Meticulous Research® has released an insightful report titled ‘Mobile Payment Market by Method, Application, Location, End-user, and Geography - Global Forecast to 2031.’ According to the report, the global mobile payment market is projected to reach a remarkable $3,929 billion by 2031, growing at a CAGR of 27.2% between 2024 and 2031.

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Factors Driving Growth
The market is expanding due to increased digitalization in payment services and government policies favoring cashless transactions. The adoption of near-field communication (NFC) technology for secure, contactless payments is also a significant factor creating opportunities for market players.

Challenges and Limitations
However, the growth of mobile payments is constrained by inadequate infrastructure in developing countries. Moreover, concerns about data breaches and identity theft pose considerable challenges to the market’s growth trajectory.

Key Market Trends
Two key trends influencing the market include the growing application of artificial intelligence in payments and the increasing use of mobile payment platforms in tourism sectors worldwide, where digital payments offer convenience and enhanced security.

Method-based Segmentation
The mobile payment market is segmented by method into mobile wallets, QR code payment, mobile commerce, mPOS, SMS payment, and others. Mobile wallets are expected to dominate the market with over 49% market share in 2024, largely due to their strong encryption, ease of use, and expanding applications in industries like transportation and retail.
QR code payments, although currently smaller in market share, are expected to grow at the fastest pace due to their heightened security and growing adoption across sectors like retail, hospitality, and healthcare.

Application-based Segmentation
Mobile payments are used across various applications, including B2B, B2C, and B2G. The B2B segment is expected to capture the largest market share of over 47% in 2024, driven by the demand for faster, more efficient transaction methods.
The B2C segment, however, is anticipated to register the fastest growth, as consumers increasingly rely on mobile payment platforms that provide ease of use and valuable insights into their purchasing behaviors.

Segmentation by Location
Mobile payment can be conducted remotely or in proximity. The remote segment is projected to account for the larger share of over 61% in 2024, as more businesses and consumers rely on mobile networks to facilitate transactions. Additionally, this segment is expected to grow at the highest rate over the forecast period.

Segmentation by End-User
The end-users of mobile payments include sectors like BFSI, retail & e-commerce, healthcare, travel & hospitality, and IT & telecom. The retail & e-commerce segment is set to hold the largest market share of over 24%, mainly due to the convenience mobile payment provides to both retailers and consumers, allowing for smoother transactions.
At the same time, the BFSI segment is projected to grow at the highest CAGR, as banks and financial institutions increasingly adopt mobile payment to reduce physical infrastructure costs and gain better insights into customer behavior.

Geographic Trends
Asia-Pacific is expected to lead the global mobile payment market, capturing over 38% market share by 2024. Key drivers include the rapid growth of e-commerce, government initiatives promoting cashless payments, and increasing smartphone adoption. The region is also expected to register the highest CAGR of 28.5% over the forecast period.

Key Players
Major players in the market include Apple Inc., Google LLC, Mastercard Inc., Alibaba Group, PayPal Holdings, Inc., Samsung Electronics Co., Ltd., and Visa Inc. These companies are investing heavily in payment technologies and improving security features to gain a competitive edge.

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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