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Mobile money services

Mobile Money Market Size to Reach $142260 Mill. by 2027

The global mobile money market is projected to reach USD 142260 million by 2027, up from USD 35920 million in 2020, at a CAGR of 21.2% during the forecast period of 2021–2027.

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The 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 technological advancements that ensure secure and fast transactions is expected to boost the mobile money market

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 and discount and reward information, making transactions simple. All of these remarkable benefits entice a growing number of people to use mobiIe 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.

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 they allow one 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 mobiIe money solutions. global mobile money

Major Key Players in the Mobile Money Market

  • Vodafone
  • Gemalto
  • FIS
  • Google
  • Mastercard
  • Bharti Airtel
  • Orange
  • Monitise
  • Mahindra Comviva
  • PayPal

 

The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports.

 

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