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Mobile Payment Market Share

Report ID: GMI6888
Published Date: Dec 2024
Report Format: PDF

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Mobile Payment Market Share

Mobile Payment Company Market Share, 2024

Alipay and WeChat Pay collectively held a substantial market share of over 6% in the mobile payment industry in 2024, a dominance primarily rooted in their overwhelming presence in China, the world's largest mobile payment industry. Alipay, launched by Alibaba Group, and WeChat Pay, developed by Tencent Holdings, have become integral to daily transactions in China, commanding approximately 90% of the country's mobile payment market.

Alipay's integration with Alibaba's extensive e-commerce platforms, such as Tmall and Taobao, has entrenched it as the default payment method for millions of users. Similarly, WeChat Pay benefits from its seamless incorporation into WeChat, China's most popular social app, facilitating effortless peer-to-peer transfers and in-app purchases.

Mobile Payment Market Companies

Major players operating in the mobile payment industry are:

Alibaba Group (Alipay)
American Express Company
Apple Inc.
Google LLC
Mastercard Inc.
Paypal Inc.
Samsung Group
Square Inc.
Tencent Holdings (WeChat Pay)
Visa, Inc.

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of mobile payment reached USD 1.25 trillion in 2024 and is set to grow at a 12.4% CAGR from 2025 to 2034, driven by the rapid growth of e-commerce.

The remote payment segment held around 60% of the market share in 2024, due to its ability to facilitate transactions without physical proximity, offering unmatched convenience and flexibility.

The U.S. market accounted for 85% of the revenue share in 2024 and is expected to exceed USD 856.3 billion by 2034, led by advanced technological infrastructure and high smartphone penetration.

The key players in the industry include Alibaba Group (Alipay), American Express Company, Apple Inc., Google LLC, Mastercard Inc., Paypal Inc., Samsung Group, Square Inc., Tencent Holdings (WeChat Pay), and Visa, Inc.