The rise in the use of digital payment driven business models by Organizations drives the demand for mobile money market

The global mobile money market size is anticipated to reach USD 26 billion by 2025. The growing mobile subscriber base, coupled with the enhanced network coverage within the evolving economies have led to the growth in the mobile money market in the past few years. Various organizations have come up with inventive mobile-oriented solutions and functionalities to enable monetary transactions at the consumer’s fingertips.

The rising number of mobile subscribers depicts lucrative prospects for financial transactions via mobile phones. Bill payments, airtime payments, and remittances are the foremost contributors to mobile monetary services. It is expected that over 70% of the world population would be using smart devices in the next five years which will boost the mobile money market demand. Thus, mobile money systems are likely to play a crucial role in reaching such individuals and deliver them the capability to handle their wealth through financial inclusion.

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.

The global mobile money market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.

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 mobile money applications, owing to the outsized presence of an 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.