The global mobile money market is poised for significant expansion, projected to surge from USD 17,093.12 million in 2024 to approximately USD 118,852.47 million by 2034. This robust growth reflects an impressive Compound Annual Growth Rate (CAGR) of 21.40%, driven by evolving consumer behaviors and increasing integration of social media with e-commerce platforms.
Consumer preferences are shifting towards digital transactions, accelerated by the seamless integration of social media and commerce functionalities. This trend is reshaping the mobile money landscape, enhancing convenience, and driving adoption across diverse demographic segments.
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“With convenience quotient (CQ) at its peak, the global mobile money market is expected to go great guns in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Mobile Money Market
- North America holds the largest market share with new channels coming up in the US on the continuous basis.
- Europe holds the second-largest market share with the UK and Germany leading from the front. The scenario is expected to remain unchanged in the forecast period.
- The Asia-Pacific is expected to grow at the fastest rate in the mobile money market going forward. The pandemic did change certain things forever; with usage of plastic money being at the forefront. Platforms like PayTM, PhonePay, GooglePay started getting adopted with immediate effect, particularly by the millennials. The older generations also started getting accustomed to this way of transaction gradually. The region is home to two densely populated countries – India and China. With majority of population herein opting for cashless transaction, the mobile money market is bound to grow by leaps and bounds in the forecast period.
Competitive Analysis
- Google LLC, in 2019, did team up with Citigroup for implementing Google Pay (mobile wallet money). This platform has gained prominence especially during and after the pandemic (wherein touchless transaction was looked for).
- PayPal, in November 2019, entered into partnership with Paykii for launching Xoom (PayPal’s Jamaica-based international money transfer service). The consumers based out of Canada, the UK, the US, and also 37 markets all across Europe, since then, are able to use Xoom’s easy and fast money transfer service for securely paying insurance, loan, water, mobile network, cable, internet, telephone, and electricity bills in Jamaica.
- Airtel Africa, in October 2019, entered into collaboration with Mastercard for offering mobile money services all across 14 regions of Africa. Mastercard virtual card does facilitate Airtel Money that does away with a bank account with the objective of making payments at the global as well as local level.
- Orange Romania’s Orange Money, in August 2019, tabled the ‘My Reserve’ lending platform. The customers are thus getting benefitted from transparent and simple lending tool, that too, without additional fees and commissions. The interest rate offered is 14% with fixed rates.
- Kenya-based Safaricom, in May 2019, entered into partnership with Vodacom for acquiring IP rights of M-Pesa mobile financial services platform. As such, Fuliza (an M-Pesa overdraft facility) was put forth in Kenya that has 8.8 Million+ users.
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Key Segments
By Mode of Payment:
- NFC
- Mobile Billing
- SMS
- USSD or STK
- Others
By Types of Purchase:
- Airtime Transfers & Top-ups
- Money Transfers & Payment
- Merchandise & Coupons
- Travel and Ticketing
- Others
By Industry Vertical:
- Banking, Financial Services, and Insurance (BFSI) Sector
- Energy & Utilities Sector
- Retail Sector
- Health Care Sector
- Hospitality & Tourism Sector
- Media & Entertainment Sector
- Supply Chain Management (SCM) & Logistics Sector
- Telecommunication & IT Sector
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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