"Google LLC, Samsung Group, Amazon.com Inc., Apple Inc., Paypal Inc., Visa Inc., American Express Co., Orange SA, Alipay.com Co. Ltd., and Mahindra ComViva [Description of Report] The mobile payments market was valued at USD 1449.56 billion in 2020 and is anticipated to reach USD 5399.6 billion by 2026, growing at a CAGR of 24.5% over the forecast period (2021-2026). PayPal, Samsung Pay, Apple Pay, AliPay, and WeChat Pay are just a few of the mobile payment applications that businesses and services around the world are rapidly adopting and integrating to accept payments. This trend is expected to continue for many years to come due to the rapid growth of online retailing, daily commerce, and a changing lifestyle.

Highlights Mobile phones, particularly smartphones, have become a necessity for individuals due to the rapidly expanding global economy. In a similar vein, the internet has also become an integral part of many people's daily lives. The mobile payment market is expanding as a result of this increase in smartphone and internet usage worldwide.
Due to the significant expansion of the sector, the businesses are making significant investments in mobile payment technology. For instance, WhatsApp is collaborating with ICICI Bank to introduce a mobile payment feature through UPI in the Indian market.
A huge opportunity for vendors is the fact that numerous governments are also encouraging banks to construct infrastructure to enable safe and secure mobile payments in rural areas.
The industry faces a significant challenge in bridging the gap between awareness and use of this technology.
The e-commerce industry is in a booming phase thanks to the growing number of mobile devices worldwide and high-speed cellular networks. Key Market Trends E-commerce to Drive the Mobile Payments Market
The rising number of information examination devices and huge information investigation are assisting the merchants with redoing their contributions expanding the chance of a deal.
As indicated by the Web based business Establishment, over 25% of the buyers buy week after week by means of cell phones, where the vast majority of the buys being made structure retailer's application or site.
This scenario is anticipated to further boost the mobile payments market due to the growing number of omni-channel vendors worldwide, particularly in Asia-Pacific nations like India and China.
The digital payments market in India is estimated to be worth USD 200 billion and will reach USD 1 trillion by 2023, according to a Credit Suisse report. The market is becoming quite appealing for other businesses to establish their services as a result of the entry of companies like Paytm and Google Pay.
Additionally, Computerized India crusade drove by the public authority is empowering individuals to utilize the advanced assistance and installments. With a population of 1.32 billion, Indians are slowly changing and becoming interested in digital services, paving the way for the mobile payment market.
New Market Opportunities for Mobile Payments in the Asia-Pacific Region The Asia-Pacific region is increasingly being adopted for its electronic payment models. The mobile payment market is expanding in countries like India, Japan, China, and Australia by providing a stable ecosystem.
The recent demonetization law in India has raised awareness of alternatives to cash, which is the primary mode of transaction across the Asia-Pacific region.
In 2018, Visa Inc. claims that the company sold more than 20 million contactless cards in India. The organization additionally uncovers that the contactless installment strategy and QR exchanges make over 25% of the exchanges handled by Visa in India.
On the other hand, nations like Australia are developing into market leaders in mobile payment. Visa Inc. says that 79% of transactions in the country are done electronically, leaving only 21% in cash.
Serious Scene
The portable installments market is pushing toward a divided state because of the rising unmistakable quality and convenience of versatile installments and passage of new players in this succeeding business sector. Google LLC, Samsung Group, Amazon.com Inc., Apple Inc., PayPal Inc., MasterCard PLC, Visa Inc., American Express Co., Mahindra ComViva, Orange SA, Tencent Holdings Ltd., and Alipay.com Co. Ltd. are some of the major players in the market. In April 2019, Orange launched its first "Orange Digital Centre" in Tunisia, where it is participating in the digital transformation of Africa and the Middle East.
In February 2019, Visa and Planeta Informatica announced the availability of brand-new technology that makes it easier and cheaper than ever for public transportation operators worldwide to implement contactless payments.