The global mobile money market is expected to exhibit a strong 31% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The market is expected to reach a valuation of USD 99 billion by 2023, according to the report. The report provides a detailed evaluation of the global mobile money market, profiling the historical growth trajectory of the market in order to provide studied forecasts as to the market’s likely growth trajectory over the forecast period. The impact of the COVID-19 pandemic on the global mobile money market is also studied in detail in the report.
Mobile money refers to the various ways of making cashless payments through mobile phones and associated technologies. The convenience of making cashless payments through mobile phones is the major driver for the global mobile money market. While many people don’t have access to savings/credit accounts and credit/debit cards, most people nowadays own a mobile phone. This makes mobile money solutions more convenient for a majority of the population. In 2015, out of the 2.3 billion people who did not have access to formal financial services, 1.7 billion has mobile phones. This has been a major driver for the global mobile money market over the last few years. Consumers can also make online bill payments through mobile money solutions, which has been a major driver for the mobile money market. Consumers often prefer the ease and convenience of making bill payments through mobile money solutions rather than going to a brick and mortar office or outlet in order to make bill payments. Utilities in many countries have also embraced cashless payments in recent years to reduce the hassle of bill payments for both payers and workers. This has been a major driver for the global mobile money market over the last few years.
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The financial inclusion enabled by mobile money solutions has also been a major driver for the global mobile money market over the last few years. Many governments around the world have supported the growth of mobile money solutions in order to include more people into the digital payment network. This is likely to remain a major driver for the global mobile money market over the forecast period, as government support is vital for enabling widespread adoption of mobile money solutions.
On the other hand, concerns regarding data privacy and security are likely to be a key restraint against the global mobile money market over the forecast period.
Competitive Leaderboard:
Leading players in the global mobile money market include MasterCard, Vodafone Group plc, Google Pay, Chase Pay, Amazon Pay, Samsung Pay, Apple Pay, PayPal, Alipay, and WeChat Pay.
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Segmentation:
The global mobile money market is segmented on the basis of nature of payment, transaction mode, financial service, end user vertical, and region.
By nature of payment, the global mobile money market is segmented into P2P, P2B, B2P, and B2B. P2P payments are the dominant shareholder in the global mobile money market and are likely to retain this position over the forecast period due to the convenience of making P2P payments through mobile phones and the widespread adoption of mobile phones.
By transaction mode, the global mobile money market is segmented into mobile applications, smart card/NFC, SMS, mobile banking, and others.
By financial service, the global mobile money market is segmented into mobile money, mobile savings, mobile insurance, and mobile credit. The mobile money segment holds the largest share in the global mobile money market, as the other segments haven’t enjoyed widespread adoption so far, especially in emerging regions.
By vertical, the global mobile money market is segmented into BFSI, media and entertainment, travel and hospitality, web services, retail, healthcare, and others.
Regional Analysis:
Asia Pacific holds the largest share in the global mobile money market due to the strong presence of mobile money companies in China and South Korea, where mobile money solutions have been adopted by large swathes of consumers
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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