Mobile Money Market Size To Expand at a Notable CAGR of 26.33% During 2023 - 2032

Market Research Future has published a half-cooked research report on the Global Mobile Money Market

Overview:

Mobile money refers to the payment or exchange of money without using hard cash. It’s a secure payment service designed to comply with the user’s authorized bank’s regulatory framework on the app-based services. Mobile money enables end-users with GSM phones to operate virtual accounts (wallets) by leveraging on an extensive network of agents (the Bank and individuals) for enrolments, cash deposit, and withdrawals.

Due to the convenience of the payment, the mobile money offers, its uptake is rapidly increasing, worldwide.  Moreover, the emergence of various developed solutions that enable supermarkets and organizations, in general, to receive mobile money through a shorter process escalates the market on the global platform, increasing its adoption.

Acknowledging the pace at the market is climbing up pervasively, Market Research Future (MRFR) in its recently published study report asserts that the global mobile money market will reach USD 23.8 BN by 2032, registering a massive CAGR of 26.33% throughout the forecasting period (2023 – 2032).

Additional benefits that mobile payment products offer to end-users such as account inquiries, bill payments, funds transfer, purchases for goods and services, via their mobile phones alongside the unique encryption, and payment gateways that make the payment secured is driving the growth of the market.

In an increasingly smartphone-based world, providers are deliberately promoting primarily over-the-counter (OTC) services, running against an increasingly challenging dynamic. Although the OTC is appealing to some mobile payment providers, today, due to its easier implementation than accounts, they are going to be at especially high risk of getting squeezed out of the value chain as the industry develops.

In order to continue to offer valuable services and contribute to financial inclusion, it is becoming essential for mobile money providers to enable the regulatory environment. In particular, having an enabling regulatory approach has a dramatic impact on both the development of a mobile money market and financial inclusion in general.

Mobile money has completely transformed the landscape of financial services in many developing markets, both complementing and disrupting traditional “bricks and mortar” banking. By leveraging near-ubiquitous mobile penetration and building agent infrastructure, mobile money has introduced a high-volume, low-margin business model that can work for the mass market.

Global Mobile Money Market   - Segmentation

The MRFR analysis is segmented into five key dynamics for enhanced understanding.

By Transaction Type        : P2P, P2B, B2P, and B2B.

By Mode: Mobile Applications, Smartcard/NFC, and SMS & Web among others.

By Financial Services: Mobile money, Mobile savings, Mobile insurance and Mobile credit among others.

By Verticals: BFSI, Media & Entertainment, Travel & Hospitality, Web Services, Retail, and Healthcare among others.

By Regions: North America, Europe, APAC, and the Rest-of-the-world (RoW).

Mobile Money Market   -

Regional Analysis

The Asia Pacific region, heading with the high demand for smart cards and smartphones, dominates the global mobile money market.  Moreover, the presence of leading market players like WeChat Pay (China) and Alipay (China) positively impacts the growth of the regional market.

Whereas, the Indian mobile payment market, backed by the recent government regulations, significantly contributes to the growth of the regional market. The proliferation of smartphones and e-commerce alongside the increasing adoption of mobile app-based payments are some of the significant driving forces fostering the mobile money market in this region. India, backed by the

North America is another lucrative market for mobile money. The market in this region is growing due to the exceeding sale of smartphones and need of portability in the payment gateway market. Besides, technological advancement is also a key factor, driving the market in North America.

The European region, on the other hand, accounts for a significant market share, valuing greatly. Factors such as recent technology developments and a high level of financial inclusion are driving the growth of the mobile money market in the region.

Mobile money has changed the financial inclusion landscape significantly, particularly in Sub-Saharan Africa, where over 19 markets have more mobile money accounts than bank accounts.

Global Mobile Money Market   - Competitive Analysis

The global mobile money market appears to be highly competitive characterized by the presence of several well-established as well as small players. Matured players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage and thus to maintain their positions in this market.

Players are focusing on product reinforcement to sustain themselves in the market. Additionally, some of the other strategies adopted by vendors in the market include greater commercialization of their products and promotion initiatives through increased collaboration.

Key players

Players leading the global mobile money market include Alipay (China), WeChat Pay (China), PayPal (US), Samsung Pay (South Korea), Apple Pay (US), Amazon Pay (US), Google pay (US), Chase Pay (US), Vodafone Group PLC (US), and MasterCard (US) among others.

Industry/ Innovation/ Related News:

January 22, 2019 –---- Pesapal (Africa), provider of mobile money services announced the integration of its multiple payment channels for low-cost air carriers to allow people to seamlessly purchase tickets via its aggregated system that bundles mVisa, M-PESA, MasterCard, and American Express in USD as well as KES.

Some of the airline companies that have integrated Pesapal’s mobile money services include Jetways Airlines, Silverstone Air, Skyward Express, Kenya’s African Express Airways, and Uganda’s Eagle Air. 

January 18, 2019 –---- Flutterwave Inc. (Africa), a Fintech startup and online payment technology solutions company announced its partnership with Visa Inc. (US), a multinational financial services corporation to launch a consumer payment app-based product for Africa called GetBarter.

The product development is aimed at facilitating personal and small merchant payments across Africa’s national borders. The payment product also allows existing Visa cardholders to send and receive funds at home or internationally on GetBarter and to non-cardholders the product lets to create a virtual Visa card to link to the app.