Global Mobile Money Market - Industry Trends and Forecast to 2030

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Mobile Money Market Analysis and Size

Increasing government initiatives to promote cashless economy is a crucial factor in accelerating market growth, as the increase in the use of digital payment-based business models by organizations increase in the efficiency of mobile money transactions can lead to an increase in the overall spending, which can encourage companies to work towards developing this technology, which in turn increases the demand for the mobile money payments and rising adoption for mobile point of sale are the major factors among others boosting the mobile money market. Moreover, increasing flexibility by using mobile money to attract more business, increasing the number of NFC-enabled handsets and rising research and development activities in the market will further create new opportunities for the mobile money market in the forecast period.

Data Bridge Market Research analyses that the global mobile money market which was USD 77.36 million in 2022, is expected to reach USD 1,753.48 million by 2030 and is expected to undergo a CAGR of 34.4% during the forecast period of 2023 to 2030. In 2022, BFSI is expected to dominate the industry vertical segment owing to rapid digital transformation within the sector. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

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Market Definition

Mobile money is defined as the payment of money without using hard cash through your mobile devices. Bill payments, airtime payments and remittances are the leading contributors to mobile financial services. These systems help serve a dual purpose of providing an engine for financial inclusion as well as an opportunity for service providers.

Global Mobile Money Market Dynamics

Driver

• Increasing Government Initiatives to Promote a Cashless Economy

The mobile money market is expanding rapidly as more governments encourage the use of digital payments instead of cash. This reduces the risks of fraud, theft and corruption and improves financial inclusion and efficiency. Mobile money enables people to access, transfer and store money using their mobile phones without the need for a bank account or physical currency.

Opportunities

• Technological Advancements in the Market

The mobile money market has witnessed significant technological advancements in recent years, such as biometric authentication, blockchain integration, and artificial intelligence. These innovations have enhanced the security, efficiency, and convenience of mobile money transactions, as well as expanded the range of services offered by mobile money providers. The technological advancements in the mobile money market have also enabled greater financial inclusion and social impact, especially in developing regions where access to traditional banking is limited or costly.

Restraints/Challenges

• Increasing Concerns Over Data Security

The global mobile money market has grown rapidly in recent years, offering convenient and affordable financial services to millions of people. However, this also poses increasing challenges for data security, as mobile money transactions involve sensitive personal and financial information. Data breaches, identity theft, fraud and cyberattacks are some of the risks that threaten the trust and confidence of mobile money users and providers. Therefore, it is essential to adopt robust data protection measures and standards, as well as to raise awareness and education among users to ensure the safety and reliability of mobile money services.

This global mobile money market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global mobile money market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In March 2022, the Reserve Bank of India (RBI) launched a new unique payments interface (UPI) for feature phones, which will allow India’s 40 crore feature phone users to access the payment service. Terming the UPI platform ‘123PAY’, RBI also launched a helpline for digital payments, ‘DigiSaathi’ for ‘excluded people’ from the lower rung of society, especially in rural areas
• In November 2019, Google, a digital payments provider, launched Google Pay for business apps, targeting small and medium-sized businesses, helping them transfer each rupee earned by the merchant directly into their Unified Payment Interface (UPI)-linked bank account

Global Mobile Money Market Scope

The global mobile money market is segmented on the basis of type of payments, transaction mode, payment nature, application and industry vertical. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Type of Payments

• Remote Payments
• Proximity Payments

Transaction Mode

• NFC/Smart Card
• Direct Mobile Billing
• Mobile Web/WAP Payments
• SMS
• STK/USSD
• Mobile Apps
• IVRS
• QR Codes
• Others

Payment Nature

• Person to Person (P2P)
• Person to Business (P2B)
• Business to Person (B2P)
• Business to Business (B2B)

Application

• Money Transfers
• Bill Payments
• Airtime Transfer and Top-Ups
• Travel and Ticketing
• Merchandise and Coupons

Industry Vertical

• BFSI
• Telecom and IT
• Media and Entertainment
• Healthcare
• Retail
• Travel and Hospitality
• Transportation and Logistics
• Energy and Utilities
• Others

Global Mobile Money Market Regional Analysis/Insights

The global mobile money market is analysed, and market size and volume information is provided by country, type of payments, transaction mode, payment nature, application and industry vertical as referenced above.

The countries covered in the global mobile money market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa.

Asia-Pacific is expected to dominate the global mobile money market due to rising ownership of smartphones, increasing adoption of e-commerce and rising recent government regulations in this region. North America is the expected region in terms of growth in the mobile money market due to rising recent technology developments and a high level of financial inclusion in this region.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Mobile Money Market Share Analysis

The global mobile money market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies focus related to global mobile money market.

Some of the major players operating in the global mobile money market are:

• Vodafone Group (U.K.)
• Fortumo (Estonia)
• Mastercard (U.S.)
• Comviva (India)
• PayPal (U.S.)
• Airtel India (India)
• Fiserv, Inc. or its affiliates (U.S.)
• Ingenico (France)
• Orange (France)
• Infobip Ltd (Croatia)
• Centili Limited (U.K.)
• Apple Inc (U.S.)
• VeriFone, Inc. (U.S.)
• Freecharge Payment Technologies Pvt Ltd (India)
• FIS (U.S.)
• Tata Teleservices Ltd. (India)
• SAMSUNG (South Korea)
• American Express Company (U.S.)
• WePay Inc. (U.S.)

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