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Mobile Payment Market Trends

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

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Mobile Payment Market Trends

AI is increasingly being utilized to enhance mobile payment platforms, particularly in fraud detection and personalized user experiences. By analyzing transaction patterns, AI can identify and mitigate fraudulent activities in real-time, bolstering security. Additionally, AI-driven insights enable the customization of services, offering tailored promotions and recommendations to users, thereby improving customer engagement and satisfaction.

The adoption of contactless payments and digital wallets has surged, driven by consumer demand for convenience and hygiene, especially post-pandemic. In the UK, for instance, one in three consumers used mobile contactless payments monthly in 2023, reflecting a significant shift towards digital transactions. This trend is expected to continue as more retailers and service providers support contactless payment options.

Governments and regulatory bodies are increasingly focusing on the mobile payment sector to ensure security, interoperability, and consumer protection. Initiatives like the Unified Payments Interface (UPI) in India have standardized mobile payments, fostering widespread adoption. Such regulatory frameworks are crucial in building trust and facilitating seamless transactions across different platforms and regions.

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.