Mobile Payment Market Size

Mobile Payment Market Size

The global mobile payment market size was valued at USD 1.25 trillion in 2024 and is projected to grow at a CAGR of 12.4% between 2025 and 2034. The rapid growth of e-commerce has significantly contributed to the market. Online shopping platforms rely on secure and convenient payment systems, with mobile payments becoming a preferred option due to their ease of use and integration with digital wallets. Consumers find mobile payments particularly useful for quick checkouts and in-app purchases, making them an indispensable part of the e-commerce ecosystem.

To get key market trends

  Download Free Sample

For instance, in February 2024, Flipkart and PhonePe partnered to offer exclusive discounts and cashback benefits to customers who use PhonePe for their Flipkart purchases. Such collaboration incentivizes the use of digital wallets, benefiting both the e-commerce platform and the digital payment provider, while also streamlining the checkout process for customers.
 

Smartphones equipped with high-speed internet and mobile payment apps enable consumers to make seamless transactions. As smartphone penetration grows globally, even in emerging economies, it brings mobile payment capabilities to a broader audience. This accessibility has fueled the adoption of digital payment systems, especially among tech-savvy younger populations and underserved markets where traditional banking infrastructure is limited.
 

The demand for contactless payment solutions has surged, particularly during and after the COVID-19 pandemic. Consumers increasingly prefer secure and hygienic payment methods over cash or card swiping. Mobile payment technologies, such as Near-Field Communication (NFC) and QR codes, enable fast, touch-free transactions, making them highly attractive. Retailers and service providers are also upgrading infrastructure to accommodate this shift, further driving market growth.