Mobile Money Global Market Report 2024

Mobile money refers to the electronic transfer of funds from one individual or entity to another using mobile devices. This digital payment technology is integrated into smartphones, enabling users to send, receive, withdraw, and manage money without relying on traditional banking systems. Mobile money is a secure and convenient alternative to traditional bank accounts.

The primary transaction types in mobile money include person-to-person (P2P), person-to-business (P2B), business-to-person (B2P), and business-to-business (B2B). Person-to-person (P2P) transactions involve electronic money transfers between individuals, requiring minimal personal information and ensuring the security of personal data. These transactions can encompass a variety of payments, including bill payments, money transfers, ticket payments, and more. Different payment protocols, such as remote mobile payment and proximity mobile payment, facilitate these transactions.

The mobile money market research report is one of a series of new reports that provides mobile money market statistics, including mobile money industry global market size, regional shares, competitors with a mobile money market share, detailed mobile money market segments, market trends and opportunities, and any further data you may need to thrive in the mobile money industry. This mobile money market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The mobile money market size has grown exponentially in recent years. It will grow from $10.68 billion in 2023 to $13.2 billion in 2024 at a compound annual growth rate (CAGR) of 23.5%. The growth observed in the historic period can be attributed to factors such as increased mobile penetration and connectivity, initiatives focused on financial inclusion, supportive government regulations, the emergence of mobile banking and payment services, user convenience and accessibility, as well as security and trust-building measures. These factors collectively contributed to the adoption and growth of mobile money solutions during that period.

The mobile money market size is expected to see exponential growth in the next few years. It will grow to $34.57 billion in 2028 at a compound annual growth rate (CAGR) of 27.2%. The anticipated growth in the forecast period can be attributed to various factors, including the development of cross-border mobile money solutions, efforts to enhance user experience, customization tailored to different demographics, expansion into new geographic markets, a focus on user education and awareness, and increasing integration with e-commerce platforms. Additionally, several trends are expected to shape the mobile money landscape in the forecast period. These trends include the application of artificial intelligence (AI) and machine learning, government initiatives promoting digital payments, emphasis on financial wellness and education, integration of blockchain and cryptocurrency solutions, and the incorporation of microfinance and lending services. Moreover, the integration of mobile money with messaging apps is expected to play a significant role in the evolving landscape.

The growth of the mobile money market is being propelled by the increasing adoption of mobile POS (point of sale). The surge in demand for quick fulfillment, coupled with the rising popularity of the digital marketplace and the need for enhanced customer experience and payment efficiency, has led to the widespread adoption of mobile POS. This trend is expected to generate significant demand for mobile money as it provides a convenient and efficient solution for point-of-sale transactions. For example, Pinnaca Retail Solutions, a UK-based company specializing in retail-specific software and hardware solutions, reported that 44% of retailers identified mobile POS implementation and enhancement as their top priority, up from 33% in the previous year. Additionally, 54% of businesses have utilized mobile POS for processing transactions. Hence, the increased adoption of mobile POS is anticipated to drive the demand for mobile money in the forecast period.

The increasing prominence of the growing e-commerce industry is expected to foster the growth of the mobile money market. With the continuous growth of e-commerce, mobile money solutions are increasingly being employed to facilitate secure and convenient payments for online transactions. Mobile money solutions offer several advantages, including ease of use, accessibility, and security, making them preferable over traditional payment methods. According to US eCommerce statistics, 65% of consumers anticipate an increased use of online purchasing platforms in 2022, with projected e-commerce revenues reaching $6.3 trillion by 2024. Furthermore, in Spain, Esw, a global eCommerce management company, predicts an increase in eCommerce users from 29.6 million to 36.9 million by 2025, constituting 74% of the total population. The average user is expected to spend $804 online. Thus, the rising popularity of the e-commerce industry is a driving force behind the growth of the mobile money market.

Technological advancement is a prominent trend gaining traction in the mobile money market. The industry is witnessing the integration of advanced technologies such as NFC (near-field communication) for contactless payments in mobile money solutions. NFC enables short-range wireless connectivity for communication between devices in close proximity, facilitating quick and contactless payments. Major players in the mobile money market are prioritizing the development of technologically advanced solutions to fortify their market position. For instance, in March 2021, Paytm, an Indian digital payments and financial services company, launched Smart POS for Android devices, enabling contactless payments using NFC technology. This innovation transforms an Android smartphone into a point-of-service (POS) terminal, allowing card payments via NFC-enabled Android phones. Paytm also introduced the IoT-enabled Soundbox, offering instant voice-based payment confirmations to merchants, aiming to enhance convenience for both customers and merchants.

Strategic partnerships are a prevalent approach adopted by major companies in the mobile money market to create opportunities for individuals and businesses. Strategic partnerships involve leveraging each other's strengths and resources to achieve mutual benefits. For instance, in September 2021, MTN, an Africa-based mobile network operator, announced a mobile money partnership with Flutterwave. This collaboration enables businesses integrating Flutterwave in several African countries to receive payments via MTN Mobile Money. Flutterwave is an Africa-based payments technology company.

In May 2021, Fiserv Inc., a US-based financial services technology and mobile banking company, acquired Pineapple Payments for an undisclosed amount. This acquisition expands the reach of Fiserv's payment solutions, including the Co-pilot partner platform Clover and Clover Connect, through Pineapple Payments' technology and distribution channels driven by relationships. Pineapple Payments is a US-based payments technology firm providing payment processing, proprietary technology, and omnichannel payment acceptance solutions for merchants, including mobile payment solutions.

Major companies operating in the in the mobile money market report are Vodafone Group plc, Google LLC, Orange S. A., Fidelity National Information Services Inc., PayPal Holdings Inc., Mastercard Incorporated, Fiserv Inc., Bharti Airtel Limited, Ant Group Co. Ltd., MTN Group Limited, Paytm Payments Bank Limited, Samsung Electronics Co. Ltd., Visa Inc., Tencent Holdings Limited, Global Payments Inc., Square Inc., Amazon. com Inc., Apple Inc., The Western Union Company, Comviva Technologies Limited, T-Mobile US Inc., Obopay Inc., FTS Group Inc., Peerbits Solution Pvt. Ltd., Panamax Inc., Alepo Technologies Inc., Econet Wireless, Millicom International Cellular S. A., Airtel Limited, Safaricom

Asia-Pacific was the largest region in the mobile money market in 2023, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the mobile money market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the mobile money market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The mobile money market includes revenues earned by entities by providing solutions to save and manage expenses using a bank account linked with a mobile number to facilitate secure and easy transactions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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