Mobile Money Market is Predicted to Grow at a Notable CAGR of 22.6% from 2022 to 2032 | Report by FMI

The global mobile money market was worth US$ 106.8 Billion in the year 2022 and expected to reach US$ 816.6 Billion by the year 2032 at a remarkable CAGR of 22.6% between 2022 and 2032. With certainty of the safety of the payment apps, the global mobile money market is expected to grow on an unstoppable note in the forecast period.

MTN mobile money has been launched by banking and financial sectors to enable phone credit and international transfer to the cash facilities. Digital or web-based payment strategy does let providers of wallet mobile money safeguard services and, at the same time, encouraging partnerships for engaged and varied user base. Also, NFC-enabled handsets are being adopted for attracting more business via mobile money wallet.

At the same time, the fact that there are concerns regarding data security can’t be ignored. This factor could restrain the mobile money market going forward. Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Mobile Money Market’. It has its indigenous team of analysts and consultants to execute using an eagle’s eye view in its primary, secondary, and tertiary modes of research.

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“With convenience quotient (CQ) at its peak, the global mobile money market is expected to go great guns in the forecast period”, says an analyst from Future Market Insights.

Key Takeaways from Mobile Money Market

  • North America holds the largest market share with new channels coming up in the US on the continuous basis.
  • Europe holds the second-largest market share with the UK and Germany leading from the front. The scenario is expected to remain unchanged in the forecast period.
  • The Asia-Pacific is expected to grow at the fastest rate in the mobile money market going forward. The pandemic did change certain things forever; with usage of plastic money being at the forefront. Platforms like PayTM, PhonePay, GooglePay started getting adopted with immediate effect, particularly by the millennials. The older generations also started getting accustomed to this way of transaction gradually. The region is home to two densely populated countries – India and China. With majority of population herein opting for cashless transaction, the mobile money market is bound to grow by leaps and bounds in the forecast period.

Competitive Analysis

  • Google LLC, in 2019, did team up with Citigroup for implementing Google Pay (mobile wallet money). This platform has gained prominence especially during and after the pandemic (wherein touchless transaction was looked for).
  • PayPal, in November 2019, entered into partnership with Paykii for launching Xoom (PayPal’s Jamaica-based international money transfer service). The consumers based out of Canada, the UK, the US, and also 37 markets all across Europe, since then, are able to use Xoom’s easy and fast money transfer service for securely paying insurance, loan, water, mobile network, cable, internet, telephone, and electricity bills in Jamaica.
  • Airtel Africa, in October 2019, entered into collaboration with Mastercard for offering mobile money services all across 14 regions of Africa. Mastercard virtual card does facilitate Airtel Money that does away with a bank account with the objective of making payments at the global as well as local level.
  • Orange Romania’s Orange Money, in August 2019, tabled the ‘My Reserve’ lending platform. The customers are thus getting benefitted from transparent and simple lending tool, that too, without additional fees and commissions. The interest rate offered is 14% with fixed rates.
  • Kenya-based Safaricom, in May 2019, entered into partnership with Vodacom for acquiring IP rights of M-Pesa mobile financial services platform. As such, Fuliza (an M-Pesa overdraft facility) was put forth in Kenya that has 8.8 Million+ users.

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What does the Report state?

  • The research study is based on mode of payment (NFC, mobile billing, SMS, USSD or STK, and others), types of purchase (airtime transfers & top-ups, money transfers & payment, merchandise & coupons, travel and ticketing, and likewise), industry vertical (BFSI sector, energy & utilities sector, retail sector, healthcare sector, hospitality & tourism sector, media & entertainment sector, SCM (supply chain management) & logistics sector, IT & telecommunication, and likewise).
  • With smart and secure GUI (graphical user interfaces) consolidating, various central and government banks are significantly encouraging citizens to accept mobile money.

Key Segments

By Mode of Payment:

  • NFC
  • Mobile Billing
  • SMS
  • USSD or STK
  • Others

By Types of Purchase:

  • Airtime Transfers & Top-ups
  • Money Transfers & Payment
  • Merchandise & Coupons
  • Travel and Ticketing
  • Others

By Industry Vertical:

  • Banking, Financial Services, and Insurance (BFSI) Sector
  • Energy & Utilities Sector
  • Retail Sector
  • Health Care Sector
  • Hospitality & Tourism Sector
  • Media & Entertainment Sector
  • Supply Chain Management (SCM) & Logistics Sector
  • Telecommunication & IT Sector
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa (MEA)

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About Us

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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