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Mobile Money Market size is predicted to reach $456.5 Billion by 2030, growing at a CAGR of 15.2% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The growing need for digital financial services, particularly in emerging nations, is fueling the mobile money market’s explosive expansion. Financial inclusion is greatly aided by mobile money systems, which also present large commercial opportunities for service providers, finds IndustryARC in its recent report, titled “Mobile Money Market – By Mode Of Payment (Remote Payment, NFC Payment), By Stakeholder (Mobile Network Operator, Handset, and Other Hardware Solution Manufacturer, Oss/Bss Solution Provider, Software Developer, and Cloud Computing, Content and Application Aggregator), By Application (Mobile Commerce, Mobile Ticketing, Mobile Coupon, Mobile Transfer, Micropayments), By Geography – North America, South America, Europe, APAC, RoW Opportunity Analysis & Industry Forecast, 2024-2030”
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North America to Register Highest Growth:
North America is anticipated to experience the highest growth of CAGR of 21.4% in the Mobile Money Market between 2024 and 2030. North America’s mobile money market is expected to grow significantly due to rising smartphone adoption, a supportive regulatory landscape, and rising consumer demand for easily accessible financial services. This rapid market expansion can be attributed to North America’s high acceptance rates of digital payment systems and sophisticated technology infrastructure. Financial technology advancements including mobile wallets, peer-to-peer transactions, and mobile banking services are anticipated to help the region. This quick expansion demonstrates the region’s dominant position in the global mobile money market as it continues to support efforts for financial inclusion and digital transformation.
Mobile Money Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
15.2% |
|
Market Size in 2030 |
$456.5 billion |
|
Segments Covered |
Mode of Payment, Stakeholder, Application, and Geography. |
|
Geographies Covered |
North America, South America, Europe, APAC, RoW |
|
Key Market Players |
1. Apple Inc. 2. Google LLC 3. Square 4. Alipay 5. PayPal 6. Samsung Electronics 7. Visa Inc 8. First Data Corporation 9. Mastercard Inc. 10. The American Express Company |
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Mobile Money Market Report – Key Takeaways:
Remote Payment Segment Leading the Market
By mode of payment, the remote payment segment had more than 50% of the market share in 2023. The mobile money market is expanding significantly, and the leading category in this expansion is remote payments. The growing need for contactless transactions, which was brought to light during the COVID-19 outbreak, is what is driving this segment’s domination. Global acceptance of remote payments has risen because they offer a safe and practical alternative for bill payments, money transfers, and other transactions that don’t require in-person interaction. According to the GSMA Association, as merchant payments increased by 14% to about $74 billion in 2023, international remittances are currently one of the mobile money use cases with the greatest growth. Advancements in technology and the increasing use of smartphones have contributed to the growth of the remote payment market. Peer-to-peer transfers, online payment gateways, and mobile wallets have become indispensable in developed and emerging countries alike. Additionally, the ease, quickness, and dependability of the remote payment market make it a popular option for both companies and customers. Innovations in mobile money services are anticipated to improve user experience and spur additional adoption as the market grows.
Money Transfer Segment Leading the Market
Money Transfer segment had more than 37.9% of the market share in 2023. The growing demand for safe, affordable, and effective ways to transmit money has made the money transfer category the market leader in mobile money applications. As per the GSMA Association, the average revenue per user climbed by 40% between September 2022 and June 2023, this exemplifies mobile financial services’ commercial potential. This segment’s growth has been mostly attributed to the increase in cross-border remittances, especially in emerging nations. For those who lack access to traditional banking, mobile money services present a practical substitute by facilitating simple mobile device access to financial services. Due to its ability to facilitate remote transactions and eliminate the necessity for in-person interaction, mobile money has been increasingly popular for remittances since the COVID-19 pandemic. Additionally, mobile money transfers are now more dependable and accessible thanks to technological developments and rising smartphone usage.
The issue of Fraud and Scams is a Major Challenge
Users of mobile money are frequently at serious risk of becoming the victim of attempted fraud, which erodes user confidence in the system and prevents wider adoption. Fraudsters take advantage of holes in mobile money platforms, including phishing, social engineering, and SIM swapping as some of the methods to attack agents as well as users. In addition to having an impact on specific users, this fraud exposure poses a serious risk to the integrity of mobile money services as a whole. This problem is also made worse by transactions that lack appropriate transparency. Consumers may become less confident in using mobile money services if they can’t easily trace their money once it’s been moved or confirm the validity of transactions. Mobile money providers must strengthen security measures, warn consumers about potential scams, and increase platform openness to address these problems. The mobile money market can promote greater trust and wider adoption by resolving these issues.
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Key Opportunity Analysis:
Financial Inclusion in Emerging Markets
The potential for financial inclusion in emerging nations is one of the biggest prospects in the mobile money business. For people and small enterprises without access to traditional banking, mobile money systems can offer banking services. The introduction of mobile money services can close the gap created by the two billion unbanked individuals worldwide by providing a safe and convenient platform for transfers, payments, and savings. Individuals gain from this inclusion because it gives them financial stability and flexibility, but it also promotes economic development and growth in disadvantaged areas. Apart from the advantages it offers to individuals and small businesses, mobile money has the potential to improve the effectiveness and clarity of government payments and remittances. This is especially crucial in areas where cash transactions are common and there is a risk of corruption or financial mismanagement. Mobile money can guarantee that money reaches the intended receivers more securely and reliably by digitizing these payments.
Expansion of Digital Payment Ecosystems
Another important possibility exists in the proliferation of digital payment ecosystems. Mobile money services are in a good position to meet the increasing demand as customer tastes shift toward cashless transactions. Peer-to-peer payments, online payment gateways, and mobile wallets are becoming more and more popular due to technological improvements and smartphone prevalence. Through this growth, service providers can increase transactional efficiency, improve user experiences, and diversify their products. Providers can take advantage of these trends as the mobile money industry expands to build a solid digital financial infrastructure, particularly in areas where growth has been particularly robust, such as Africa, the Middle East and North Africa, and Southeast Asia.
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The Report also Covers the Following Areas:
Mobile Money Market 2024-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic has significantly impacted the Mobile Money Market by accelerating digital transformation and reshaping priorities. Mobile money usage has surged in low- and middle-income economies due to the need for contactless transactions and limited access to traditional banking services during lockdowns. The pandemic has highlighted the importance of mobile money for financial inclusion and economic resilience.
The Russia-Ukraine crisis has also affected the Mobile Money Market. Geopolitical tensions have caused disruptions in supply chains and posed challenges for cross-border transactions. These disruptions have led to increased uncertainty, affecting investor confidence and business operations. Companies involved in mobile money services may need to reassess their strategies to manage risks associated with currency fluctuations and trade restrictions.
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List of Key Market Players in Mobile Money Market:
The Mobile Money Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
Mobile Payments Market: Efficiency in money exchange is one of the major determinants of mobile money technology development. Increasing the efficiency of mobile money transactions can result in an increase in overall expenditure which can encourage companies to work towards the development of this technology.
Land Mobile Radio Market: Major drivers for the growth in the LMR market are increasing need for connectivity in defence and aviation sector along with industry shift from analog to digital LMR system.
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