Growing Awareness about Mobile Money Solutions to Drive Mobile Money Market
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.
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.
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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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