Mobile Payment Innovation – Usage, Growth and Future Forecast, 2024

Reasons to buy the ‘Mobile Payment Innovation’ report:

• This report provides an overview and analysis of the current state of the mobile wallet space.
• It examines the market’s size on a global and country level, what drives consumers to adopt and use mobile wallets, and what deters those averse to them.
• The report looks at how the market has developed over the last few years and how mobile payments will evolve and change in the future.

How is our ‘Mobile Payment Innovation’ report unique from other reports in the market?

• Understand the mobile wallet adoption and usage based on GlobalData’s annual Financial Services Consumer Survey.
• Learn about how the mobile wallet has developed over the years around the world.
• Discover what the payment industry heavyweights are planning for the future using biometric authentication.

We recommend this valuable source of information to anyone involved in:

• ​​​​​Mobile/ Digital/ Online Payment Technology Leaders and Startups
• Banks, Bankers – Banking Valuechain
• Financial Service Agencies
• Business Development and Market Intelligence
• Investment Analysts and Portfolio Managers
• Professional Services – Investment Banks, PE/VC Firms
• M&A/Investment, Management Consultants, and Consulting Firms

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Mobile Payment Innovation Report Overview

The adoption and usage of mobile wallets have witnessed exponential growth over the years in many parts of the world. The evolution over time has led to the development of two different mobile payment systems, which are QR and NFC-based authentication methods. Additionally, in some markets, the concept of mobile wallet-based super apps has popped up, combining functions such as taxi-hailing, food ordering and delivery, bill payments, and travel ticketing.

As the mobile wallet is a game changer in the area of payments, it is interesting to find out how the payment environment will further change going forward. With technological advancements in biometrics, there are many strong indications that payments with the palm will be the next big thing in the payment space. Many payment industry heavyweights such as Mastercard and Visa are launching their palm payment systems.

The ’Mobile Payment Innovation – Usage, Growth and Future Forecast, 2024’ report provides an overview and analysis of the current state of the mobile wallet space. It examines the market size on a global and country level. The report also looks at the factors driving consumers to adopt and use mobile wallets as well as the obstacles deterring them. Additionally, the report looks at the development of the market over the last few years and covers how mobile payments will evolve and change in the future.

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Mobile Payment Innovation - Market Dynamics

Mobile payments to date have come a long way and have made a significant impact on cashless payments. The concept of using the mobile phone as a platform for digital wallets dates back almost 30 years. Digital payments in the market later evolved into mobile wallets. Markets, where consumers predominantly used cash or were financially underserved, resorted to mobile as a platform to provide digital payments over the phone.

Back when mobile payments started to emerge, there was a debate regarding whether NFC or cloud-based payment networks were going to set the standard. Many entities, such as mobile carriers and banks, wanted to integrate themselves within the market, which was traditionally dominated by schemes such as Visa and Mastercard. While mobile wallets will not disappear from the proximity payment environment going forward, phones will not be the sole platform for cashless proximity payment as technology developments progress into other spaces.

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Mobile Payment Innovation - Usage Growth and Future Forecast

Mobile wallet use has led to a decline in cash payments that will continue until 2028. Meanwhile, digital payments and the proliferation of affordable smartphones have accelerated the adoption of mobile wallets. However, based on regional data, the growth is almost entirely confined to Asia-Pacific, mainly due to its large population.

The pandemic has popularized digital payments in the Americas as well, leading to a shift towards the adoption of mobile wallets in the region. A large pool of younger users carrying a mobile wallet to make transactions and receive payments is partly responsible for the mobile wallet growth in the Americas.

Mobile Payment by Value (USD) / Data Index of 100 (2014)

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Mobile Payment Innovation - Understanding Consumers

The mobile payment adoption has grown across all age groups as more people are exposed to it. However, the younger generations are leading the transition from traditional (plastic, paper) instruments to mobile. Although the older consumer segment is slower to adopt the payment method, the prominence of mobile payments in the market is encouraging this demographic to try them out.

There are still consumers in the market who fail to see the advantages of using mobile wallets and are hesitant to use them. Some mobile payment platforms offer rewards, cashback, and loyalty programs as effective ways of incentivizing consumers to try out mobile wallets.

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Mobile Payment Innovation - Competitive Landscape

A few of the leading players associated with mobile payment innovation are Papara, WeChat, Alipay, Grab, and others. Some of these services started as payment platforms and later integrated financial services and other areas of payments including public transport; utility, rent, and mobile service payments; and more.

Papara includes an in-app chat function for app interaction and personal chats. Users can not only request and send money in chat and share transactions with their contacts, but they can also use it socially. This platform incorporates a growing financial product suite that users can customize, which is very appealing to Gen Z’s need for convenience and hyper-personalization. The platform includes a partnership with DriveWealth that allows for hyper-customized investment portfolios.

Mobile Payment Innovation Analysis by Players

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Key Highlights

• While security is still a concern for consumers who are averse to mobile payments, they have been exposed to such payment methods long enough that these concerns have fallen off the top reasons they avoid paying by mobile.
• There are still segments of the market that cannot see the advantages of using mobile wallets, and they need to be handheld and shown the way.
• The fastest way to get consumers to try out mobile payments is to offer them incentives such as cashback rewards for using mobile payments.