The mobile payment transaction market is set for significant expansion, with an anticipated valuation of US$ 1,656.7 million by 2023. The market displays a considerable trend, featuring a noteworthy CAGR of 4.2%, expected to endure until 2033. The consistent growth forecasts indicate that the global mobile payment transaction market is poised to total US$ 2,500.5 million by 2033.
Key Market Trends and Highlights
| Attributes | Key Insights |
|---|---|
| Market Estimated Size in 2023 | US$ 1,656.7 million |
| Projected Market Size in 2033 | US$ 2,500.5 million |
| Value-based CAGR from 2023 to 2033 | 4.2% |
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The global mobile payment transaction market insights scope rose at a 2.17% CAGR between 2018 and 2022. The mobile payment transaction market is anticipated to develop at a CAGR of 4.2% over the forecast period from 2023 to 2033.
| Attributes | Details |
|---|---|
| Market Value in 2018 | US$ 1,467.9 million |
| Market Value in 2022 | US$ 1,600 million |
| CAGR from 2018 to 2022 | 2.17% |
From 2018 to 2022, mobile users needed to grasp the advantages and convenience offered by mobile payment transactions before transitioning to this mode of payment. The awareness-building phase was crucial for the adoption of mobile payments.
Telecom companies were focused on acquiring new customers and exploring strategies to retain their existing customer base and cultivate loyalty among them. During this time, the revenue of telecom companies from traditional voice services was declining due to intense competition, leading to reduced call rates.
As a response to these challenges, telecom companies began expanding their presence in the mobile payment transaction industry, recognizing it as a promising source of revenue generation.
Looking ahead to the market forecast projections from 2023 to 2033, it is anticipated that the understanding and acceptance of mobile payment benefits among users will continue to grow, further fueling the adoption of mobile payment transactions.
Principal Consultant
The table below highlights how the WAP/WEB segment is projected to lead the technology segment, expanding at a CAGR of 7% through 2033. The table further details how merchandise purchase is anticipated to witness a CAGR of 8.9% through 2033.
| Category | CAGR by 2033 |
|---|---|
| WAP/WEB segment | 7% |
| Merchandise purchase | 8.9% |
The global smartphone market is experiencing significant growth, projected to achieve a CAGR of 7%. WAP/WEB technology is predominantly utilized on smartphones. The devices incorporate mini browser software that leverages WAP/WEB, facilitating seamless access to a wide range of internet services.
Following the WAP/WEB segment, SMS mobile payment transactions technology holds a substantial market share, accounting for approximately 20% of the market. The expansion can be attributed to the increasing prevalence of smartphones.
The principle is not limited to large corporations, even small and medium-sized enterprises (SMEs) benefit from effective merchandising where the merchandise purchase expands at a CAGR of 8.9% by 2033.
The explosive growth of the E-Commerce industry has driven this revolution, and the merchandise sector is poised for exponential growth in the coming years. E-commerce platforms offer diverse product options and the ability to scale sales to meet consumer demands effectively.
In the realm of ticketing, UPI (Unified Payments Interface) and payment banks have revolutionized the process, making it seamless and allowing consumers to reserve seats within seconds. With user-friendly interfaces and convenient payment methods, the ticketing application industry is projected to experience substantial growth at a high compound annual growth rate (CAGR) of 8.9% in the forecast period.
The table illustrates revenue figures from five countries, with China leading closely followed by India, among these top-performing nations.
| China | 7.6% |
|---|---|
| India | 5.77% |
| Japan | 4.9% |
| The United States | 3.59% |
| The United Kingdom | 3% |
China is expected to expand at a CAGR of 7.6% by 2033 and is touted to have the dominant growth. The China mobile payment transaction market is undergoing significant transformation, driven by notable shifts in lifestyle and the widespread adoption of smartphones. The technological advancements have paved the way for innovative payment solutions and services, reshaping how people conduct transactions in the country.
Another key driver of this market growth is the active involvement of public authorities in promoting a cashless society. Authorities of China are committed to simplifying and facilitating transactions through digital means, aligning with global trends towards digitalization.
The efforts enhance convenience for consumers and foster the growth of the digital payment ecosystem in China, positioning it as a frontrunner in the mobile payment transaction landscape. As lifestyle preferences and government initiatives continue to converge, the China mobile payment transaction market is set for sustained growth and evolution in the coming years.
The Indian mobile payment transaction market is poised for significant growth with a CAGR of 5.77% by 2033, driven by a convergence of factors reshaping how transactions are conducted. A major catalyst is the shifting lifestyle of consumers, which now prioritizes convenience and efficiency.
The transformation aligns with the latest trends in online retailing, where digital payments play a pivotal role in facilitating seamless transactions. The increased penetration of smartphones across India is a driving force behind the surge in mobile payment transactions.
As more people access mobile technology, the opportunities for fintech players and traditional banks to offer mobile banking solutions multiply. The trend extends to underserved and unbanked customers in remote areas, providing them with newfound access to financial services and opportunities.
Japan has a reputation for early technology adoption, making its population eager participants in modern eCommerce with a CAGR of 4.9% by 2033. The country can be credited with inventing two pivotal cashless payment technologies, Near Field Communication (NFC) and QR Codes.
The ease of payment with contactless-enabled cards has significantly influenced user spending habits. Users spend more when using contactless-enabled cards than traditional non-contactless ones.
Activating mobile wallets has had an even more profound impact on overall spending. The COVID-19 pandemic expedited the shift towards contactless payments, with mobile payments gaining rapid adoption. Contactless payments saw extensive usage, particularly in restaurants and quick-service establishments.
The United States has long been a hub for technological advancements and innovation, registering a CAGR of 3.59%. The country remains at the forefront of the global tech landscape with many technical activities. One notable development is the rapid emergence of the metaverse, which is gaining significant traction.
The United States is poised for substantial growth during the forecast period. Its robust ecosystem of tech companies and innovative startups ensures that it continues to play a pivotal role in shaping the digital future.
The United Kingdom actively participates in the wave of technological progress. The region is witnessing various technical initiatives, including contributions to the metaverse development, with a CAGR of 3%.
As these activities unfold, the United Kingdom is expected to perform admirably in the coming years. The dedication towards technological advancements and the vibrant tech community make it a promising player in the global tech landscape, ensuring it remains on a growth trajectory during the forecast period.
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The popularity of the mobile payment transaction market helps manufacturers invest significantly in innovation, research, and development practices to uncover increased applications of the acai bowl industry. With technology, players also focus on ensuring safety, quality, and customer satisfaction to captivate an increased customer base. Some of the latest developments include
| Attributes | Details |
|---|---|
| Estimated Market Size in 2023 | US$ 1,656.7 million |
| Projected Market Valuation in 2033 | US$ 2,500.5 million |
| CAGR Share from 2023 to 2033 | 4.2% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value in US$ million |
| Key Regions Covered |
|
| Key Market Segments Covered |
|
| Key Countries Profiled |
|
| Key Companies Profiled |
|
The market is expected to reach US$ 1,656.7 million in 2023.
India is registered to expand at a CAGR of 5.77% by 2033.
The mobile payment transaction market is set to expand by a CAGR of 4.2% by 2033.
The market is forecast to reach US$ 2,500.5 million by 2033.
Merchandise purchase is preferred and is expected to expand at a CAGR of 8.9% through 2033.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Technology, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Technology, 2023 to 2033
5.3.1. SMS Mobile Payment Transactions
5.3.2. WAP/ WEB
5.3.3. USSD
5.3.4. NFC
5.4. Y-o-Y Growth Trend Analysis By Technology, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Technology, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Purpose
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Purpose, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Purpose, 2023 to 2033
6.3.1. Merchandise Purchase
6.3.2. Money Transfer
6.3.3. Bill Payment
6.3.4. Ticketing
6.3.5. Other Purpose
6.4. Y-o-Y Growth Trend Analysis By Purpose, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Purpose, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Western Europe
7.3.4. Eastern Europe
7.3.5. South Asia and Pacific
7.3.6. East Asia
7.3.7. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Technology
8.2.3. By Purpose
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Technology
8.3.3. By Purpose
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Technology
9.2.3. By Purpose
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Technology
9.3.3. By Purpose
9.4. Key Takeaways
10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. UK
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Western Europe
10.2.2. By Technology
10.2.3. By Purpose
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Technology
10.3.3. By Purpose
10.4. Key Takeaways
11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Poland
11.2.1.2. Russia
11.2.1.3. Czech Republic
11.2.1.4. Romania
11.2.1.5. Rest of Eastern Europe
11.2.2. By Technology
11.2.3. By Purpose
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Technology
11.3.3. By Purpose
11.4. Key Takeaways
12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Bangladesh
12.2.1.3. Australia
12.2.1.4. New Zealand
12.2.1.5. Rest of South Asia and Pacific
12.2.2. By Technology
12.2.3. By Purpose
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Technology
12.3.3. By Purpose
12.4. Key Takeaways
13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Technology
13.2.3. By Purpose
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Technology
13.3.3. By Purpose
13.4. Key Takeaways
14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Technology
14.2.3. By Purpose
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Technology
14.3.3. By Purpose
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2022
15.1.2.1. By Technology
15.1.2.2. By Purpose
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2022
15.2.2.1. By Technology
15.2.2.2. By Purpose
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2022
15.3.2.1. By Technology
15.3.2.2. By Purpose
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2022
15.4.2.1. By Technology
15.4.2.2. By Purpose
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2022
15.5.2.1. By Technology
15.5.2.2. By Purpose
15.6. UK
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2022
15.6.2.1. By Technology
15.6.2.2. By Purpose
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2022
15.7.2.1. By Technology
15.7.2.2. By Purpose
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2022
15.8.2.1. By Technology
15.8.2.2. By Purpose
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2022
15.9.2.1. By Technology
15.9.2.2. By Purpose
15.10. Poland
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2022
15.10.2.1. By Technology
15.10.2.2. By Purpose
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2022
15.11.2.1. By Technology
15.11.2.2. By Purpose
15.12. Czech Republic
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2022
15.12.2.1. By Technology
15.12.2.2. By Purpose
15.13. Romania
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2022
15.13.2.1. By Technology
15.13.2.2. By Purpose
15.14. India
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2022
15.14.2.1. By Technology
15.14.2.2. By Purpose
15.15. Bangladesh
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2022
15.15.2.1. By Technology
15.15.2.2. By Purpose
15.16. Australia
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2022
15.16.2.1. By Technology
15.16.2.2. By Purpose
15.17. New Zealand
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2022
15.17.2.1. By Technology
15.17.2.2. By Purpose
15.18. China
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2022
15.18.2.1. By Technology
15.18.2.2. By Purpose
15.19. Japan
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2022
15.19.2.1. By Technology
15.19.2.2. By Purpose
15.20. South Korea
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2022
15.20.2.1. By Technology
15.20.2.2. By Purpose
15.21. GCC Countries
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2022
15.21.2.1. By Technology
15.21.2.2. By Purpose
15.22. South Africa
15.22.1. Pricing Analysis
15.22.2. Market Share Analysis, 2022
15.22.2.1. By Technology
15.22.2.2. By Purpose
15.23. Israel
15.23.1. Pricing Analysis
15.23.2. Market Share Analysis, 2022
15.23.2.1. By Technology
15.23.2.2. By Purpose
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Technology
16.3.3. By Purpose
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. Paypal
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. MasterCard
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. Google Wallet
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. LevelUp
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Braintree
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. Visa
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. MoneyBookers
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. WorldPay
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. Clinkle
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. SinglePoint
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
17.1.11. Venmo
17.1.11.1. Overview
17.1.11.2. Product Portfolio
17.1.11.3. Profitability by Market Segments
17.1.11.4. Sales Footprint
17.1.11.5. Strategy Overview
17.1.11.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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Mobile Payment Transaction Market
