Mobile Payment Market to Reach $7,280.2 billion by 2024 in the short term and $16,142.0 Billion by 2034 Globally, at 8.1% CAGR: Allied Market Research

The global mobile payment market is experiencing rapid growth, driven by increasing penetration of smartphones and growing e-commerce sector and online retail. Additionally, the implementation of various government initiatives is further contributing to market expansion.

PORTLAND, Ore., Oct. 8, 2025 /PRNewswire/ -- Allied Market Research published a report titled "Mobile Payment Market- Global Opportunity Analysis and Industry Forecast, 2024-2034," valued at $7,280.2 billion in 2024. The market is expected to grow at a CAGR of 8.1% from 2025 to 2034, reaching $16,142.0 billion by 2034. Key factors fueling this growth include a rise in the penetration of smartphones, expansion of the e-commerce sector and online retail, and the implementation of various government initiatives to promote cashless transactions and digital financial inclusion.

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Report Overview:

Rise in penetration of smartphones, along with the expansion of the e-commerce sector and online retail, has driven the demand for mobile payment solutions, prompting financial institutions, fintech companies, and technology providers to innovate and diversify their offerings. Additionally, the implementation of various government initiatives such as Digital India and cashless economy campaigns is positively influencing growth.

However, security and privacy concerns, along with resistance to adopting new technologies, pose significant restraints on market growth. Conversely, the rapid advancements in payment technologies present substantial opportunities for market players in the evolving mobile payment sector.

Key Segmentation Overview:

The mobile payment market is segmented based on end user, transaction mode, and region. 

• By End User: Personal and Business.
• By Transaction Mode: Mobile Web Payments, Near-Field Communication, SMS Direct Carrier Billing, and Others.
• By Region:
• North America (U.S. and Canada)
• Europe (Germany, UK, France, Italy, Spain, and Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific)
• LAMEA (Brazil, South Africa, UAE, Saudi Arabia, and Rest of LAMEA)

Market Highlights

• By end user, the personal segment witnessed significant growth due to rise in the adoption of digital wallets and app-based payment systems, widespread adoption of technologies such as Near Field Communication (NFC), QR codes, and biometric authentication, and government initiatives in promoting cashless economies.
• By transaction mode, the mobile web payments segment is expected to register the highest growth, due to integration of secure payment gateways, growth in digital wallets, and adoption of biometric and two-factor authentication to enhance security.

 Report Coverage & Details:

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Factors Affecting Market Growth & Opportunities:

The growing adoption of mobile wallets, driven by convenience, contactless transactions, and the widespread use of smartphones, has significantly boosted the mobile payment market. Additionally, the rapid expansion of the e-commerce sector and online retail, through the rise of digital platforms and seamless checkout experiences, along with increased internet penetration and digital literacy, are further accelerating market growth and transforming the mobile payment landscape across both developed and emerging economies.

• Expansion of Contactless Payments: The shift toward hygiene and convenience has significantly increased the demand for fast, secure, and contactless transactions, driving the widespread adoption of mobile wallets and NFC-enabled payment solutions.
• Innovations in mobile payments: The integration of emerging technologies such as AI, blockchain, and biometric authentication is driving advancements in fraud prevention, personalized user experiences, and enhanced transaction security.

However, challenges such as security and privacy concerns, along with resistance to adopting new technology, remain key issues for industry players. Market participants are focusing on enhancing data protection measures, user authentication methods, and transaction transparency, while investing in customer education and trust-building initiatives to drive broader adoption of mobile payment solutions.

Regulatory Landscape & Compliance: 

The regulatory landscape and compliance in the mobile payment market are a complex and evolving domain shaped by regional and international laws, industry standards, technological advancements, and data protection requirements. These regulations are designed to ensure consumer protection, financial stability, anti-money laundering compliance, and the security of transaction data.

Government compliance requirements in the mobile payment sector focus on ensuring security, transparency, and consumer protection in the processing and transfer of mobile payments. These include anti-money laundering measures, Know Your Customer (KYC) procedures, and data privacy protocols, complying with financial regulations, and ensuring accountability among service providers. 

Key regulations such as the General Data Protection Regulation (GDPR) in the European Union, the Gramm-Leach-Bliley Act (GLBA) in the U.S., and the Payment Services Act and Personal Data Protection Act (PDPA) in Singapore play a crucial role in enhancing transaction security, preventing financial crime, and safeguarding consumer data to ensure that mobile payment solutions operate lawfully and maintain consumer trust.

Technological Innovations & Future Trends:

• Fingerprint scanning, facial recognition, and behavioral biometrics are increasingly being adopted as advanced authentication methods to address growing security demands in mobile payments.
• Embedded finance solutions like Buy-Now-Pay-Later (BNPL), loyalty programs, and subscription models integrated into payment platforms are transforming consumer experiences, thereby enabling greater flexibility and convenience.
• Wearable and voice-activated payments make transactions more seamless and accessible. Smartwatches, rings, and bands with NFC or biometrics enable secure, on-the-go spending, while voice assistants like Siri and Alexa support hands-free payments, enhancing convenience and inclusion.

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Regional Insights

Asia-Pacific dominated the mobile payment market owing to rise in smartphone penetration, e-commerce expansion, and increased internet connectivity. In addition, supportive regulatory frameworks, with governments promoting digital financial inclusion and cashless transactions, have accelerated adoption. China leads the market in this region, driven by robust digital infrastructure, including widespread use of QR codes, integration into super apps, and a tech-savvy population. The region's large unbanked population and increasing use of mobile wallets for everyday transactions further contribute to its market dominance and growth potential, positioning Asia-Pacific as a key hub in the global mobile payment market. For instance, in June 2025, China and Hong Kong launched a new real-time cross-border payment system called Payment Connect, linking China's IBPS with Hong Kong's FPS. This allows instant money transfers between individuals and institutions in both regions. Initial participants included major banks from both sides, and thousands of transactions were completed on the first day. The system aims to boost financial efficiency, reduce costs, and strengthen Hong Kong's role as a financial hub.

LAMEA is expected to grow at a significant rate during the forecast period, due to increase in smartphone usage and rise in internet penetration in the region, which is driving the adoption of mobile payment and digital wallet solutions to meet the changing consumer preferences. In addition, the rise in e-commerce activities and supportive regulatory frameworks, such as government digitization policies and investments in mobile payment platforms, particularly in countries like Brazil, South Africa, the UAE, and Saudi Arabia, is expected to propel market growth. Latin America leads the market in this region by implementing fintech innovations, promoting digital literacy, financial technology adoption, and partnerships between banks and fintech firms to enhance payment convenience and financial inclusion. For instance, in June 2025, EBANX partnered with Mexican fintech Aplazo, which specializes in Buy Now, Pay Later (BNPL) solutions, to expand flexible payment options in Mexico. This collaboration enables international online merchants to offer tailored financing to Mexican consumers via EBANX's platform. For the first time, Aplazo's BNPL service supported cross-border e-commerce, helping global companies reach more customers in Mexico. The partnership aims to boost digital commerce, reduce cart abandonment, and increase purchase frequency by offering more accessible and transparent credit options.

Key Players:

Major players in the mobile payment market include Mastercard Incorporated., Google LLC, JPMorgan Chase & Co, PayPal Holdings, Inc., Samsung Electronics Co., Ltd., Apple Inc., VISA, INC., One 97 Communications Ltd, Boku Inc., WeChat Pay Hong Kong Limited, Moneris Solutions Corporation, N26 Bank SE, Adyen N.V., Vodafone Group Plc., Klarna Bank AB, Monzo Bank Limited, Stripe, Inc., Block, Inc., One MobiKwik Systems Ltd., and Alipay. These companies are focusing on expanding their service offerings, strategic partnerships, and enhancing technological innovation, data-driven solutions, and sustainability practices in the mobile payment industry.

 Key Strategies Adopted by Competitors

• In June 2025, Dunkin' Donuts introduced a mobile payment option via Google Wallet, allowing customers to buy and reload virtual Dunkin' Donuts cards through its mobile app or website. This feature, available to Android users, enables secure and convenient payments without manually entering card details. Customers can use virtual cards at stores or drive-thrus, enhancing the brand's digital experience. This move is part of Dunkin's broader strategy to integrate mobile technology and improve customer convenience through innovations like mobile ordering and loyalty rewards.
• In August 2024, J.P. Morgan Payments collaborated with PopID to roll out biometric payment solutions across pilot merchants in the U.S., including brands like Whataburger. This initiative introduces pay-by-face technology, allowing customers to complete transactions using facial recognition, eliminating the need for phones or cards. The system also integrates with loyalty programs, enabling faster checkouts and improved customer engagement. PopID's research shows this can reduce transaction times by up to 90 seconds and increase average ticket size by 4%. This partnership combines J.P. Morgan's financial infrastructure with PopID's advanced biometric tech to enhance the retail experience.

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Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mobile payment market analysis from 2024 to 2034 to identify the prevailing mobile payment market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the mobile payment market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global mobile payment industry.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global mobile payment market trends, key players, market segments, application areas, and market growth strategies.

Mobile Payment Market Report Highlights

By End User

• Personal
• Business

By Transaction Mode

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

By Region

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

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