The "2024 Global Mobile Payment Industry Report" released by GSMA (Global System for Mobile Communications Association) shows that global mobile payment services are growing exponentially. According to statistics, in 2023, global payment transactions will increase by 14% year-on-year, equivalent to a flow of US$2.7 million per minute; mobile payment transaction volume will increase by 23% year-on-year to US$85 billion per year. In 2023, the number of registered mobile payment accounts worldwide reached 1.75 billion, an increase of 12% from 2022. Although the annual growth rate of registered mobile payment accounts is slowing down (from 15% in 2022 and 19% in 2021), this reflects that global mobile payments are maturing.

According to an industry research report released by market research firm Mordor Intelligence, the mobile payment market size is expected to reach US$94.51 billion in 2024 and is expected to reach US$408.96 billion by 2029, with a compound annual growth rate of 34.04% during the forecast period (2024-2029). Mobile payment companies are major players in the market and play an irreplaceable role in the development of the digital economy. In recent years, many IT giants and financial giants have joined the mobile payment market and shared the fierce competition.

Amazon pay——a rich mobile payment provider

Amazon achieved revenue of $574.8 billion in fiscal 2023 and is a well-deserved giant mobile payment manufacturer. Amazon uses its many platforms, including Amazon Prime, AWS, Kindle and Alexa, to make its mobile payment business stand out. Make seamless payments on many third-party websites and use Alexa's integration for voice-activated transactions. With its extensive e-commerce ecosystem and innovative solutions, Amazon is a key player in shaping the future of digital transactions.

Alipay-a leader in China's mobile payment market

Alipay is China's leading third-party payment platform, operated by Ant Group (formerly Alibaba). Its parent company Alibaba had revenue of $126.491 billion in fiscal 2023. Alipay has always been a pioneer and innovator in the mobile payment market, constantly launching new payment methods to facilitate people's lives, such as scan code payment, touchless payment, voiceprint payment, etc. These technological innovations have improved the convenience and security of payments and promoted the development of the mobile payment market. Globally, Alipay actively promotes its payment services, providing Chinese tourists with convenient overseas payment solutions.

Apple Pay - A tech giant that seizes the opportunity in the mobile payment market

Apple Pay is an exclusive payment service developed and used by Apple. Apple is a global technology giant known for its pioneering products such as iPhone, iPad and Mac. Their mobile payment solution Apple Pay has entered people's lives based on mobile electronic devices that occupy a very high market share. It is known for its secure and seamless transactions and takes full advantage of the company's commitment to privacy and integration of the entire ecosystem. As one of the three largest giants in the world by total market value, Apple has always attracted the attention of investors.

American Express Banking Corporation - A traditional mobile payment giant

Founded in 1850, American Express Banking Corporation is a global financial services company known for its credit and charge cards, travel services and financial management, with annual revenue of US$58.11 billion. For the mobile payment market, American Express uses its secure transactions, attractive rewards programs and wide international recognition to make it a user seeking a trusted and globally recognized mobile payment solution.

Paypal - A mobile payment platform with extensive coverage

Founded in 1998, Paypal is a global leader in online payments, known for its user-friendly platform and wide coverage. Initially a digital wallet, it has now grown into a comprehensive payment ecosystem, providing services such as peer-to-peer transactions through Venmo and business solutions through Braintree. Notable achievements include its impact on popularizing online payments and its entry into cryptocurrency in 2020. Focusing on mobile payments, PayPal's "Checkout with Crypto" and commitment to security have solidified its position as a leading force in the growing digital payment space.

Visa - A leader in pioneering payment technology

Visa is a global payment technology company with a payment network covering more than 200 countries and regions around the world, working with more than 15,000 financial institutions to provide payment solutions to billions of cardholders and merchants. Visa processes all types of electronic payment transactions through its payment network, including credit and debit card payments, prepaid cards, electronic transfers, etc. Visa's technology and infrastructure support secure and efficient payment processing worldwide. It has launched connected payment technologies (such as Visa payWave), digital payment solutions and AI-based security measures to enhance user experience and payment security.

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