The Mobile Money Market is Segmented by Type (P2P, P2B, B2P, B2B), by Application (Media, Entertainment, Medical, Retail, Tourism, Hotel, Transportation And Logistics, Energy, Utilities, Other). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Finance Category.
The global Mobile Money market size is projected to reach USD 142260 Million by 2027, from USD 35920 Million in 2020, at a CAGR of 21.2% during the forecast period 2021-2027.
Major factors driving the growth of the mobile money market are:
The increasing mobile subscriber base is fueling the growth of the mobile money market. The growing number of mobile subscribers represents an increasing potential for monetary transactions using mobile phones.
The rise in advanced mobile applications and technology advancements, that ensures the secure and fast transaction is expected to boost the mobile money market
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TRENDS INFLUENCING THE GROWTH OF THE MOBILE MONEY MARKET
Increased Adoption of Mobile POS is expected to drive the growth of the mobile money market. The capacity of the smartphone to accept payment on the spot has been fully exploited by mobile point of sale. Because transactions are encrypted and card information is not saved on the mPOS device, liability is limited, reducing the risk of security breaches and making compliance easier and faster.
Cashback discounts offered during payment are another major factor expected to boost the mobile money market. Customers are becoming more interested in mobile wallets that offer discounts at the time of payment. Most mobile wallets now allow clients to keep all of their information, including debit and credit card information, discount and reward information, making transactions simple. All of these remarkable benefits are enticing a growing number of people to use mobile money and mobile wallet apps.
Consumers and businesses have been compelled to adjust their shopping patterns as a result of the COVID-19 pandemic, which has had a big positive impact on the mobile money market. As contactless payments have become increasingly important for transactions, mobile wallet adoption has skyrocketed. Many customers have turned to mobile wallets to avoid cash and card transactions in order to prevent the spread of COVID-19.
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MOBILE MONEY MARKET SHARE
Based on type, the person-to-person segment is expected to be the most lucrative. Person to Person (P2P) payment providers have been growing in popularity as it allows to carry less cash and do banking and payments online.
Based on region, Asia Pacific is expected to be the most lucrative segment. Due to the rising smartphone penetration in the region, operators have the possibility to introduce innovative mobile wallet services, the region is at the forefront in the adoption of mobile money solutions.
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Major Key Players in the Mobile Money Market
- Bharti Airtel
- Mahindra Comviva
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– The global Mobile Wallet and Payment Technologies market size is projected to reach US$ 110740 million by 2027, from US$ 34470 million in 2020, at a CAGR of 17.6% during 2021-2027.
– The global Contactless Payments market size is projected to reach USD 23410 million by 2027, from USD 10260 Millionin 2020, at a CAGR of 12.0% during 2021-2027.
– The global Payment Processing Solutions market size is projected to reach USD 52,060 Million by 2026, from USD 33,810 Million in 2019, at a CAGR of 5.9% during the forecast period 2021-2026.
– The global digital lending platform market size was valued at USD 5.58 Billion in 2019, and is projected to reach USD 20.31 Billion by 2027, growing at a CAGR of 16.7% from 2020 to 2027.
– The global mobile payment market size was valued at USD 1.48 Trillion in 2019, and is projected to reach USD 12.06 Trillion by 2027, growing at a CAGR of 30.1% from 2020 to 2027.
– The mobile wallet market size was valued at USD 1,043.1 Billion in 2019, and is projected to reach USD 7,580.1 Billion by 2027, growing at a CAGR of 28.2% from 2020 to 2027.
– The global personal finance software market size was valued at USD 1,024.35 Million in 2019 and is projected to reach USD 1,576.86 Million by 2027, growing at a CAGR of 5.7% from 2020 to 2027.
– The global Personal Financial Management Tools market size is projected to reach USD 4339.6 Million by 2027, from USd 1879.3 Million in 2020, at a CAGR of 12.7% during 2021-2027.
– The global remittance market size was valued at USD 682.60 Billion in 2018 and is projected to reach USD 930.44 Billion by 2026, growing at a CAGR of 3.9% from 2019 to 2026.
– The global Digital Remittance market size is projected to reach USD 21420 Million by 2027, from USD 3889.5 Million in 2020, at a CAGR of 27.6% during 2021-2027.
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