Mobile Payment Market Expected to Reach $12.06 Trillion by 2027

Mobile Payment Market

Report Code : A01449

quote Near Field Communication (NFC) segment is expected to experience significant growth in the coming years, owing to increase in need for better connectivity between devices and surge in production of NFC-based smartphones. quote

Pramod Borasi
Research Analyst, BFSI at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       

According to a recent report published by Allied Market Research, titled, “Mobile Payment Market by Payment Type, Transaction Mode, End User, Purchase Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global Mobile Payment market size was valued at $1.48 trillion in 2019, and is projected to reach $12.06 trillion by 2027, growing at a CAGR of 30.1% from 2020 to 2027.
The main purpose of mobile payment is to eliminate the need to carry cash, credit cards, and debit cards for doing any kind of transaction.  In addition, numerous benefits provided by Mobile Payment include, high security, hassle free transaction, faster transaction processing speed and others. Furthermore, rise in penetration of smartphones across the globe and growth in the m-commerce industry in emerging countries are the major factors driving the mobile payment market growth. 

In addition, upsurge in adoption of mobile payment services in emerging countries fuels the growth of the market. Furthermore, rising data breaches and security issues in Mobile Payment hampers the growth of the market. Furthermore, growth in usage of NFC, RFID and host card emulation technology in Mobile Payment and rise in demand for fast and hassle-free transaction services is expected to provide lucrative opportunity for the mobile payment market.

The mobile web payments segment is expected to garner a significant share during the forecast period. Mobile web payments mode of payment is the most popular and preferred method of making mobile payment as users only need a smartphone which drives the growth of the market in this segment. However, the near field communication segment is expected to witness growth at the highest rate during the forecast period, owing to varied features such as higher security, faster transaction processing and growing demand among the end users.

Region wise, the Mobile Payment market was dominated by Asia-Pacific is expected to witness the highest growth rate during the forecast period owing to growth in mobile commerce industry and rise in demand for mobile payment solutions among the youth of emerging countries of Asia-Pacific.

Though COVID-19 crisis continues to disrupt many industries, it has opened opportunities for high adoption of digital transformation approaches among which wearable payments services have gained high importance and adoption. When state-and country-wide lockdowns initiated at the beginning of 2020, demand for contactless payments and Mobile Payment increased due to rise in cases of coronavirus patients across the globe. Furthermore, various key players of the market are introducing new strategies to enhance the customer experience and to improve their market share in the pandemic situation.

Key Findings Of The Study

  • By payment type, the remote segment accounted for the highest Mobile Payment market share in 2019.
  • Region wise, Asia-Pacific generated the highest revenue in 2019.
  • Based on end user, the personal segment accounted for the highest Mobile Payment market share in 2019.
  • By purchase type, money transfers & bill payments generated the highest revenue in 2019.

The key players profiled in the Mobile Payment market analysis are American express company, Apple Inc., Google, LLC, JPMorgan Chase & Co, Mastercard, One97 Communications Limited, PayPal Holdings, Inc., PayU, Samsung and Visa Inc.


Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com


For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample

First time buyer?
Check offers and discount on this report
To get this report

Click Here

quote Mobile Payment Market by Payment Type (Proximity and Remote), Transaction Mode [Mobile Web Payments, Near-Field Communication, Short Message Service (SMS)/Direct Carrier Billing, and Others], End User (Personal and Business), Purchase Type (Airtime Transfer & Top-ups, Money Transfers & Bill Payments, Merchandise & Coupons, Travel & Ticketing and Others), Application (Media & Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

View Report

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.




To ensure high-level data integrity, accurate analysis, and impeccable forecasts


For complete satisfaction


On-demand customization of scope of the report to exactly meet your needs


Targeted market view to provide pertinent information and save time of readers


Featured Readings


Published Date Jul 2024

Body Mist Market

Download Sample

Published Date Jul 2024

Crop Reinsurance Market

Download Sample

Buy Full Version
"Mobile Payment Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction


On-demand customization of the scope of the report to exactly meet your needs


Targeted market view to provide pertinent information and save the time of readers