Mobile Money Market-Forecast, 2024-2030
Mobile Money Market is forecast to reach $456.50 billion by 2030 at a CAGR of 15.2% during 2024-2030.
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The Mobile Money market is experiencing exponential growth, fueled by the increased utilization of technology in financial transactions and the burgeoning presence of various e-commerce platforms. This trajectory is expected to persist during the forecast period as more individuals worldwide embrace the convenience and efficiency of mobile payment solutions. For instance, In the United Kingdom, findings from the U.K Government’s Financial Lives Survey 2022 indicate a notable shift towards mobile payments, with 47% of adults engaging in this mode of transaction. Similarly, in Germany, mobile devices are responsible for approximately 21% of retail transactions, underscoring the widespread adoption of Mobile Money solutions in mature markets. Additionally, in many regions, particularly in developing countries, Mobile Moneys have witnessed remarkable popularity due to the proliferation of smartphones and the expansion of digital banking services. This trend is indicative of a global movement towards cashless economies, driven by the convenience, security, and accessibility afforded by mobile payment platforms. Moreover, Consumers are increasingly drawn to the seamless experience offered by Mobile Moneys, which eliminate the need for physical cash or cards, streamline transactions, and enhance financial inclusivity. Increasing adoption of non-cash transactions will likely create the demand for the Mobile Money market in the forecast period 2024 to 2030.
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Report Coverage
The report: “Mobile Money Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the 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: By Geography: North America, Asia Pacific, Europe, Middle East & Africa, South America, RoW
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Key Takeaways
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NFC (near-field communication) technology is estimated to grow at a CAGR of over 17.56% during the forecast period. The growing adoption of non-contact payment solutions along with the integration of NFC chips into smart devices is driving the market growth. The popularity of NFC mobile payments is owed to its ease of use and improved security options. It enables smartphones to exchange data and function as a secure payment device, stores the customer’s credit card details, and allows the user to pay at NFC POS terminals through smartphones. NFC mobile payments also help merchants attain operating cost benefits such as reduced cash processing and more effective consumer engagement. Companies are increasingly NFC technologies into their mobile payment solutions to allow fast and easy payment. For instance, in 2022, Google Pay introduced NFC payment, enabling users to conveniently tap their phones on payment terminals, initiating the app automatically for seamless transactions. Confirming payments became effortless with this feature. Similarly, several Android and Microsoft Windows smartphones have also adopted the NFC technology to aid contactless payments. All these technological developments will create the demand for the market.
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By Type - Segment Analysis
The semi-closed mobile is growing at the highest CAGR of 14.56% during the forecast period as this wallet requires minimum details for a transaction. Technology players such as Uber, Ola, Flipkart, MakeMyTrip, Paytm, and Amazon are focusing on investing in semi-closed wallets to provide integrated banking experiences to their customers. Companies are leveraging their technological background to provide innovative product offerings to their users. These investments and funding will improve the demand for semi-closed wallets thereby creating opportunities for Mobile Moneys.
Geography - Segment Analysis
Asia Pacific dominated the Mobile Money market share for about 58.45% of the total market in 2023. ?The economy of APAC is majorly influenced by countries such as China and India. In these countries, the market is driven by a rising number of e-commerce platforms including Flipkart and Alibaba, favorable government initiatives and. For instance, according to the Indian Press Information Bureau, UPI is ubiquitous, spanning street vendors to malls. India leads global digital transactions at 46%, per 2022 data, followed by China, Thailand, and South Korea. Its widespread adoption showcases India's pivotal role in advancing digital payment ecosystems worldwide. Similarly, As of March 2022, Alipay was utilized by 93% of China's digital payment users, with 86% opting for WeChat Pay. These two platforms dominate China's mobile payment sector, collectively commanding over 90% of the market share. This underscores the pivotal role of Asian countries in advancing digital payment ecosystems globally, indicating a robust and continuously growing demand for Mobile Money services across the region
Drivers –Mobile Money Market
Acceptance of Mobile Money payments and offers provided by them.
Mobile Money Market size is driven by the acceptance of Mobile Money payments across various industry verticals. The Mobile Money is a virtual wallet in payment enabled mobile phones has augmented the operational efficiency and cost-effectiveness by reducing the processing fees. For instance, PayPal has expanded its operations across approximately 200 countries, allowing the customers to link their Mobile Moneys to their bank accounts and allowing them to carry a balance. On the other hand, the incentives offered by the Mobile Money companies through discounts and cashbacks augment their demand among individuals. For instance, Amazon Pay offers cashbacks on transactions conducted through it. This kind of offers and incentives will rapidly create the demand for Mobile Moneys.
Initiatives and Regulations of government
The government is pushing players in the banking and payments ecosystem to encourage cashless payments at merchant outlets through Mobile Moneys. For instance, in 2023, India's government aims to expand digital payment services nationwide, ensuring accessibility and convenience for all segments of the population. Similarly. in September 2023, the National Payments Corporation of India (NPCI) introduced 4 new UPI features following UPI's milestone of 10 billion transactions per month. These innovations aim to boost monthly transactions to 100 billion, enhancing user experiences and streamlining payment processes significantly. These initiatives and regulations will create demand for Mobile Moneys.
Challenges – Mobile Money Market
Low Trust in Mobile Moneys
Low trust in Mobile Moneys is a major factor that will hamper the market in the forecast period. For instance, according to the report given by YouGov, about 43% of mobile users don’t trust Mobile Moneys and 38% have low confidence in security. Similarly, most of the consumers are reluctant to adapt to Mobile Moneys as contactless payment presents huge unknown risks and fraud like leaked data, hacking, and e-wallet vulnerabilities. Moreover, less awareness about the benefits of using Mobile Moneys over using cash or credit cards and debit cards for online payment and buying expensive items. All these conditions will restrain the market growth in the forecast period
Market Landscape
Partnership and acquisitions are key strategies adopted by players in the Mobile Money market. Mobile Money's top 10 companies include Apple Inc., Google LLC, Alipay, Square, PayPal, Samsung Electronics, Visa Inc, First Data Corporation, Mastercard Inc., The American Express Company, among others.
Acquisitions/Technology Launches