Mobile Money Market - Forecast(2021 - 2026)

 

Mobile Money Market Overview

The global Mobile Money Market size is estimated to surpass $17.7 billion mark by 2026 growing at a projected CAGR of more than 24.9% during the forecast period 2021 to 2026. Increased use of technology in financial transaction and rise in various e-commerce platforms are expected to accelerate the mobile payment market during the period. In 2019,  according to report given by Government of India, India has over 16 mobile wallet or e-wallet companies out of which 14 are Indian based mobile wallet companies. Online payments in India are witnessing thriving growth with a compound annual growth rate of 12.7% in the number of non-cash transactions. Similarly, China mobile wallets are growing at rate of 22% with the total transaction volume of $41.1 trillion in 2019. Increasing adoption of non-cash transaction in mobile banking will likely create the demand for Mobile payment industry.

• Request Sample

Mobile Money Market Report Coverage

The report: “Mobile Money Industry Outlook – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Mobile Money Market.

By Type of Payments: Remote Payments, Proximity Payments.

By Transaction Mode: NFC/Smart card, Direct mobile billing, Mobile web/WAP payments, SMS, STK/USSD, Mobile apps, IVRS, QR codes, Others (Wi-Fi, Bluetooth).

By Payment Nature: Person to Person (P2P), Person to Business (P2B), Business to Person (B2P), Business to Business (B2B).

By Application: Money transfers, Bill Payments, Airtime Transfer and Top-Ups, Travel and Ticketing, Merchandise and Coupons.

By Industry Vertical: BFSI, Telecom and IT, Media and entertainment, Healthcare, Retail, Travel and hospitality, Transportation and logistics, Energy and utilities, Others.

By Geography - North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, SK, Aus and Others), South America(Brazil, Argentina and others),  and RoW (Middle east and Africa).

• Inquiry Before Buying

Key Takeaways

• The increasing omnipresence of mobile phones is a driving factor in increasing the number of users of mobile money and changing the dynamics of digital finance and mobile banking solutions.
• Efficiency in money exchange is one of the major determinants of mobile money technology development. Increasing the efficiency of mobile banking transactions can result in an increase in overall expenditure which can encourage companies to work towards the development of this technology.
• Use of transaction modes such as NFC / smart cards has speeded up the transaction process. In addition, the development of e-commerce websites has led to an increase in the number of online payments and transactions that can be considered an attraction for the mobile money market.

• Schedule a Call

Mobile Money Market Segment Analysis - By Type of Payments 

During the forecast period Proximity Payments segment is expected to grow at a CAGR of 35.7% over 2021-2026. Mobile phones and POS devices are used to make the proximity payments. A number of companies currently offer applications allowing proximity payments. It is further referred to as in-store payments with respect to payment through a merchant's POS terminal in the case of a retail store or in-location payments. For short distances and work, proximity payments are specifically enabled when both the payer and the payee are present in the same place. This payment system uses either barcodes or contactless interfaces to initiate the mobile money transaction. This is done through Near-field communication (NFC)-based technology present on an NFC-enabled phone, which has comprehensive details about the mobile wallet placed in the cloud or debit / credit card. This payee information is stored on the device in the POS terminal which is read by the corresponding NFC reader. Proximity payments differ markedly from remote payments, as it involves mobile banking and the presence of payment card details from one's own bank account and does not require any relation with a payment processor to facilitate the transaction. The increasing adoption by brick- and mortar-based companies of mobile payment technologies further drives demand for proximity payments.

Mobile Money Market Segment Analysis - By Industry Vertical

In terms of industry, the Mobile Money market is mainly bifurcated into travel and ticketing, mobile banking, and e-commerce services. Further analysis of each segment indicates banking and travel and hospitality to be the fastest growing application segment for the Mobile Money market, which are projected to grow at a CAGR of 30.2% and 34.8%. Companies like MakeMyTrip, Yatra, Ibibo, Cleartrip (for airlines and hotels), redBus (for buses) are examples of online travel booking companies in India, that are fuelling the online payment and Mobile Money market, by facilitating booking only through online platforms and direct carrier billing. A study by India Brand Equity Foundation (IBEF) found that 81% of existing digital payment users in India favor the digital and mobile mediums for banking over other non-cash payment procedures such as demand drafts or cheques.

We also publish more than 100 reports every month in "Information and Communications Technology”, Go through the Domain if there are any other areas for which you would like to get a market research study."