According to a research report "Mobile Money Market by Transaction mode (Point of Sale, Mobile Apps, QR codes, Internet Payments, SMS, STK/USSD Payments, Direct Carrier Billing, Mobile Banking), Nature of Payment, Application, Type of Payments, Region - Global Forecast to 2024", published by MarketsandMarkets, the mobile money market to grow from USD 3.4 billion in 2019 to USD 12.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 28.7% during the forecast period. Major factors expected to drive the growth of the mobile money market include the rise in the number of mobile subscribers, government initiatives to promote cashless economies, and growth of businesses with digital payment-based business models.
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By transaction mode, mobile apps segment to
grow at the highest rate during the forecast period
By transaction mode, the
mobile apps segment is expected to grow at the highest CAGR during the forecast
period. Several applications offer payment services, such as Apple Pay, Google
Pay, and PayPal. Some of these applications provide mobile wallet services too.
Mobile applications considered under this segment include digital/mobile
wallets and Unified Payment Interface (UPI) payment apps. With the
proliferation of strong internet coverage in developed and some developing
countries, the adoption of mobile money application has increased significantly.
Mobile-based payment app interfaces are designed to facilitate easy payment
using mobile phones. It is a software intended mainly for smartphones and
tablet computers. All the functions of mobile money, such as sending,
receiving, and withdrawing money along with other such options can easily be
accessed through these apps.
By type of payment, the proximity payments
segment to grow at highest CAGR during the forecast period
By type of payment, the proximity
payments segment to grow a higher CAGR during the forecast period. These
payments are carried out using mobile phones and Point of Sales (POS) device.
Currently, several companies offer applications that enable proximity payments.
It is referred to as in-store payments in case of retail store or in-location
payments with regards to payment through a merchant’s POS terminal. Proximity
payments are specifically enabled for short distances and work when both the
payer and payee are present in the same location. The proximity payment type is
strikingly different from remote payment as it involves the presence of payment
card details from one’s own bank account and does not require any tie-up with a
payment processor to facilitate transactions. Increasing adoption of mobile
payment technologies by brick and mortar-based businesses further drives the
demand for proximity payments.
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Asia
Pacific to account for the largest market size during the forecast period
The
global mobile money market by region covers 5 major geographic regions, namely
North America, Asia Pacific (APAC), Europe and Central Asia, Middle East and
Africa (MEA), and Latin America. APAC is expected to hold the largest market
size during the forecast period. The region is at the forefront in the adoption
of mobile money solutions, owing to the increased smartphone penetration in
this region that provides operators with an opportunity to launch advanced
mobile wallet services. The rapid eCommerce adoption further contributes to
increased use of electronic payment mechanisms, including mobile money
services. The growth of mobile money solutions has helped bridge economic
opportunities and drive financial inclusion in the region. Owing to its vast population
and the developing nature of their economies, a large number of people in this
region lack direct access to financial services. Traditional banking results in
high operational costs and these banks are difficult to set up in rural and
remote areas. However, mobile-based solutions help reduce operational costs and
serve a diverse population, thereby promoting financial inclusion by bridging
economic opportunities.
Key
Mobile Money Market Players
Vodafone
(UK), Google (US), Orange (France), FIS (US), Paypal (US), Mastercard (US),
Fiserve (US), Airtel (India), Gemalto (Netherlands), Alipay (China), MTN (South
Africa), PAYTM (India), Samsung (South Korea), VISA (US), Tencent (China),
Global Payments (US), Square (US), Amazon (US), Apple (US), Western Union
Holdings (US), Comviva (India), and T- Mobile (US).
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