Mobile Money Market Size Forecast to Reach US$ 260.4 Billion by 2032
According to a market report, published by Sheer Analytics and Insights, the total global mobile money market was valued at $21.1 billion in 2021 and it is expected to reach $260.4 billion at a CAGR of 24.5% between 2022 and 2032. Mobile money is a safe and easy digital process to make mobile payments through an internet facility. It can be used as an alternative to a bank account. It is widely used on both smartphones and other basic feature phones. There are different ways such as bank transfers, cash pickups, and airtime top-ups, through which people can send or receive money. Therefore, the increasing number of mobile subscribers is boosting the growth of the mobile money market. Furthermore, sales of mobile phones and network coverage are increasing in emerging countries. Hence, various companies across the globe are focusing on developing new and innovative technologies and solutions regarding mobile money transfer to bring the world to customers’ fingertips. Therefore, the growing number of mobile subscribers represents an important role for monetary transactions using smartphones. The increasing adoption of mobile phones and money transfer application usage is expected to drive the mobile money market during the forecast period.
In rural areas, people are using mobile phones. Using of mobile wallets is growing in these areas among a large number of customers. They can make business transactions very easily. Additionally, people are very much drawn to use online shopping applications, where they find various things such as goods, clothes, foods, and many more. Therefore, the usage of online shopping apps for their daily requirements is estimated to propel the growth of the market in near future. Moreover, the adoption of smart speakers such as Google home and Alex is increasing among developed countries. This speaker allows users to purchase anything from online shopping apps by receiving voice commands. Thus, increasing usage of these technologies has also driven the market growth over the last few years.
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Billions of people from emerging economies and developing markets use cell phones but they have bank accounts. Many low-income people store and transfer money by using informal networks; however, these have high transaction costs and are prone to theft. Therefore, mobile money is beginning to fill this gap by offering financial services over smartphones, from person to person, which transfers to more complex banking services. These have benefited customers from developing countries, which are estimated to fuel the growth of the mobile money market in the upcoming years. However, in some areas of developing nations, people are still refusing to use mobile money applications, which might hinder the growth of the market in the next few years.
According to the study, key players dominating the global mobile money market are Vodafone Group Telecommunications Company (U.K), Alphabet Inc Multinational Conglomerate Company (U.S), Orange S.A Telecom Company (France), FIS Corporation (U.S), PayPal Financial Technology Company (U.S), MasterCard Financial Services Company (U.S), Fiserv Company (U.S), Bharti Enterprises Multinational Conglomerate Company (India), Thales Group Aerospace Company (France), Alipay Company (China), MTN Group Mobile Telecommunication Company (South Africa), Samsung Group Multinational Conglomerate Company (South Korea), VISA Financial Services Company (U.S), Tencent Multinational Conglomerate Company (China), Global Payments Company (U.S), Block Financial Services Company (U.S), Amazon E-Commerce Company (U.S), Apple Technology Company (U.S), Western Union Financial Services Company (U.S), Mahindra Group Multinational Conglomerate Company (India), Deutsche Telekom Telecommunication Company (Germany), Ant Group Company (China), UnionPay Financial Company (China), Rakuten Electric Commerce Company (Japan), One97 Communications Company (India), among others
The Global Mobile Money Market Has Been Segmented Into:
The Global Mobile Money Market – By Transaction Type:
- Point of Sale
- Mobile Applications
- QR Codes
The Global Mobile Money Market – By Payment Type:
- Person to Person
- Person to Business
- Business to Person
- Business to Business
The Global Mobile Money Market –By Mobile Application Type:
- Bill Payment
- Money Transfers
- Travel and Tickets
- Merchandise and Coupons
The Global Mobile Money Market – By Regions:
- Rest of Europe Countries
- South Korea
- North Korea
- Rest of Asian Countries
- Saudi Arabia
- Rest of LAMEA
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