Top 10 companies in the mobile payment market in 2024



Mobile payment companies have emerged as key actors in the ever-changing digital trading scene, changing the way financial transactions are performed. In this blog, we reveal the top 10 mobile payment companies that are at the forefront of this transformation.

From IT giants to financial powerhouses, each company is carving out a position in the market and influencing the trajectory of the industry. Join us as we explore their backgrounds, abilities, shortcomings, and contributions that brought them to the top.

Mobile payments involve making electronic financial transactions using a smartphone or tablet, eliminating the need for physical cash or traditional banking methods. This is facilitated through mobile wallets, near field communication (NFC), QR codes, and mobile banking apps, allowing users to conveniently make purchases, transfer money, and make peer-to-peer transactions.

Benefits include increased speed, convenience, and security, contributing to financial inclusion by providing accessible banking services. Popular services such as Apple Pay, Google Pay, and PayPal exemplify the widespread adoption of mobile payments in today’s digital economy.

The rapid expansion of the e-commerce market and increasing internet accessibility are driving the growth of mobile payments, with approximately 50% of global e-commerce payments being made via mobile wallets in 2022. Paytm has introduced Card Soundbox devices in India, allowing merchants to accept mobile and card payments across Visa, Mastercard, American Express, and RuPay networks.

Intense competition among payment service providers such as Google Pay, Alipay, and Amazon Pay is driving strategies such as loyalty programs and rewards to retain and attract customers. However, security concerns pose a major challenge, as resistance to new technology and the risk of cyber-attacks on personal data impact consumer trust in mobile payment methods.

The – Global mobile payments market size is $972.4 billion in 2022 and is expected to register a rapid sales CAGR of 14.3% during the forecast period. Increasing usage of contactless payments and increasing loyalty benefits in mobile environment are key factors driving revenue growth of the market.

world’s prominent companies offering mobile payments; Top 10 by revenue

  • Google LLC
  • Samsung group
  • Com Co., Ltd.
  • Apple Co., Ltd.
  • PayPal Co., Ltd.
  • Visa Co., Ltd.
  • MasterCard corporation
  • com
  • American Express Banking Corporation
  • Mobikwik System Co., Ltd.

Top 10 companies leading the world in the mobile payment market

  1. Com Co., Ltd. [Annual sales: $55.402 billion], Inc. , founded in 1994 by Jeff Bezos, is a global e-commerce and technology powerhouse. Initially an online bookstore, we have evolved into a diverse platform offering a wide range of products and services, including Amazon Prime, AWS, Kindle, and Alexa. Notable achievements include revolutionizing e-commerce, dominating cloud computing with AWS, and becoming one of the most valuable companies in the world.

In the mobile payments market, Amazon stands out with its Amazon Pay service, which enables seamless payments on third-party websites and leverages Alexa integration for voice-enabled transactions. Recent developments include a surge in demand during the COVID-19 pandemic and the appointment of Andy Jassy as CEO in 2021. With its extensive e-commerce ecosystem and innovative solutions, Amazon continues to be a key player in shaping the future of digital commerce.

  1. Google LLC [Annual revenue: USD 27.813 billion]

Founded in 1998, Google LLC is a tech giant known for its diverse services. In the mobile payments market, Google’s major player is Google Pay, which offers a secure and seamlessly integrated solution within the Android ecosystem.

Google Pay is notable for its global presence, innovative features, and commitment to privacy, and continues to improve the user experience through partnerships and feature updates, making an important contribution to the evolution of digital payments. .

  1. Samsung Group [Annual sales: $19.398 billion]

Samsung Group Founded in 1938, the South Korean conglomerate is known for its diverse portfolio including electronics, finance, and heavy industry. Samsung, which particularly excels in the technology field, is a leading player in smartphones, with its Galaxy series setting industry standards.

In the mobile payment market, Samsung Pay stands out due to its dual compatibility with NFC and MST technology, offering users flexibility at the payment terminal. The platform’s commitment to security, incorporating biometric authentication and tokenization, further strengthens its appeal and makes Samsung Pay a competitive and innovative player in the mobile payments industry.

  1. com[Annual sales: $12.6491 billion], launched in 2004 by Alibaba Group, has grown from an online payment platform to a global fintech giant. Famous for its mobile payment services, digital wallets, and rich financial services, Alipay dominates the Chinese market and is expanding its influence around the world.

Noted for innovations such as QR code technology and AI integration, Alipay’s recent developments include blockchain exploration and strategic partnerships. Its user-friendly interface and comprehensive financial ecosystem make it a key player in the dynamic landscape of global mobile payments.

  1. Apple Inc. [Annual sales: $9.595 billion]

Apple Inc. , founded in 1976, is a global high-tech powerhouse known for pioneering products such as the iPhone, iPad, and Mac. The company’s mobile payment solution, Apple Pay, stands out because it leverages the company’s commitment to privacy and ecosystem-wide integration to enable secure, seamless transactions.

Recent developments include the transition to Apple silicon chips and ongoing iOS updates. With a history of breakthroughs and a focus on user-centered innovation, Apple continues to be a leader in the technology industry.

  1. American Express Banking Corporation [Annual revenue: $5.851 billion]

American Express , founded in 1850, is a global financial services company known for credit and charge cards, travel services and financial management. Although not a traditional bank, it excels in innovation, customer service, and global acceptance. In the mobile payments market, American Express leverages secure transactions, attractive rewards programs, and wide international acceptance, making it a trusted and globally recognized mobile

  1. PayPal, Inc. [Annual sales: $2.912 billion]

PayPal, Inc., founded in 1998, is a worldwide leader in online payments renowned for its user-friendly platform and wide reach. Initially a digital wallet, it has evolved into a comprehensive payments ecosystem, offering services such as peer-to-peer transactions through Venmo and business solutions through Braintree.

Notable outcomes include the impact on the proliferation of online payments and forays into cryptocurrencies in 2020. PayPal’s “Checkout with Crypto” focus on mobile payments and commitment to security strengthens its position as a dominant force in the evolving digital payments landscape.

PayPal announced secure payments to users on March 23, 2023, with passkeys for Apple iOS and Google Android devices starting with Android Mobile Web as a safe and secure login mechanism for eligible PayPal clients. has been introduced.

  1. Mastercard Corporation [Annual sales: $24.37 billion]

MasterCard Co., Ltd., founded in 1966 as the Interbank Card Association, is a global financial services company pioneer in electronic payments. The company’s mobile payment solutions include credit cards, debit cards, prepaid cards, digital wallets, and contactless options.

MasterCard values ​​innovation and consistently introduces advances such as biometric authentication and tokenization to ensure both global reach and robust security measures. Through strategic partnerships and a commitment to adapting to evolving consumer preferences, MasterCard offers a comprehensive and secure suite of solutions to

  1. Visa Co., Ltd. [Annual sales: $8.6 billion]

Visa Co., Ltd. is a global financial services company known for its pioneering role in electronic payments. Originally founded in 1958, it has evolved into a key player with a vast network facilitating credit and debit transactions worldwide. Focused on innovation, Visa actively engages in the mobile payments market, emphasizing global reach, stringent security measures, and contactless payment solutions.

Recent developments include strategic partnerships and investments in fintech to stay ahead in a dynamic environment, making Visa a prominent and secure choice in the digital and mobile payments space.

Visa announced collaboration with PayPal and Venmo to launch Visa+ on April 11, 2023. This innovative service claims to allow users to easily transfer payments between different peer-to-peer (P2P) digital payment apps quickly and securely.

Through this collaboration, Visa+ will expand its audience and connect gigs, and creators, Enabling a variety of use cases, including marketplace payments. Neo-banks, digital wallets, and other payment apps with millions of users in the US can now enable interoperability through Visa+.

  1. MobiKwik System Limited [Annual revenue: $540 million]

Mobikwik Systems Ltd. Founded in 2009, the Indian fintech company has evolved from a mobile recharge platform to a comprehensive digital wallet and financial services provider. Offering a user-friendly interface, the platform enables digital payments such as mobile recharge, bill payments, and online shopping.

MobiKwik’s diverse services span payment gateways, financial products such as loans and insurance, and support for UPI transactions. The company stands out in the mobile payments market with its focus on security, innovative features, and commitment to facilitating cashless transactions.


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