Mobile Money Market Insights

Mobile money is an electronic wallet service that allows users to store , send, and receive money using their mobile devices . It is available in many countries and provides a simple and convenient way for users to make payments and transfer money without the need for a traditional bank account. Mobile money services often partner with local banks, which allows users to convert their mobile money into physical cash when needed. Mobile money has become particularly popular in developing countries, where many individuals do not have access to traditional banking services. Additionally, mobile money is often cheaper and more secure than traditional forms of money transfer. Some popular mobile money services include M-Pesa, Paytm, and T-Mobile MONEY.

According to MRFR analysis, the global mobile money market is projected to register a CAGR of 26.33% from 2022 to 2030.. 

Mobile money is the payment of money without using solid cash through your mobile devices. Bill payments, airtime payments, and remittances are the foremost contributors to mobile financial services. These systems benefit in serving a dual purpose of providing an engine for financial presence as well as an opportunity for service providers. 

Augmented use of technology in financial transactions and an increase in various e-commerce platforms are anticipated to accelerate the mobile payment market during the period. According to a report given by the Government of India, India has over 16 mobile wallet or e-wallet companies out of which 14 are Indian-based mobile wallet companies. Online payments in India are witnessing flourishing growth with a compound annual growth rate of 12.7% in the number of non-cash transactions. Also, China's mobile wallets are growing at a rate of 22% with a total transaction volume of $41.1 trillion. Growing adoption of non-cash transactions in mobile banking will likely create a demand for the Mobile payment industry. 

The COVID-19 pandemic has had a substantial impact on the mobile money market, as consumers and businesses are forced to change their buying habits. There has been an unbelievable spike in the adoption of mobile wallets, as contactless payments have become dynamic for purchases. Avoiding cash and card transactions to keep COVID-19 from spreading has prompted many contributors to try out mobile wallets. Since the COVID-19 crisis complicates every day, consumers become familiar with online payments, making mobile banking important for each transaction.

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Regional Analysis

Asia-Pacific dominates the global mobile money market because of growing smartphone ownership, e-commerce adoption, and the latest government regulations in this region. 

North America is the expected region for growth in the mobile money market because of recent technological developments and a high degree of financial inclusion in this region during the anticipated period.  

Market Segmentation

The global Mobile Money Market has been segmented into the nature of payment, and application.

Based on the Nature Of Payment, The global mobile money market is segmented into Person Person (P2P), Business Person (B2P), Person to Business (P2B),  and Business to Business (B2B). Government regulations on mobile money can both drive the Mobile Money Market as well as restrain it liable on the nature of the mobile money system. Problems with security in such systems can be a restrictive factor in the development of the Mobile Money Market.

Based on Application, The global mobile money market is segmented into Money transfers, Airtime Transfer, Bill Payments and Top-Ups, Travel and Ticketing, Merchandise, and Coupons. The money transfer application is projected to hold a higher market share of 43.2% in the forecast period, money transfer application contains cash in/cash out, off-net transfer, and international remittance. Money transfer is used by numerous people for securely paying payments and transferring money using mobile devices can be done in a few minutes owing to which helps to save time.

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Key Players

Some of the key market players are Vodafone (UK), Google (US), Orange (France), FIS (US), Paypal (US), Mastercard (US), Airtel (India), Gemalto (Netherlands), Alipay (China), MTN (South Africa), PAYTM (India), Samsung (South Korea), VISA (US), Tencent (China), Global Payments (US), Square (US), Amazon (US), Apple (US), Western Union Holdings (US), Comviva (India), and T- Mobile (US), Fiserve (US).

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