An updated edition of the August 24, 2026 article.

Mobile payments are changing how people shop, pay bills and move money. A phone can now replace a wallet at the checkout counter, while a quick scan or tap can complete a purchase in seconds. For businesses, the shift goes beyond convenience. Tap-to-phone technology lets merchants accept payments without buying separate terminals, and faster payment networks help move funds with less delay. As digital payments become part of daily life, companies are competing to make each transaction simpler and safer.

Digital Wallets Become the Default

Digital wallets remain central to this change. Apple Pay, Google Pay and PayPal have made paying online and in stores easier, supported by contactless technology, QR codes and in-app checkout. Worldpay's Global Payments Report 2026 shows that digital wallets accounted for 56% of global e-commerce spending and 33% of in-person spending in 2025. Wider smartphone use and better internet access are bringing more people into the market, while smartwatches and other connected devices offer more ways to pay. Many wallets still run on card networks, so their growth also creates opportunities for established payment providers.

AI Moves Into the Checkout

Artificial intelligence is adding another layer. Payment companies use it to spot unusual transactions, reduce fraud and make authentication smoother. Tokenization and biometric checks also help protect account details. The bigger change could come from agentic commerce, where AI assistants search for products and complete purchases with a user's approval. Visa, Mastercard and Google are building tools for this emerging model. Adoption is still early, but it could change how consumers reach checkout and how payment companies serve them. Meanwhile, apps such as WeChat, Alipay and PhonePe continue to combine shopping, transfers and financial services in one place.

Stablecoins and Instant Payments Gain Ground

Payments are also moving beyond traditional card rails. Stablecoins and blockchain are drawing interest for cross-border transfers and business settlement, where transactions often face delays and extra costs. Visa said in September 2026 that stablecoin settlement volume had topped a $20 billion annualized rate. Real-time bank payments are growing too. India's UPI handled about 24.07 billion transactions in September 2026, while Brazil's Pix and the U.S. FedNow network are widening access to instant transfers. Europe is pressing ahead with instant-payment rules and payment-services reforms. Buy now, pay later (BNPL) options are becoming easier to access directly at checkout. Fraud, regulation and pressure on fees remain challenges as competition grows.

Market Outlook and Key Players

The growth outlook remains strong. Fortune Business Insights estimates the global mobile payments market at $4.97 trillion in 2025 and $6.46 trillion in 2026, with a projected rise to $46.62 trillion by 2034. That implies a 28% annual growth rate from 2026 to 2034. Asia Pacific held 46.1% of the market in 2025, underlining the scale of adoption across the region.

Against this backdrop, competition is intensifying, as Mastercard Incorporated (MA Quick QuoteMA - Free Report) , Shopify Inc. (SHOP Quick QuoteSHOP - Free Report) ,PayPal Holdings, Inc. (PYPL Quick QuotePYPL - Free Report) and Marqeta, Inc. (MQ Quick QuoteMQ - Free Report) expand their capabilities through new products, technology investments and partnerships. Our Mobile Payments Screen highlights stocks with exposure to the broader mobile-payments market.

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4 Mobile Payments Stocks to Buy

Marqeta provides the technology behind mobile payments. Its API-based platform lets banks, fintechs and businesses issue virtual and physical cards, add cards to Apple Pay and Google Pay, control spending and approve transactions in real time. Tokenization helps protect card details while enabling contactless payments.

The company's mobile-payment reach expanded in August 2026 through Google's Wallet for kids offering. Marqeta supplies card issuing, tokenization and spending controls, allowing supervised users to tap to pay with Android phones and Wear OS devices while parents set limits and monitor activity. Partnerships announced with zerohash in July and BVNK in September aim to connect stablecoin balances to payment cards, broadening use cases.

Operating momentum supports this strategy. Second-quarter 2026 total processing volume rose 32% year over year to $120 billion, while net revenue increased 17% to $176 million. Gross profit grew 17% to $122 million. Processing volume in lending, including BNPL, climbed more than 40%, and expense-management volume rose over 50%.

Non-U.S. payments represented 20% of total processing volume. However, Block accounted for 41% of revenue, while lower-yield programs weighed on monetization. Continued wallet integration and cross-border expansion could strengthen Marqeta's position. The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Mastercard is a major enabler of mobile payments, connecting banks, merchants and digital wallets through its global network. Its technology lets consumers tap their phones, pay within apps and complete online purchases, while tokenization replaces sensitive card details with secure digital credentials. In July 2026, it introduced Mastercard Wallet Services, giving banks and fintechs tools to add contactless payments to their own iOS and Android apps.

In September, Mastercard launched Wallet Pay to help providers such as Alipay+ and GCash connect wallets to merchants worldwide through NFC, QR codes and online checkout. The offering also supports card issuance and cross-border transfers. Mastercard expanded Agent Connect and Agent Pay capabilities that month, preparing merchants for purchases initiated by AI assistants with customer authorization and fraud checks.

Second-quarter 2026 results show the scale behind these efforts. Net revenues increased 14% year over year to $9.3 billion, while gross dollar volume rose 8% to $2.9 trillion. Switched transactions grew 9% to 47.4 billion. Contactless payments represented 80% of in-person switched purchase transactions, and tokenized transactions exceeded 40% of all switched activity. Expanding wallet partnerships and digital security services will support further growth. The company carries a Zacks Rank #2 (Buy) at present.

Shopify supports mobile payments through Shop Pay, Shopify Payments and its point-of-sale (POS) software. Shop Pay saves shoppers' payment and delivery details for faster checkout on phones and other devices. Shopify Payments handles transactions for merchants, while Tap to Pay lets eligible retailers accept contactless cards, Apple Pay and Google Pay using compatible iPhones or Android phones, without separate card readers.

In June 2026, Shopify extended Tap to Pay to businesses operating multiple legal entities, helping them route and track store payments separately. Its June developer release also opened AI-powered shopping tools to developers, creating another potential channel for checkout. In October, Shop introduced faster sign-in, synchronized carts across devices and prefilled Shop Pay buttons to reduce abandoned purchases.

Second-quarter 2026 results underscored growing payment adoption. Shopify Payments processed $78.1 billion in gross merchandise value (GMV), up 38% year over year, with penetration rising to 68% from 64%. Total GMV climbed 32% to $115.6 billion, while Merchant Solutions revenues advanced 37% to $2.78 billion.

Shop Pay GMV rose 53%, and free cash flow reached $654 million, providing room for further investment. Greater payment usage and easier mobile checkout will continue to support expansion. It currently carries a Zacks Rank #2.

PayPal supports mobile payments through its PayPal and Venmo apps, enabling consumers to shop, transfer funds and pay merchants without handling cash or physical cards. PayPal checkout connects shoppers with online sellers, while Venmo combines peer-to-peer transfers with merchant payments. Braintree processes transactions for businesses, and PayPal Pay Later offers installment options at checkout.

Recent launches have widened PayPal's reach. In August 2026, PayPal World began allowing U.S. customers to pay at Weixin Pay merchants in China by scanning QR codes through the PayPal app, without a local wallet. Venmo also became a payment option on Google Play for apps, games and subscriptions. New integrations with campus payment platforms opened another channel for tuition payments.

Second-quarter 2026 results highlighted continued transaction growth. Total payment volume increased 10% year over year to $486.45 billion, while payment transactions climbed 8% to 6.75 billion. Venmo volume rose 14% to $93.81 billion, and active accounts reached 439 million.

Revenues improved 5% to $8.68 billion, although transaction margin dollars advanced only 1%. Branded checkout volume increased 2% on a currency-neutral basis, reflecting stabilization. Expanding wallet acceptance and Venmo usage support PayPal's mobile-payments prospects. PYPL currently carries a Zacks Rank #2.