Mobile Money Market 2022 Industry Research, Segmentation, Key Players Analysis and Forecast to 2030

The global mobile money market is expected to witness a CAGR of 21.4% during the forecast period of 2020 to 2030, according to a new research report released by FMI. Quick turn made by some of high potential economies with limited digital financial inclusion among masses to digitize payments has been a key enabler for mobile money. The indispensable usage of smartphone and affordable cost of internet has played the epicentral role in the adoption of mobile money among retail consumers.

COVID-19 Impact Analysis on Mobile Money Market

The COVID-19 pandemic has significantly impacted the businesses globally. Consumers and businesses are expected to adopt mobile wallets or apps to make cashless payments in order to avoid multiple touchpoints and chances of cross-contamination to stop the spread of COVID-19. To maintain social distancing consumers and businesses are expected to encourage the usage of digital wallets, which will bode well for the mobile money market.

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Organizations have started using multi-factor authentication by combining fingerprint technology with password or PINs. Multi-factor authentication is highly secure as it makes difficult for hackers to compromise the customer account. This security method combines something what users know and what user is.

“Key players in the market can gain significant profits by providing mobile money solution with machine learning algorithm that prevents money laundering, identity theft, mobile fraud, and credit card fraud. Machine learning algorithms are applied to automate the analysis of customers’ behavioral patterns for any sign of abnormality giving the ability to identify and flag fraudulent activity in real-time,” says the FMI Analyst

Key Takeaways of Mobile Money Market:

Mobile money to win growing number of users as payments for multiple services such as ticketing, loans, bills, and utilities gets easier

Digital wallets to be the most popular form of platform for use of mobile money as they referral and reward systems attract consumers

Millennials and Generation Z to be remain predominant users of mobile money

South Asia & Pacific to remain ahead of others as e-commerce gains unprecedented momentum

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Mobile Money Market Outlook & Key Findings

Mobile money market likely to grow at over 24% in 2020 with adoption of digital payments offering safety during a pandemic

Growing smart phone penetration remains instrumental to all pervasiveness of digital payments

Mobile banking and intuitive mobile payment applications create opportunities for mobile money provider

Mobile wallet gains popularity in rural areas of economies as cashless economies become a norm

Use of mobile money in BFSI vertical to witness approximately 30% Y-o-Y growth from 2020 to 2021

Mobile Money: Mobile Money Solution Providers

Collaboration, partnership with key players and acquisition of niche players is key strategies followed by the leading mobile money solution providers in the market. The global mobile money market is fragmented in size, which remains a key factor for its dynamic competitive nature.

Some of the key players in the mobile money market are,

Google LLC

MasterCard Incorporated

Visa Inc.,

Western Union

One97 Communications Ltd

Mahindra Comviva

Novatti Group Pty Ltd.

Obopay

Panamax Inc.,

Aleppo

Telepin Software Services Inc.,

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Mobile Money Market: Segmentation

The global mobile money market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.

Solution

Mobile Money Platform

Services

Consulting

Integration & Deployment

Support & Maintenance

Transaction Type

Person to Person

Person to Business

Business to Person

Business to Business

Application

Bill Payment

Money Transfer

Tickets Payment

Recharge & Top-ups

Others

Payment Type

Remote Mobile Payment

Proximity Mobile Payment

Vertical

BFSI

Telecommunication

Retail

Energy & Utilities

Government

Travel & Hospitality

Others

Table Of Content

1. Executive Summary

2. Market Overview

3. Key Market Trends

4. Global Mobile Money Market – Pricing Analysis

5. COVID-19 Pandemic Crisis Impact Analysis

6. Market Structure Analysis

7. Global Mobile Money Market Demand (in Value in US$ Mn) Analysis 2015-2019 and Forecast, 2020-2030

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