Press release
Mobile Money Market Report 2024: Market Overview
Mobile Money Market
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 growth in the forecast period can be attributed to cross-border mobile money solutions, enhancesing 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..
Market Overview -
Mobile money refers to the electronic transfer of money from one individual or entity to another using mobile devices. Digital payment technology is embedded in the devices and can be utilized on regular smartphone devices to receive, withdraw, and send money without using the usual banking system. Mobile money is a popular alternative to bank accounts as it is secure and simple.
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Increasing Adoption Of Mobile Pos (Point Of Sale) Boosting Mobile Money Demand
The increasing adoption of mobile POS (point of sale) is driving the growth of the mobile money market. The increased expectation for quick fulfillment and the growing popularity of the digital marketplace coupled with the need for improving customer experience, ease of use, and payment efficiency has led to the increased adoption of mobile POS. This increasing adoption of mobile POS will result in significant demand for mobile money as it is a convenient and efficient solution for point of sales. For instance, in July 2023, according to Pinnaca Retail Solutions, a UK-based company that offers software and hardware solutions that are specific to the retail industry, 44% of retailers cited mobile POS implementation and enhancement as their top POS priority, up from 33% the previous year. Additionally, 54% of businesses have used mobile POS for processing transactions. Therefore, the increasing adoption of mobile POS is expected to boost demand for mobile money during the forecast period.
Competitive Landscape -
Major companies operating 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
Mobile Money Providers Embrace Advanced Technologies To Meet Growing Demand
Technological advancement is a key trend gaining popularity in the mobile money market. The market is witnessing the implementation of advanced technologies such as NFC technology in mobile money for contactless payments. NFC (near-field communication) is a short-range wireless connectivity mechanism to enable communication between devices during their proximity using magnetic field induction, enabling quick payment and removing contact-based payments. Major companies operating in the mobile money market are focused on providing technologically advanced mobile money solutions to strengthen their market position. For instance, in March 2021, Paytm, an Indian digital payments and financial services company, introduced Smart POS for Android devices that accepts contactless payments using NFC technology. This smart POS converts an Android smartphone into a point-of-service (POS) terminal using NFC technology that allows card payments via NFC-enabled android phones. The company also introduced IoT-enabled Soundbox, offering instant voice-based confirmations of payments to merchants. Both the devices aim to create convenience and ease of use payment solutions for customers and merchants.
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Key Segments -
The mobile money market covered in this report is segmented -
1) By Transaction Type: Person to Person (P2P), Person to Business (P2B), Business to Person (B2P), Business to Business (B2B)
2) By Payment: Remote Payments, Proximity Payments
3) By Application: Bill Payments, Money transfers, Recharge & Top-up, Ticket Payment, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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