Mobile Money Market: Global Industry Analysis and Forecast (2023-2029)

Mobile Money Market size was valued at US$ 6.18 Bn. in 2022 and the total revenue is expected to grow at 26 % through 2023 to 2029, reaching nearly US$ 31.19 Bn.
Mobile Money Market Overview:
Also known as a mobile wallet. It is an easy, fast and secure transfer where the sender sends money from their bank to another mobile money account. There are more than 270 different mobile money services throughout the world. Mobile money offers a dual promise, as an engine for financial inclusion, and as an emerging markets business opportunity for providers. It is a popular alternative to both cash and banks because it's easy to use, secure, and can use anywhere there is a mobile phone signal.To know about the Research Methodology :- Request Free Sample Report
Mobile Money Market Dynamics:
The increase in the number of mobile phones user is driving the growth of the Mobile Money Market. The increasing number of mobile subscribers signifies an increasing potential for monetary transactions using mobile phones driving the growth at an exponential rate.

For online financial service providers, mobile money systems can provide a gateway to tap large unexplored market avenues as most of the population is yet to adopt this technology. By developing digital financial capabilities, companies can open themselves up to other submarkets like micropayments, data-based financial services, and potential digital markets.

The rise in the efficiency of mobile money transactions has led to an increase in overall spending which has encouraged companies to work towards developing this technology. The use of transaction modes like NFC/smart cards has sped up the process of transactions. People everywhere are increasingly adopting mobile banking services which ensure high transactional security. The development of e-commerce websites has also contributed to an increase in the number of online transactions which has driven the Mobile Money Market.

Lack of accessibility to the financial institutions providing mobile money systems along with reliability issues are factors restraining the growth of the market. Blockchain has advocated the decentralization in financial institutions imposing regulations on mobile money systems and Government regulations on mobile money. These factors are impacting the growth of the mobile money market.
Mobile Money Market Segment Analysis:
By Payment Type, proximity payments dominated the market in 2022 with a 57% share. Mobile phones and point-of-sale devices are used for proximity payments. Many companies now offer applications that enable proximity payments. For short distances and work, proximity payments are specially activated if both the payer and the payee are in the same location.

This payment system initiates mobile money transactions using either barcodes or contactless interfaces. This is done using Near Field Communication (NFC) based technology. It contains comprehensive details about mobile wallets that are present on NFC-enabled phones and are stored in the cloud or on debit / credit cards. The increasing acceptance of mobile payment technology by fixed businesses is driving the demand for proximity payments.

By Industry, market is integrating mobile money into a wider range of mobile-based health interventions (mHealth), paving the way for maintaining mHealth apps that rely heavily on donor funding. In developing countries, the healthcare system relies heavily on monetary transactions. Using cash for financial transactions creates inefficiencies, leaks, and security issues. On the patient side, cash is often used to pay for services at medical facilities, medicine at pharmacies, health insurance tickets and premiums, and travel to treatment.

Banking, Travel and Hospitality are the fastest growing application segments in the market and are expected to grow at CAGRs of 30.2% and 34.8%, respectively. Companies such as MakeMyTrip, Yatra, and redBus are driving the online payment and market by allowing bookings only via online platforms and billing directly via mobile operators.
Regional Insights:
The Middle East and Africa dominated the mobile money market with a 38 % share in 2022. For easy allocation and label money for saving used by women, easy and affordable transfer of money in unexpected negative events are factors driving the market growth in the region. It is increasingly being used beyond transfers and payments and more sophisticated adjacent products such as credit, savings and insurance are gaining traction in this region. It has also enabled previously financially excluded people in Africa to better safeguard their future, as providers help to foster a formal savings culture. These factors are driving the market growth.

Asia Pacific is expected to grow at a CAGR of 4.6 % through the forecast period. Increased smartphone penetration, adoption of mobile money solutions, rapid E-commerce adoption are the factors expected to drive the market growth through the forecast period

The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the market dynamics, structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the market make the report investor’s guide.
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Mobile Money Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 6.18 Bn.


Forecast Period 2023 to 2029 CAGR:
26%
Market Size in 2029:
US $ 31.19 Bn.


 Segments Covered:
by Payment Type
Remote Payments
Proximity Payments


by Industry
BFSI
Telecom and IT
Media and entertainment
Healthcare
Travel and hospitality
Transportation
Others


by Transaction Mode
Point of Sale (PoS)
Mobile Apps
QR codes


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 Transfer and Top-Ups
Travel and Ticketing
Merchandise and Coupons



Mobile Money Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players:
1. odafone
2. Google
3. Orange
4. FIS
5. PayPal
6. MasterCard
7. Fiserve
8. Airtel
9. Gemalto
10. Alipay
11. MTN
12. PAYTM
13. Samsung
14. VISA
15. Tencent
16. Global Payments
17. Square
18. Amazon
19. Apple
20. Western Union Holdings
21. Comviva
22. T- Mobile
FAQ:
1] What segments are covered in Mobile Money Market report?
Ans. The segments covered in the Mobile Money Market report are based on Payment Type and Industry.

2] Which region is expected to hold the highest share in the Mobile Money Market?
Ans. Asia Pacific Region is expected to hold the highest share in the Mobile Money Market.

3] What is the market size of Mobile Money Market by 2029?
Ans. The market size of Mobile Money Market by 2029 is US $ 31.19 Bn.

4] Who are the top key players in the Mobile Money Market?
Ans. Vodafone, Google, Orange, FIS, PayPal, MasterCard, Fiserve, Airtel, Gemalto, Alipay, MTN, PAYTM, Samsung, VISA, Tencent, Global Payments, Square, Amazon, Apple, Western Union Holdings, Comviva, T- Mobile.

5] What was the market size of Mobile Money Market in 2022?
Ans. The market size of Mobile Money Market in 2022 was US $ 6.18 Bn.