Mobile Money Market

GMI Research analysis indicates that the Mobile Money Market is slated to register a CAGR of 25.1% over the forecast period from 2022 to 2029.

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Key Drivers

The factors projected to expand Mobile Money Market size include increasing mobile subscriptions, rising penetration of mobile internet services, growing number of digital transactions aided by the increasing government initiatives to encourage Digital Economy. Moreover, increasing adoption of mobile wallet applications among individuals to store important data including Debit and Credit Card information, rewards, and transaction history, will further expand the Mobile Money Market share.

In addition, the ongoing technological innovations by leading players such as Google LLC to strengthen the payment gateways and adoption of planned marketing strategies such as vouchers, discount, and Cashback, to attract consumers will offer enormous opportunities to the market. However, rising cases of digital frauds and concerns over digital safety is forecast to impede the global mobile money market growth over the upcoming years. According to the RBI data, nearly 4,071 fraud cases were reported by Indian lenders in 2021 and the amount went up to Rs 36,342 crore

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Application – Segment Analysis

Based on application, the market is segmented into money transfers, bill payments, airtime transfers, and tops-ups, travel & ticketing, and merchandise & coupons. Among these, the money transfer segment would witness a faster CAGR during the forecast period attributed to the rapid digitalization at the global level. Mobile money transfers have simplified the traditional money transfer method, which used to take a few days to transfer funds from one bank account to another. Now the money can be easily transferred within a few minutes and receipts are sent online to the payer. Mobile money transfer is an easy to use, time-saving, and cost-saving process, which eases both international and national money transfers, hence individuals are more adaptive toward money transfer through mobile wallets.

Payment – Segment Analysis

On the basis of the type of payment, the market is segmented into remote and proximity payments. Among these, the proximity payment segment would observe a higher CAGR during the forecast period. Proximity payment refers to the method of payment that indulges usage of smartphones and an internal chip. The increasing concerns regarding identity theft are further promoting the adoption of proximity type of payment, which helps in identifying thefts and secures the payment process.

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Regional – Segment Analysis

Based on the region, the North America region is anticipated to dominate the market during the forecast period attributed to the high usage of smartphones and increasing technological advancements in this region. Moreover, Asia-Pacific is projected to grow at a higher CAGR during the forecast period owing to the accelerated adoption of mobile money solutions and the rapid expansion of e-commerce platforms in the region.

Top Market Players

The key players in the market include Google LLC, Orange SA, PayPal Payments Private Limited, Mastercard International Incorporated, Fiserv, Inc, Bharti Airtel Ltd, Gemalto NV, Alipay.com, Amazon.com, Inc, and Apple Inc.

Key Developments:

• • In 2021, Google Pay collaborated with Western Union and Wise. This partnership helped US users to send money to users across India and Singapore and expand these cross-border transactions by the end of the year.
  • In 2021, Orange partnered with Ericsson to extend its mobile money service in Africa. This partnership helped company of Orange Money to safely store, transfer, and withdraw money, and pay merchants, among other essential financial services.
  • In 2021, Mastercard invested $100 mln in Airtel Africa’s mobile money unit. The Group and Mastercard extended commercial agreements and entered in a new commercial framework which will strengthen their partnerships across numerous geographies and areas.
  • In 2020, Alipay.com partnered with WorldRemit, an online remittance company. The partnership allowed customers to use WorldRemit website or app to send cross border remittances to Alipay app, making access to China’s mobile money market.
  • In 2019, Google LLC partnered with Citigroup and Stanford Federal to integrate its mobile wallet i.e. Google Pay. With this partnership, Google LLC aimed to gain new customer base from Citi, and Citigroup expanded its reach to millennial and Gen Z customers.

Segments covered in the Report:

The global mobile money market has been segmented on the basis of transaction mode, nature of payment, application, payments, and region. Based on transaction mode, market is segmented into point of scale, mobile apps, QR codes, internet payments, SMS and STK/USSD payments, direct carrier billing, and mobile banking. based on nature of payment, market is segmented into person to person, person to business, business to person, and business to business. based on application, market is segmented into money transfers, bill payments, airtime transfers and tops-ups, travel & ticketing, and merchandise & coupons. based on payments, market is segmented into remote payments, and proximity payments. Based on region, market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.

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Key questions answered in this research report:

• • At what pace is global mobile money market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in mobile money market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global mobile money market?
  • Which nature of payment generated maximum revenues in 2021 and identify the most promising nature of payment during the forecast period?
  • What are the various application areas of global mobile money market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Mobile Money Market by Transaction Mode

• • Point of Scale
  • Mobile Apps
  • QR Codes
  • Internet Payments
  • SMS and STK/USSD Payments

Global Mobile Money Market by Nature of Payment

• • Person to Person
  • Person to Business
  • Business to Person
  • Business to Business

Global Mobile Money Market by Application

• • Money Transfers
  • Bill Payments
  • Airtime Transfers and Tops-Ups
  • Travel & Ticketing
  • Merchandise & Coupons

Global Mobile Money Market by Payments

• • Remote Payments
  • Proximity Payments

Global Mobile Money Market by Region

• • North America Mobile Money Market (Option 1: As a part of the free 25% customization)
    • By Transaction Mode
    • By Nature of Payment
    • By Application
    • By Payments
    • US Market All-Up
    • Canada Market All-Up
  • Europe Mobile Money Market (Option 2: As a part of the free 25% customization)
    • By Transaction Mode
    • By Nature of Payment
    • By Application
    • By Payments
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Mobile Money Market (Option 3: As a part of the free 25% customization)
    • By Transaction Mode
    • By Nature of Payment
    • By Application
    • By Payments
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Mobile Money Market (Option 4: As a part of the free 25% customization)
    • By Transaction Mode
    • By Nature of Payment
    • By Application
    • By Payments
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Mobile Money Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Google LLC
  • Orange SA
  • PayPal Payments Private Limited
  • Mastercard International Incorporated
  • Fiserv, Inc
  • Bharti Airtel Ltd
  • Gemalto NV
  • com
  • com, Inc
  • Apple Inc.