The mobile money market is projected to reach US$ 816.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 22.6% from its estimated US$ 106.7 billion in 2022.
The global mobile money market size is anticipated to reach at USD 26 billion by 2025. Mobile money is an innovative payment method that integrates financial services via mobile phones. With the growing usage of smart devices such as tablets and smartphones globally, the mobile money market is anticipated to grow at a staggering rate over the forecast period. The mobile money services are widely adopted and can be accessed via direct mobile billing, SMS, NFC, mobile web payment, as well as unstructured supplementary service data (USSD).
Growing e-banking and online transactions, growth in e-commerce, and the increase in the developed mobile applications & technology are some of the factors responsible for the growth of the mobile market in the past few years. With the need to bind the virtual financial world with reality as well as enabling improved flexibility provisions within the mobile money services, Near-field Communication (NFC) is likely to take mobile money to the next level in the coming future.
Mobile Money Market Scope
|Revenue forecast in 2032
|US$ 816.6 Bn
|CAGR of 22.6 % during 2022-2032
|By Mode of Payment, By Types of Purchase, By Industry Vertical, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|bango.net Limited, Boku Inc., Dwolla Inc., Fortumo OÜ, Judo Payments
Key Segment Of The Mobile Money Market
By Mode of Payment, (USD Million)
• Mobile Billing
• USSD or STK
By Types of Purchase, (USD Million)
• Airtime Transfers & Top-ups
• Money Transfers & Payment
• Merchandise & Coupons
• Travel and Ticketing
By Industry Vertical, (USD Million)
• Banking, Financial Services, and Insurance (BFSI) Sector
• Energy & Utilities Sector
• Retail Sector
• Health Care Sector
• Hospitality & Tourism Sector
• Media & Entertainment Sector
• Supply Chain Management (SCM) & Logistics Sector
• Telecommunication & IT Sector
Regional Overview, (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The population in the developing nations is getting adaptive to the evolving technology. The usage of smart devices is seeking traction in emerging economies with enhanced communication facilities. However, a major section of the low-income group population within the evolving nations makes transactions through the informal mode of networks that have high transactional expenses or prone to theft. Mobile money is an inventive payment method that provides monetary services via mobile devices, delivering from person-to-person transactions to intricate banking transfers. Moreover, it is a secure, easy, affordable, and fast way of payment method, transferring money, as well as performing other transactions via mobile phone.
Transaction Mode Segment
The global mobile money market contains mobile apps, point of sale, QR codes, mobile banking, internal payments, direct carrier billing, SMS and STK/USSD payments segment. The point of sale segment has a maximum revenue share within the global mobile money market in 2019. However, the mobile apps segment is expected to grow at a significant CAGR from 2020 to 2025.
Nature of Payment Segment
Based on the nature of the payment segment, the market is bifurcated into person-to-person, person—to-business, business-to-person, and business-to-business. In 2019, the business-to-business segment gathered the largest market revenue and it is anticipated to govern the mobile money market throughout the forecast period. However, the person-to-person segment is anticipated to grow at a substantial growth rate over the forecast period.
Based on the application, the market is segmented into BFSI, travel & logistics, retail, IT & telecommunication, energy & utility, government offices & education, healthcare, and others. The market for BFSI is anticipated to possess the largest market share in 2019 since the banking and insurance companies today are predominantly developing to match their user needs. Moreover, the growing regulatory scrutiny coupled with enhanced customer satisfaction, as well as advantages such as risk management, fraud detection, and customized solutions are some of the factors responsible for the mobile money demand.
The global mobile money market is a wide range to North America, Europe, APAC, South America, and the Middle East & Africa. North America is considered a mature market in the mobile money applications, owing to an outsized presence of organization with the availability of technical expertise and advanced IT infrastructure. The US and Canada are the highest contributory countries to the expansion of the mobile money market in North America.
The major players of the global mobile money market are Vodafone, Google, Orange, FIS, Paypal, Mastercard, Fiserve, Airtel, Gemalto, Alipay, MTN, PAYTM, Samsung, VISA, Tencent, and more. The mobile money market is fragmented with the existence of well-known global and domestic players across the globe.