Top 10 Mobile Payment Companies Leading the Global Mobile Payment Market in 2019

mobile payment companies

The proliferation of mobile phones, tablets, laptops, and many other associated digital technologies has revolutionized the world and every aspect of our lives including travel, communication, business, and almost every other thing that we do today. However, one thing which recently took the world by storm is the emergence of mobile payment apps and online payment platforms launched by many world’s leading mobile payment companies. Indeed, the simple, convenient, and secure mode of transacting money has grabbed the consumer’s attention across the world, inspiring several small and global tech brands to enter the business and reap the benefits of the booming mobile payments market.

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Global Mobile Payments Market Analysis

Mobile devices have gained immense popularity and consumers are increasingly downloading mobile payment apps on their devices. The global mobile payment market is expected to grow at a CAGR of close to 36 % over the next five years. The market is witnessing an increase in the demand for mobile payment in APAC, owing to its large customer base and increasing adoption of mobile wallets such as Alipay, followed by the Americas and EMEA. According to Technavio’ s market research analysts, NFC will hold to largest market share of more than 27% by the end of the forecast period, thanks to its ease of use and improved security options.

Top 10 Mobile Payment Companies in the World 2019

Alibaba Group

China is touted as the world’s fastest-growing mobile payment market with many world’s leading mobile payment companies, including Tencent and Alibaba dominating the industry. Alibaba, the e-commerce giant has been dominating China’s digital payments market since the launch of its third-party online payment platform; Alipay in 2004. Alipay accounts for more than half of China’s online transactions with over 600 million Alipay registered users. After China became an almost cashless society, Ant Financial (Alipay’s parent company) has been expanding its services to global markets including Thailand, France, Canada, India, Pakistan, Italy, Malaysia, South Korea, and the United States.

Alibaba’s Strategic Initiatives

  • Alipay formed a partnership with SnapPay in 2017 to allow Canadian enterprises to accept Chinese currency from shoppers.
  • In April 2017, Ant Financial acquired helloPay, the Singapore-based payment service Group to boost Alipay’s presence in the region.
  • In September 2016, the company acquired EyeVerify to win approval from Americans merchants by creating advanced security.

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Apple Pay

Apple Pay, the fastest-growing contactless payments platform developed by Apple for iPhone users to securely make payments is enjoying huge success in the overseas market with 85 % of the total users being international and 15% in the US. Apple Pay is available in the United States, Canada, Australia, Russia, UAE, Singapore, Taiwan, Hong Kong, Japan, New Zealand, United Kingdom, China, along with various European countries. The leading mobile wallet supports most major debit or credit cards, including, Mastercard, Visa, UnionPay, American Express etc. Apple Pay today has approximately 252 million users, that equates to more than 31 percent of the active iPhone users, making Apple Inc. one of the world’s largest mobile payment companies.

Apple’s Strategic Initiatives

  • Apple Pay partnered with MasterCard even before its launch to use their advanced payment security solutions.
  • The largest mobile wallet brand also partnered with American Express and Visa to increase its user base.

Google Pay

The blend of Android Pay and Google Wallet in January 2018 led to the formation of a digital payment platform; Google Pay, a single brand for in-store, in-app, online, and peer-to-peer payments. Until now, Android Pay was used as a platform to make online and retail purchases, and Google Wallet was a digital channel for friends and families to transfer money using a debit card. With this move, Google intends to streamline its operations to become one of the leading mobile payment companies in the world, much like Samsung Pay and Apple Pay.

Google’s Strategic Initiatives

  • In 2017, Google acquired several companies including Crashlytics, Redux ST, 60dB, and AlMatter.
  • Google also acquired tech brands such as Onward, Cask, GraphicsFuzz, Velostrata, Tenor Inc, and Xively in 2018.

Samsung Pay

Samsung Pay was first launched in South Korea in 2015 by the world’s consumer electronics company; Samsung with aims to provide an easy and secure platform for smartphone users to make payments. Today, the mobile payment app is available in around 15 countries across the world including the US, China, Spain, Australia, India, and Sweden. Samsung Pay allows users to make payments with debit and credit cards; mobile wallets, such as Paytm; and a unified payment interface using a single app.  Samsung claims that its mobile payment platform has produced over 1.3 billion transactions worldwide.

Samsung’s Strategic Initiatives

  • Samsung has more than 2000 banking and financial partners worldwide.
  • Samsung acquired LoopPay in 2015 to use their mobile payment technology before launching Samsung Pay.
  • Samsung Pay recently partnered with ChasePay, a mobile wallet product of JP Morgan Chase.

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PayPal is one of the world’s top mobile payment companies owned by one the most recognized e-commerce companies; eBay. The platform allows customers to securely pay for their online purchases across the world. The company became a world leader in online payment services with over 153 million accounts globally. The PayPal mobile payment platform facilitates e-commerce by providing payment options across 190 markets, languages and 24 currencies. eBay’s e-commerce payment brand was renamed from Corp. to PayPal in 2000. PayPal is able to surpass its competitors mainly because of its extensive acquisitions. As of today, PayPal has acquired 17 companies to boost its online payment business.

PayPal’s Strategic Initiatives

  • In Sep 2018, PayPal acquired the Sweden-based mobile payments company; iZettle for $2.2 billion and
  • The company also acquired Simility, a California-based Machine Learning and Fraud Detection platform in June 2018.
  • PayPal also acquired TIO Networks and Swift Financial in 2018.


Founded in 2009 by Jack Dorsey, Square is currently one of the leading mobile payment companies in the United States, Japan, and Canada. The company has grown to become one of the largest online payment companies in a short period of time, surpassing many established brands. The company’s success is attributed to factors including their cutting-edge business model that power small businesses, the elegant hardware and software solutions, and strategic partnerships that boosted their distribution and credibility.

Square’s Strategic Initiatives

  • In 2016, Square acquired Framed Data, a data science company, and the US-based Storehouse.
  • The company also acquired the California-based mobile ordering platform, OrderAhead in March 2017.
  • This year, the company announced that it plans to acquire Weebly and Entrees On-Trays.

One97 Communications

One97 Communications is the parent company of one of India’s leading mobile payment companies; Paytm. The company has offices in several cities in India including Bengaluru, Pune, Chennai, Mumbai, and Kolkata, as well as a global presence in Europe, Middle East, Southeast Asia, and Africa. The company is powered by marquee investors including SAIF Partners, Sapphire Venture, Silicon Valley Bank, Mediatek, and Alibaba Group. Paytm also provides cutting-edge payment solutions to largest e-commerce companies using its RBI approved payment wallet.

One97 Communications Strategic Initiatives

  • One97 Communications acquired SaaS-based DIY platform; Mobivite in Dec 2012
  • In 2013, the company also acquired Plustxt, a text messaging application optimized for Indian languages.

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American Express

American Express is one of the world’s leading companies in the financial services market that offers products including credit cards and travel-related and network processing services to businesses and consumers around the world. Incorporated in 1965, the company has always been at the leading edge of innovations and advancements in the financial services industry. The company’s major segments include the Global Commercial Services (GCS), Global Merchant and Network Services (GMNS), and Global Consumer Services Group (GCSG). American Express has multiproduct capabilities that help the company to generate revenue from both network processing transactions as well as interest-earning products. The company is now acquired by Standard Chartered Bank.

American Express’s Strategic Initiatives

  • American Express acquired a leading mobile payment and analytics platform; Cake Technologies for $13.3 million this year.
  • They also acquired Mezi that provides AI-backed personal travel assistant in March 2018.

Citrus Payment Solutions

Citrus Payment Solutions is one of the leading online payment service providers that run as a subsidiary of PayU payments. The mobile payment company provides a range of payment applications including Citrus Cash application, Turbo-Checkout, and Citrus Cube.  Founded in 2011, the Citrus Payment Solutions offer a wide range of features for merchants including unsurpassed transactions, seamless payment options, cart integrations, insightful analytics and reports, and advanced security tools. The platform supports various devices including Windows, iOS, Android, and other devices.

Strategic Initiatives

  • Citrus Payments Solutions acquired Zwitch Payments in 2015.
  • In 2016, Citrus Payments Solutions was acquired by PayU for $130 million.
  • In July 2018, PayU announced that it will be acquiring Zooz.


LevelUp is one of the leading mobile food ordering brands whose platform offers a slew of cutting-edge features including payments, online ordering, mobile rewards, custom campaigns, loyalty gifting, CRM, and many more. The company is serving more than 200 companies across the world, allowing the enterprise to grow revenues by building appropriate mobile strategy and enhancing the customer engagement.

Strategic initiatives

  • LevelUp has a strategic partnership with Google, Facebook, and chase that helps its clients to access billions of consumers across the world.
  • LevelUp is acquired by the US-based web company; Grubhub on July 25, 2018.

What are the Mobile Payment Market Trends for Top Mobile Payment Companies?

Cloud-based mobile payments services are gaining immense popularity across the world owing to the consistent innovations that allows consumer to conveniently use digital wallets. Cloud-based mobile solutions improve the convenience and makes payment process simple and easy to use by providing innovative options like simple-tap payment. The use of cloud-based services offers benefits such as flexible business models, secure environment, advanced tokenization, and less dependency with fewer intermediaries. This trend is setting up the mobile payment market to grow exponentially in the coming years.

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