Mobile Money Market to Reach $121,586.65 million, Globally, by 2032 at 30.8% CAGR: Allied Market Research
Increase in the use of digital payment-based business models and increase in the efficiency of mobile money transactions is boosting the growth of the global mobile money market. In addition, increase in adoption of mobile POS is positively impacts growth of the mobile money market.
New Castle, Delaware, Sept. 14, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Mobile money Market by Payment Type (Remote Payment, and Proximity Payment), Nature of Payment (Person-to-Person (P2P) , Person to Business (P2B) Business to Person (B2P) , and Business to Business (B2B)) and Application (Money Transfers, Bill Payments, Airtime Transfers & Top-Ups, Travel & Ticketing, and Merchandise & Coupons): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global mobile money market was valued at $8,526.93 million in 2022 and is estimated to reach $121,586.65 million by 2032, exhibiting a CAGR of 30.8% from 2023 to 2032.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/124071
Mobile money is a new kind of financial service in which both the payer and the payee send and receive money using digital methods in digital payments. It is popular in countries where access to physical banks is limited.
Prime determinants of growth
Increase in the use of digital payment-based business models and increase in the efficiency of mobile money transactions is boosting the growth of the global mobile money market. In addition, increase in adoption of mobile POS is positively impacts growth of the mobile money market. However, security issues and privacy concerns and lack of accessibility is hampering the mobile money market growth. On the contrary, rise in government initiatives and regulatory support is expected to offer remunerative opportunities for expansion of the mobile money market during the forecast period.
Report coverage & details:
|Market Size in 2022||$ 8,526.93 million|
|Market Size in 2032||$ 121,586.65 million|
|No. of Pages in Report||256|
|Segments covered||Payment Type, Nature of Payment, Application, and Region.|
|Drivers||Increase in the use of digital payment-based business models. Increase in the efficiency of mobile money transactions Increase in adoption of mobile POS|
|Opportunities||Rise in government initiatives and regulatory support|
|Restraints||Security issues and privacy concerns Lack of accessibility|
- The mobile money market has witnessed stable growth during the COVID-19 pandemic, owing to the rising dependency on contactless payments. The reliance of customers and vendors on contactless payment modes to contain the spread of the virus is anticipated to provide opportunities for the market.
- Moreover, with the implementation of online payment retail merchants ensure to provide a secure platform to their customers owing to the rising concerns of payment security.
Buy This Report (256 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3PAvCMC
The remote payment segment to maintain its leadership status throughout the forecast period.
Based on the payment type, the remote payment segment held the highest market share in 2022, accounting for more than three-fifths of the global mobile money market revenue, owing to increasing adoption of mobile money by various businesses across the globe as the preferred way of payment for bulk payouts. However, the proximity payment segment is projected to manifest the highest CAGR of 32.4% from 2023 to 2032, owing to the increased adoption of digitalization in banking activity.
The business to person (B2P) segment to maintain its leadership status throughout the forecast period
Based on nature of payment, the person to business (P2B) segment held the highest market share in 2022, accounting for nearly two-fifths of the global mobile money Industry revenue, owing to increase in demand for personalization and self-service on services and products. However, the business to person (B2P) segment is projected to manifest the highest CAGR of 34.2% from 2023 to 2032, owing to a rising adoption of smartphones, alternative payment methods, and sustainable approaches.
Asia-Pacific maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global mobile money market revenue, owing to increase in demand for the type of payment methods such as QR codes, online transactions, and others is growing among people in the countries. However, the Asia-Pacific region is expected to witness the fastest CAGR of 33.4% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to owing to the rising deployment of OPTs, predominantly in developing countries like China and India.
Leading Market Players: –
- Apple Inc.,
- Amazon Inc,
- Fiserv Inc,
- global payments inc.,
- Google Inc,
- Mastercard Inc.,
- Vodafone Group,
The report provides a detailed analysis of these key players of the global mobile money market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/mobile-money-market/purchase-options
Mobile Money Market Key Segments:
By Payment Type:
- Remote Payment
- Proximity Payment
By Nature of Payment:
- Person to Person (P2P)
- Person to Business (P2B)
- Business to Person (B2P)
- Business to Business (B2B)
- Money Transfers
- Bill Payments
- Airtime Transfers and Top-Ups
- Travel and Ticketing
- Merchandise and Coupons
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):
P2P Payment Market Transaction Mode (Mobile Web Payments, Near Field Communication, SMS/Direct Carrier Billing and Others), Payment Type (Remote and Proximity), End User (Personal and Business), and Application (Media & Entertainment, Energy & Utilities, Healthcare, Retail and Hospitality & Transportation): Global Opportunity Analysis and Industry Forecast, 2021-2030
B2B Payments Market by Payment Type (Domestic Payments, Cross-border Payments), by Enterprise Size (Large Enterprises, Medium-sized Enterprises, Small-sized Enterprises), by Payment Method (Bank Transfer, Cards, Others), by Industry Vertical (Manufacturing, IT and Telecom, Metals and Mining, Energy and Utilities, BFSI, Government Sector, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
Contactless Payment Market by Device Type (Smartphones and Wearables, Smart Cards, PoS Terminals), by Application (Food and Groceries, Pharmacy and Drug Stores, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
Bitcoin Payments Market by Keys (Private Keys, Public Keys), by Component (Hardware, Software, Services), by Application (E-commerce, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
NFC Payment Devices Market by Device Type (Smart Watches, Fitness Trackers, Payment Wristbands, Smart Rings and Others) and Application (Grocery Stores, Bars & Restaurants, Drug Stores, Entertainment Centers and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
1209 Orange Street,
Corporation Trust Center,
Delaware 19801 USA.
Toll Free: +1-800-792-5285
India (Pune): +91-20-66346060
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.