Frequently asked questions
The rising adoption of the e-commerce industry in emerging countries such as India and China has a high penetration of smartphones and increasing 3G or 4G connectivity users. Additionally, both countries account for more than one-third of the world‘s population, thus posing the maximum market potential for mobile payment. The rising internet penetration for online shopping is expected to propel market growth further. Furthermore, the increasing popularity of sound wave-based mobile payments .
The global Mobile Payment Market is anticipated to grow at a substantial CAGR of 27.80% in the upcoming years. The global Mobile Payment industry was estimated to be worth USD 1548.2 billion in 2021 and was expected to be worth USD 6745.46 billion by 2028.
The Asia Pacific dominates the largest market share. The increasing adoption of digital wallets and QR code services increased exponentially after the government demonetization action. Also, government initiatives such as digitalization are expected to boost the market in India further. China is expected to attain the maximum revenue share in the Asia-Pacific region. Furthermore, this region has become a valuable market for high adoption prices of smartphones and the rising trend of digitizatio
Some of the major players in the market are FIS, Gemalto (Thales Group), MasterCard, Alipay (Ant Group), Visa, Apple, Google, Samsung Electronics, Bharti Airtel, American Express, Bank of America, Citrus Payment Solutions, LevelUp (Grubhub Inc.), MobiKwik, One97 Communication, Orange, Oxigen, Square, Venmo (PayPal, Inc.) and ZipCash Card Services.
In 2021, the remote segment will dominate the market. The popularity of remote payment is increasing owing to the COVID-19 pandemic the remote payment does not require direct interaction while making payments.