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Mobile Payment Market Trends

Report ID: GMI6888
Published Date: Oct 2023
Report Format: PDF

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Mobile Payment Market Trends

Increasing investments in AI for fraud detection is a key factor driving the market growth. Businesses are dedicating substantial resources to develop sophisticated AI systems capable of detecting and preventing fraud in real-time. For instance, in August 2023, Paytm stated, in its latest annual report, that it is investing in Artificial Intelligence (AI) to develop an Artificial General Intelligence software stack. Through this initiative, the firm aims to serve the market and establish a sustainable & profitable business. This AI system aims to assist financial institutions by identifying potential risks and frauds. Additionally, it will safeguard them from emerging risks resulting from advancements in AI technology.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Market size for mobile payment was valued at USD 965.9 Billion in 2022 and is estimated to register a CAGR of over 14.5% between 2023 and 2032, backed by the exponential rise in smartphone ownership globally.

The remote payment segment held a market share of around 60% in 2022, owing to the ability to make transactions from anywhere & at any time for hassle-free financial interactions.

Asia Pacific led the global mobile payment industry with a major share of around 46% in 2022 and will continue to show growth trends, backed by the government initiatives that actively promote digital payments as part of their broader financial inclusion strategies.

Apple Inc., Google LLC, Mastercard Inc., Paypal Inc., Samsung Group, Visa, Inc., and WeChat (Tencent Holdings Limited) among others.