The Business Research Company’s report on the Mobile Money Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the mobile money market?
The increasing adoption of mobile POS (point of sale) is driving the growth of the mobile money market. The increased expectation for quick fulfillment and the growing popularity of the digital marketplace coupled with the need for improving customer experience, ease of use, and payment efficiency has led to the increased adoption of mobile POS. This increasing adoption of mobile POS will result in significant demand for mobile money as it is a convenient and efficient solution for point of sales. For instance, in July 2023, according to Pinnaca Retail Solutions, a UK-based company that offers software and hardware solutions that are specific to the retail industry, 44% of retailers cited mobile POS implementation and enhancement as their top POS priority, up from 33% the previous year. Additionally, 54% of businesses have used mobile POS for processing transactions. Therefore, the increasing adoption of mobile POS is expected to boost demand for mobile money during the forecast period.
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How has the mobile money market size evolved, and what are the latest forecasts for its expansion?
The mobile money market size has grown exponentially in recent years. It will grow from $12.94 billion in 2024 to $15.96 billion in 2025 at a compound annual growth rate (CAGR) of 23.4%. The growth in the historic period can be attributed to mobile penetration and connectivity, financial inclusion initiatives, government support and regulations, emergence of mobile banking and payments, user convenience and accessibility, security and trust building measures.
The mobile money market size is expected to see exponential growth in the next few years. It will grow to $45.54 billion in 2029 at a compound annual growth rate (CAGR) of 30.0%. The growth in the forecast period can be attributed to cross-border mobile money solutions, enhancing user experience, customization for different demographics, expansion into new geographic markets, focus on user education and awareness, increasing integration with e-commerce. Major trends in the forecast period include ai and machine learning applications, government initiatives for digital payments, financial wellness and education, blockchain and cryptocurrency integration, microfinance and lending services, integration with messaging apps.
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Which major companies dominate the mobile money market?
Major companies operating in the mobile money market include Vodafone Group plc, Google LLC, Orange S. A., Fidelity National Information Services Inc., PayPal Holdings Inc., Mastercard Incorporated, Fiserv Inc., Bharti Airtel Limited, Ant Group Co. Ltd., MTN Group Limited, Paytm Payments Bank Limited, Samsung Electronics Co. Ltd., Visa Inc., Tencent Holdings Limited, Global Payments Inc., Amazon. com Inc., Apple Inc., The Western Union Company, Comviva Technologies Limited, T-Mobile US Inc., Obopay Inc., FTS Group Inc., Peerbits Solution Pvt. Ltd., Panamax Inc., Alepo Technologies Inc., Econet Wireless, Millicom International Cellular S. A., Airtel Limited, Safaricom
What trends will shape the future of the mobile mapping market?
Technological advancement is a key trend gaining popularity in the mobile money market. The market is witnessing the implementation of advanced technologies such as NFC technology in mobile money for contactless payments. NFC (near-field communication) is a short-range wireless connectivity mechanism to enable communication between devices during their proximity using magnetic field induction, enabling quick payment and removing contact-based payments. Major companies operating in the mobile money market are focused on providing technologically advanced mobile money solutions to strengthen their market position. For instance, in September 2024, Visa Inc., a US-based company, offers various card products, including credit, debit, and prepaid cards, is set to launch its Visa A2A in early 2025. Visa A2A will provide consumers with greater control over their payments, allowing them to set payment permissions and limit amounts. This feature helps prevent unexpected high bills and unauthorized transactions. It will enable automatic transfers for recurring payments, such as subscriptions for digital streaming, gym memberships, and utilities.
Which region dominates the mobile money market, and what factors contribute to its leadership?
Asia-Pacific was the largest region in the mobile money market in 2024, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the mobile money market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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How is the mobile money market segmented, and which segment holds the largest share?
The mobile money market covered in this report is segmented –
1) By Transaction Type: Person To Person (P2P), Person To Business (P2B), Business To Person (B2P), Business To Business (B2B)
2) By Payment: Remote Payments, Proximity Payments
3) By Application: Bill Payments, Money transfers, Recharge And Top-up, Ticket Payment, Other Applications
Subsegments:
1) By Person To Person (P2P): Domestic Transfers, International Remittances, Peer-To-Peer Payment Apps
2) By Person To Business (P2B): Bill Payments, E-Commerce Payments, Donations And Crowdfunding
3) By Business To Person (B2P): Salary Payments, Government Benefits And Subsidies, Insurance Payouts
4) By Business To Business (B2B): Supplier Payments, Invoice Payments, Trade Financing
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What defines the structure and scope of the mobile money market?
Mobile money refers to the electronic transfer of money from one individual or entity to another using mobile devices. Digital payment technology is embedded in the devices and can be utilized on regular smartphone devices to receive, withdraw, and send money without using the usual banking system. Mobile money is a popular alternative to bank accounts as it is secure and simple.
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