Mobile Money Market Report 2025

This Mobile Money report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The mobile money market size has grown exponentially in recent years. It will grow from $12.94 billion in 2024 to $15.96 billion in 2025 at a compound annual growth rate (CAGR) of 23.4%. The growth in the historic period can be attributed to mobile penetration and connectivity, financial inclusion initiatives, government support and regulations, emergence of mobile banking and payments, user convenience and accessibility, security and trust building measures.

The mobile money market size is expected to see exponential growth in the next few years. It will grow to $45.54 billion in 2029 at a compound annual growth rate (CAGR) of 30%. The growth in the forecast period can be attributed to cross-border mobile money solutions, enhancing user experience, customization for different demographics, expansion into new geographic markets, focus on user education and awareness, increasing integration with e-commerce. Major trends in the forecast period include ai and machine learning applications, government initiatives for digital payments, financial wellness and education, blockchain and cryptocurrency integration, microfinance and lending services, integration with messaging apps.

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 significant trend gaining traction in the mobile money market. The sector is seeing the adoption of advanced technologies like NFC (near-field communication) for contactless payments. NFC is a short-range wireless communication mechanism that enables devices to interact when in close proximity through magnetic field induction, facilitating quick payments and eliminating the need for contact-based transactions. Major companies in the mobile money market are concentrating on providing technologically advanced solutions to enhance their market position. For instance, in September 2024, Visa Inc., a US-based company offering various card products, including credit, debit, and prepaid cards, announced its plans to launch Visa A2A in early 2025. This new feature will grant consumers greater control over their payments, allowing them to set payment permissions and limit amounts. Such functionality helps prevent unexpected high bills and unauthorized transactions, and it will enable automatic transfers for recurring payments, such as subscriptions for digital streaming, gym memberships, and utilities.

Major companies in the mobile money market are forming strategic partnerships to create opportunities for individuals and businesses across the continent. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. For example, in August 2023, J.P. Morgan, a US-based leading global financial services firm, announced the launch of Tap to Pay on iPhone for U.S. merchants. This new solution allows merchants to accept contactless payments using only their iPhones, eliminating the need for additional hardware or dedicated card readers. Sephora is the first client to implement this feature, rolling it out across its freestanding stores in the U.S. This innovative payment method aims to enhance the customer experience by facilitating faster and more flexible transactions anywhere within the store.

In June 2024, Corpay, Inc., a US-based company that offers various solutions to simplify and manage payment processes for businesses, announced its acquisition of GPS Capital Markets, LLC for $28.7 million. This acquisition enables Corpay to expand its range of business-to-business cross-border and treasury management solutions, specifically targeting upper-middle market companies in the U.S. This move aligns with Corpay's objective of enhancing its capabilities in the international payments sector. GPS Capital Markets, LLC, also a US-based company, specializes in providing corporate foreign exchange services, assisting companies in managing foreign currency risk and executing transactions.

Major companies operating in the mobile money market include 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., 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 2024, 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.

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 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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