Global Mobile Payments Market 2025 – 2034

The size of the mobile payments market

Custom Market Insights (CMI) says that the mobile payments market will grow at a compound annual growth rate of 34.89% from 2025 to 2034. The COVID-19 pandemic had a good effect on the market.

The pandemic has greatly increased the demand for this platform compared to the last few years. In 2025, it will be worth USD 116.14 billion, and in 2024, it will be worth USD 86.45 billion. By 2034, the market is expected to be worth USD 1,717.04 billion. This growth is linked to the fact that more and more people around the world want mobile payment platforms. The need for mobile payment options will keep growing during the forecast period because they are a safe alternative to traditional payment methods.

You can read the whole report on the ""Mobile Payments Market Size, Trends and Insights By Technology (Near Field Communication, Direct Mobile Billing, Interactive Voice Response System, Mobile Web Payment, SMS, Mobile App, Others), By Payment Type (B2B, B2C, B2G, Others), By Location (Remote Payment, Proximity Payment), By End-use (BFSI, Media & Entertainment, Retail & E-commerce, Healthcare, IT & Telecom, Transportation, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2025–2034"" at https://www.custommarketinsights.com/report/mobile-payments-market/

Changes in the market

Drivers

The mobile payments market is expected to grow a lot in the next few years because both developing and developed countries are quickly adopting this technology, especially since the COVID-19 pandemic started. In the forecast period, this market will rise even more. More countries are adopting this technology because it lets people make cashless transactions.

It's very easy to pay with your phone. The platform's features will help the market grow in the next few years. Improving the technologies that are already out there will help you get more customers. People all over the world are becoming more dependent on advanced technology and gadgets. All of these things will be very important for the market to grow. Reliability, security, and quick service provided by the technology are other things that will help the market grow.

Limits

The COVID-19 pandemic hurt a lot of businesses, and it also hurt the way these businesses worked on a large scale. A lot of businesses lost a lot of money during this crisis, which has been one of the main reasons why the mobile payment services platform hasn't grown as quickly as it could have.

Chances

The quick digitization of many countries around the world has made mobile payments more popular. Because more people are using these platforms for more transactions, this market is expected to grow very quickly in the next few years. The demand for these services will keep going up in the next few years because this technology makes them easier to use and more convenient. More people are using these platforms because they have a payment gateway that is easy to use and safe. In the next few years, mobile wallets and bank cards will open up a lot of new growth opportunities.

Problems

The market can't grow as much as it could because of some problems. More cyberattacks on the payment option will slow the market's growth in the next year. Recent data have shown that these payment methods are becoming less secure, and there are other problems with the technology that will make it hard for the market to grow.

Important Points from the Report

The mobile web payment technology will be used a lot because it is safe and adaptable. This technology is becoming more popular because it's so easy for people to use the bookmarked website. The near-field communication part is also likely to do well in the next few years. This technology gives its customers loyalty programs, which are coupons that they can use. More people using eCommerce sites to buy different things will help the market grow faster.

This way of paying will be used more often in the business-to-business market. More investments will open up better chances for growth. The business-to-consumer segment will have a higher compound annual growth rate during the forecast period. The market will grow as more people sign up for different services.

Banks and other financial institutions all over the world will use this technology on a large scale. These companies are always trying to get more people to use these services for all of their payments. Using this platform has been very helpful for managing wealth. More people using eCommerce sites and buying things in stores will also help the market grow in the next few years.

Global Mobile Payments Market 2025–2034 (By Location Outlook)

www.custommarketinsight.com

Regional Snapshots of the Mobile Payments Market

In the past, the Asia Pacific region has been the most important market, and it will keep growing well in the future. More people in countries like India are using QR code payments and digital wallets. Demonetization in India has been a huge factor in the use of these services. The market has grown a lot in the past few years, and the government's efforts to help it grow will be very important in the next few years.

China made a lot of money because there are a lot of businesses in the country. The Asia Pacific region will grow in the next few years because there are more eCommerce platforms and more people are using them to shop online. Not only will this market grow in the Asia Pacific region, but it will also get a good amount of market share in North America in the next few years.

The market will grow in the next few years because there are a lot of different players in the US market and there are a lot of advanced payment options available. Coupons and cashback are two types of rewards that will help the market grow. Using this payment method with smartphones will help it become more popular in the next few years. Organizations are forming strategic partnerships with banks and network providers to make this happen. All of these things will help the market grow in the next few years. Show more