How big is the mobile payment industry?
Mobile Payment Market size is valued at USD 965.9 Billion in 2022 and is estimated to register a CAGR of over 14.5% between 2023 and 2032. The exponential rise in smartphone ownership globally serves as a fundamental catalyst propelling the mobile payment industry expansion.
How big is the mobile payment market?
Global Mobile Payments Market: Overview
USD 43.11 billion in the year 2021 and USD 55.34 billion in the year 2022. The market is expected to reach USD 587.52 billion by the year 2030.
How big is the payment industry market?
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 102.60 Billion |
| Market Size in 2032 | USD 510.30 Billion |
| CAGR | 17.4% |
| No. of Pages in Report | 236 |
What is the largest mobile payment company?
In India, there is a three way competition for market share between Paytm, PhonePe and Google Pay. Paytm is the largest in terms of users and transactions, however, PhonePe and Google Pay process more UPI payments. Apple Pay and Google Pay are the two global payment solutions, with Samsung Pay a distant third.
What is the growth forecast for mobile payments?
The global Mobile Payments market size was valued at US$ 1694358.89 million in 2021 and is expected to expand at a CAGR of 28.2% during the forecast period, reaching US$ 7520693.28 million by 2027.
How many people use mobile payments in the US?
1 Mobile payments use has become widespread: Forty-six percent of U.S. consumers report having made a mobile payment, which translates to approximately 114 million adults.
What is the largest payment processing platform?
| Acquirer | Transactions (billions) | % of 2021 |
|---|---|---|
| J.P. Morgan Payments | $1,181.69 | 67.90% |
| Wells Fargo | 642 | 87.40% |
| Worldpay from FIS | 470.85 | 30.10% |
| Elavon | 151.97 | 43.20% |
Is payments a growing industry?
The last five years of growth in the global payments industry has been propelled by the ongoing cash-to-non-cash conversion, a rise in non-transaction revenue such as deposit-related income, the accelerated adoption of digital commerce, and the expanding implementation of modern payments infrastructure.
What is the strongest current trend in payment processing?
- The increase in global cashless payment volumes.
- The acceleration of cross-border, cross-currency instant and B2B payments.
- The use of data and analytics to streamline the customer journey.
- Innovations in security measures to reduce digital payments fraud.
How big is the US payment gateway market?
| Report Attribute | Specifications |
|---|---|
| Market size value in 2022 | USD 29.65 Bn |
| Revenue forecast in 2031 | USD 162.68 Bn |
| Growth rate CAGR | CAGR of 21.12% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
Which is the No 1 payment app in the world?
| Company | Operating System |
|---|---|
| PayPal Best for Ease of Use and Convenience | iOS and Android |
| QuickBooks Online Mobile Best for Small Business | iOS and Android |
| Wise Best for International Payments | iOS and Android |
| Stripe Best for Freelancers | iOS and Android |
Which country has the most mobile payments?
China is the leader when it comes to mobile payments, with 87.3% of the population reported to use contactless payment methods. However, the US saw the greatest increase in adoption within the two year period, rising from 29% to 43.2% and overtaking India.
What is the No 1 payment gateway?
PayU. PayU is one of the top payment gateways in India, which supports 150+ modes of payment including UPI, net banking, debit and credit cards, and static and dynamic QR. The payment gateway allows businesses to accept payments in multiple currencies.
How big is the mobile app market in 2025?
Marketing Excecutive
The mobile application development platforms market is projected to grow at a rate of 30.2% between 2019 and 2025, bringing the total market value to USD 34,768 million by 2025.
What is the future of digital payments?
The Unified Payment Interface (UPI) and digital payment methods have transformed how small businesses transact, increasing convenience and cost savings. The digital payments market of India is expected to grow at a CAGR of 50% and exceed 400 billion transactions in FY2026–27, up from 100 billion in FY2022–23.
What is the future of online payments?
GlobalData forecasts a compound annual growth rate of 19.9% for mobile wallet payments with digital wallet usage predicted to reach 60% of the world's population by 2026. Businesses must be prepared to offer a variety of wallet solutions tailored to their customers and target audience.
What is the most used digital payment?
| Top Used Payment Methods in 2021 | ||
|---|---|---|
| Payment Method | E-commerce Usage | POS Usage |
| Credit Card/Charge Card | 21% | 24% |
| Debit Card | 13% | 23% |
| Bank Transfer | 7% | – |
Which mobile is used most in USA?
- 1 iPhone 12 Pro60%
- 2 Samsung Galaxy S21+ 5G58%
- 3 Samsung Galaxy S21 Ultra 5G56%
- 4 Samsung Galaxy S21 5G55%
- 5 Samsung Galaxy S10+54%
- 6 Galaxy S854%
- 7 iPhone 1253%
- 8 Samsung Galaxy S20 Ultra52%
Who are the big players in the payments industry?
The backbone of the payment industry is the card brands - Visa, Mastercard, American Express, and Discover - they are responsible for the networks that connect all the players.
What is the most popular payment method worldwide?
Cards are still the most-used payment method, with American Express, Mastercard, Visa as large global card schemes. Even though they're recognized globally, other payment methods like online banking, direct debit, digital wallets, or Buy Now Pay Later (BNPL) are more common elsewhere.
What is the fastest payment method in the world?
Wire Transfers
A wire is the simplest global payment method because it requires no middleman to handle the transfer, and the fastest method, as funds are received by the payee on the same day, or within 1-2 business days.
What is next in payment industry?
As we continue navigating the digital age, blockchain technology, mobile payments, cashless payments, and AI-driven fraud detection are among the top trends revolutionizing the future of the payment processing industry. Blockchain promises enhanced security and transparency, making it a potential game-changer.
What is the future of payments in 2024?
In 2024 we expect more merchants will take pay-by-bank live as part of their cost optimization efforts. While bill pay will continue to be the preeminent use case, acceptance is poised to grow in traditional e-commerce verticals like apparel and marketplaces.
What is the next generation payment technology?
Next-generation payment technologies encompass a spectrum of innovative solutions, including but not limited to, contactless payments, mobile wallets, blockchain-based systems, biometric authentication, and tokenization.
Who is the leader in payment processing?
Market share of online payment processing software on web domains worldwide 2024. In February 2024, PayPal continued to dominate the market for online payment processing technologies worldwide, holding a market share of 45 percent.
