Payment market size is provided in the report. 
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the Mobile Payment industry. 
  • The quantitative analysis of the market for the period 2020–2027 is provided to determine the Mobile Payment market potential. 

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Mobile Payment Market Report Highlights 

Aspects Details 

By Payment Type 

  • Proximity 
  • Remote 

By Transaction Mode 

  • Mobile Web Payments 
  • Near-Field Communication 
  • SMS Direct Carrier Billing 
  • Others 
  • Regional 

By End User 

  • Personal 
  • Business 

By Purchase Type 


By Application 

  • Media & Entertainment 
  • Energy & Utilities 
  • Healthcare 
  • Retail 
  • Hospitality & Transportation 
  • Others 

By Region 

  • North America (U.S., Canada) 
  • Europe (UK, Germany, France, Netherlands, Italy, Spain, Rest of Europe) 
  • Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific) 
  • LAMEA (Latin America, Middle East, Africa) 


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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.   

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every piece of data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.   

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