Mobile money refers to electronic transactions that facilitate the transfer of funds or the exchange of monetary value between individuals, businesses, or entities. It encompasses various methods such as online payments, mobile payments, contactless payments, and digital wallets. These transactions are conducted through digital platforms, leveraging technologies such as mobile devices, internet connectivity, and secure payment gateways. Mobile money offers convenience, speed, and security, eliminating the need for physical cash or traditional payment instruments. They enable seamless financial transactions across different channels, including e-commerce, retail, peer-to-peer transfers, and bill payments.
Increase in the use of digital payment-based business models and increase in the efficiency of mobile money transactions is boosting the growth of the global mobile money market. In addition, increase in adoption of mobile POS is positively impacts growth of the mobile money market. However, security issues and privacy concerns and lack of accessibility is hampering the mobile money market growth. On the contrary, rise in government initiatives and regulatory support is expected to offer remunerative opportunities for expansion of the mobile money market during the forecast period.
The mobile money market is segmented on the basis of transaction mode, payment type, nature of payment, application, and region. On the basis of transaction mode, the market is categorized into point of sale, mobile apps, and QR code. On the basis of payment type, the market is fragmented into remote payment, and proximity payment. On the basis of the nature of payment, the market is classified into person-to-person (P2P), person-to-business (P2B), business-to-person (B2P), and business-to-business (B2B). By application, it is classified into money transfers, bill payments, airtime transfers & top-ups, travel & ticketing, and merchandise & coupons. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the mobile money market are Apple Inc., Amazon Inc, Alipay, Fiserv Inc, global payments inc., Google Inc, Mastercard Inc., Orange, PayPal, and Vodafone Group. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Information about key drivers, restraints, and opportunities and their impact analysis on global mobile money market trends is provided in the report.
The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2023 to 2032 is provided to determine the market potential.
Increase in the use of digital payment-based business models and increase in the efficiency of mobile money transactions is boosting the growth of the global mobile money market. In addition, increase in adoption of mobile POS is positively impacts growth of the mobile money market. However, security issues and privacy concerns and lack of accessibility is hampering the mobile money market growth. On the contrary, rise in government initiatives and regulatory support is expected to offer remunerative opportunities for expansion of the mobile money market during the forecast period.
The mobile money market is segmented on the basis of transaction mode, payment type, nature of payment, application, and region. On the basis of transaction mode, the market is categorized into point of sale, mobile apps, and QR code. On the basis of payment type, the market is fragmented into remote payment, and proximity payment. On the basis of the nature of payment, the market is classified into person-to-person (P2P), person-to-business (P2B), business-to-person (B2P), and business-to-business (B2B). By application, it is classified into money transfers, bill payments, airtime transfers & top-ups, travel & ticketing, and merchandise & coupons. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the mobile money market are Apple Inc., Amazon Inc, Alipay, Fiserv Inc, global payments inc., Google Inc, Mastercard Inc., Orange, PayPal, and Vodafone Group. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
The study provides an in-depth analysis of the global mobile money market forecast along with the current and future trends to explain the imminent investment pockets.Information about key drivers, restraints, and opportunities and their impact analysis on global mobile money market trends is provided in the report.
The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2023 to 2032 is provided to determine the market potential.
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Key Market Segments
By Payment Type
- Remote Payment
- Proximity Payment
By Nature of Payment
- Person to Person (P2P)
- Person to Business (P2B)
- Business to Person (B2P)
- Business to Business (B2B)
By Application
- Money Transfers
- Bill Payments
- Airtime Transfers and Top-Ups
- Travel and Ticketing
- Merchandise and Coupons
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- PayPal
- Mastercard Inc.
- Fiserv Inc
- Apple Inc.
- Amazon
- Vodafone Group
- Google Inc.
- Orange
- Alipay
- Global Payments Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MOBILE MONEY MARKET, BY PAYMENT TYPE
CHAPTER 5: MOBILE MONEY MARKET, BY NATURE OF PAYMENT
CHAPTER 6: MOBILE MONEY MARKET, BY APPLICATION
CHAPTER 7: MOBILE MONEY MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the mobile money market was valued at $8.5 billion in 2022, and is estimated to reach $121.6 billion by 2032, growing at a CAGR of 30.8% from 2023 to 2032.Mobile money is a way to store and manage money in an account linked to a mobile phone, similar to a bank account. Mobile money users can send money to other people, pay bills, and purchase many things, including mobile airtime. Moreover, mobile money accounts are used as a pay-as-you-go digital medium of exchange and a store of value, and a network of mobile money agents serves as the intermediary. It is a financial service provided to clients by a mobile network operator or another entity that collaborates with mobile network operators that is not part of the traditional banking network.
Key factors driving the growth of the mobile money market include Increase in the use of digital payment-based business models, increase in the efficiency of mobile money transactions and increase in adoption of mobile POS fuels. Increase in the efficiency of mobile money transactions can lead to an increase in overall spending. This can encourage companies to work towards developing this technology, which in turn increases the demand for mobile money payments. Moreover, banks and financial institutions are prioritizing improving their customer experience to stay ahead of the competition in the market. Mobile money solutions offer personalized, seamless experiences to customers, propelling demand for these solutions. Moreover, mobile applications are adopted by various banks and financial institutions for the better management of their business operations while offering improved collaboration, simplified compliance, productivity, and risk management. In addition, digital payment services are being adopted increasingly, as they offer effective planning and streamlining of data under one platform, which helps in regulating operational costs, enhancing decision-making, and increasing sales. With the increase in focus of banks toward improving their operational and business process efficiency, the adoption of mobile money is expected to grow in the upcoming years. This subsequently fuels the growth of the mobile money market.
The market also offers growth opportunities to the key players in the market. Rise in government initiatives and regulatory support. Governments and regulatory bodies have been actively promoting digital payments as part of their financial inclusion agendas. Initiatives such as demonetization, promoting digital wallets, and establishing regulatory frameworks for digital payments have accelerated adoption and usage. For instance, The World Bank’s Universal Standards for Digital Financial Services have been adopted by over 30 countries to ensure safety and security of digital financial transactions, including those involving mobile money. Moreover, various governments across the globe are introducing different types of regulatory reforms for banks and other payment agencies to prevent frauds and to ensure customers are not using insurance to perpetrate financials. For instance, in India, the Reserve Bank of India (RBI) has established regulations for mobile money services, including Know Your Customer (KYC) requirements and restrictions on fees charged by service providers. Thus, various initiatives taken by the government are helping to create various opportunities for the digital payment market growth.
The mobile money market is segmented into transaction mode, payment type, nature of payment, application, and region. On the basis of transaction mode, the market is categorized into point of sale, mobile apps, and QR codes. On the basis of payment type, the market is fragmented into remote payment and proximity payment. On the basis of the nature of payment, the market is classified into person-to-person (P2P), person-to-business(P2B), business-to-person(B2P), and business-to-business(B2B). By application, it is classified into money transfers, bill payments, airtime transfers & top-ups, travel & ticketing, and merchandise & coupons. Region wise, it is analyzed across North America (the U. S., Canada), Europe (the UK, Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study include Apple Inc., Amazon Inc, Alipay, Fiserv Inc, global payments inc., Google Inc, Mastercard Inc., Orange, PayPal, and Vodafone Group. The players in the market have been actively engaged in the adoption various strategies such as acquisition, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in July 2023, Mastercard launched Mastercard Receivables Manager, a new, automated solution that streamlines the way businesses accept and process virtual card payments. The innovation complements Mastercard's virtual card platform as the company provides choice in payments to players across the ecosystem and accelerates the digitization of B2B transactions across buyers and suppliers.
Key Market Insights
By payment type, the remote payment segment was the highest revenue contributor to the market, and is estimated to reach $68.46 billion by 2032, with a CAGR of 29.6%. However, the proximity payment segment is estimated to be the fastest-growing segment with a CAGR of 32.42% during the forecast period.By application, the money transfers segment dominated the global market and is estimated to reach $40.82 billion by 2032, with a CAGR of 27.2%. However, the airtime transfers and top-ups segment is expected to be the fastest-growing segment with a CAGR 34.1% during the mobile money market forecast.
Based on region, Asia-Pacific was the highest revenue contributor, accounting for $2.95 billion in 2022, and is estimated to reach $51.65 billion by 2032, with a CAGR of 33.4%.
Companies Mentioned
- PayPal
- Mastercard Inc.
- Fiserv Inc
- Apple Inc.
- Amazon
- Vodafone Group
- Google Inc.
- Orange
- Alipay
- Global Payments Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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