Global Mobile Money Market, By Type of Payments (Remote Payments, Proximity Payments), Transaction Mode (NFC/Smart card, Mobile web/WAP payments, Direct mobile billing, SMS, STK/USSD, QR codes, Mobile apps, IVRS, Others), Payment Nature (Person to Person (P2P), Business to Person (B2P), Person to Business (P2B), Business to Business (B2B)), Application (Money Transfers, Transfer and Top-Ups, Bill Payments, Airtime Travel and Ticketing, Merchandise and Coupons), Industry Vertical (BFSI, Telecom and IT, Healthcare, Media and Entertainment, Retail, Transportation and Logistics, Travel and Hospitality, Energy and Utilities, Others), Country (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) Industry Trends and Forecast to 2028
The mobile money market will reach at an estimated value of USD 970.74 million and grow at a CAGR of 34.4% in the forecast period of 2021 to 2028 Increase in the number of mobile subscribers is an essential factor driving the mobile money market.
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 in serving a dual purpose of providing an engine for financial inclusion as well as an opportunity for service providers.
Increasing government initiatives to promote cashless economy is a crucial factor accelerating the market growth, also 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, rising flexibility by using mobile money to attract more business, increasing number of NFC-enabled handset and rising research and development activities in the market will further create new opportunities for mobile money market in the forecast period mentioned above.
However, rising lack of accessibility to the financial institutions providing mobile money systems along with reliability issues and increasing concerns over data security are the major factors among others restraining the market growth, while diversified regulations and policies across regions and limited network coverage in developing regions will further challenge the mobile money market in the forecast period mentioned above.
This 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 localised 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 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.
Mobile Money Market Scope and Market Size
The 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.
- On the basis of type of payments, the Mobile Money Market is segmented into remote payments and proximity payments.
- Based on transaction mode, the Mobile Money Market is segmented into NFC/smart card, direct mobile billing, mobile web/WAP payments, SMS, STK/USSD, mobile apps, IVRS, QR codes and others.
- Based on payment nature, the Mobile Money Market is segmented into person to person (P2P), person to business (P2B), business to person (B2P) and business to business (B2B).
- Based on application, the Mobile Money Market is segmented into money transfers, bill payments, airtime transfer and top-ups, travel and ticketing and merchandise and coupons.
- The mobile money market is also segmented on the basis of industry vertical into BFSI, telecom and IT, media and entertainment, healthcare, retail, travel and hospitality, transportation and logistics, energy and utilities and others.
Mobile Money Market Scope Country Level Analysis
The mobile money market is analysed and market size, 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 mobile money market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Asia-Pacific dominates the 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 mobile money market due to rising recent technology developments and high level of financial inclusion in this region.
The country section of the mobile money market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream 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 their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Mobile Money Market Share Analysis
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, application dominance. The above data points provided are only related to the companies’ focus related to mobile money market.
The major players covered in mobile money market report are Vodafone Group, Fortumo, Mastercard, Comviva, PayPal, Airtel India, Fiserv, Inc. or its affiliates, Ingenico, Orange, Infobip ltd, Centili Limited, Apple Inc, VeriFone, Inc., Freecharge Payment Technologies Pvt Ltd, FIS, Tata Teleservices Ltd., SAMSUNG, American Express Company and WePay Inc. among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.