The growing number of mobile subscribers and government programs encouraging a cashless economy are the main factors driving the rapid expansion of the mobile money market. These factors also make digital payment solutions more widely accepted across a range of industries. According to the analyst from Verified Market Research, the mobile money market is estimated to reach a valuation of USD 35.05 Billion by 2031 over the forecast subjugating around USD 6.12 Billion valued in 2024.
Due to the rising acceptance of mobile payment solutions by both consumers and companies, as well as the growing popularity of digital wallets and smartphone penetration, the mobile money market is expected to increase significantly. It enables the market to grow at a CAGR of 26.9% from 2024 to 2031.
Mobile money is a digital payment system that enables users to perform financial transactions with their mobile devices, eliminating the need for real cash or a traditional bank account. This service enables a variety of applications, including bill payments, money transfers, airtime purchases, and merchant payments, making it especially helpful in areas with limited access to traditional banking services. Mobile money supports financial inclusion and the efficiency of monetary exchanges by allowing users to transmit, receive, and save money electronically, hence increasing economic activity and improving transaction transparency.
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The widespread usage of smartphones, as well as better internet access, are significant drivers in the mobile money market. According to the GSMA’s The Mobile Economy 2023 report, global smartphone use is anticipated to rise to 85% by 2030, from 71% in 2022. According to the survey, mobile internet users are expected to increase from 4.3 billion in 2022 to 5.2 billion by 2030. This increased connectivity lays a solid platform for mobile money services to grow and reach more people.
Mobile money is vital in fostering financial inclusion, particularly in poor nations. According to the World Bank’s Global Findex Database 2021, 76% of adults around the world currently have a bank or mobile money account, up from 68% in 2017 and 51% in 2011. In developing countries, 71% of adults have an account, up from 63% in 2017. This growth shows a substantial possibility for mobile money services to help close the financial inclusion gap.
Furthermore, mobile money services are rapidly being used for international remittances, resulting in market growth. According to the World Bank, despite the COVID-19 pandemic, remittance flows to low- and middle-income countries reached USD 540 Billion in 2020, just 1.6% lower than the USD 548 Billion total in 2019. According to the GSMA, the total value of foreign remittances processed using mobile money would climb by 65% year on year in 2020, reaching $12.7 billion. This increase in cross-border transactions is a major driver of the mobile money market.
Security concerns are a major limitation on the mobile money market, as users become increasingly concerned about the risks of fraud, hacking, and data breaches. The sensitive nature of financial transactions undertaken via mobile platforms makes them an appealing target for cybercriminals. If users believe mobile money services are insecure, their trust and willingness to utilize these technologies decline, slowing market growth and adoption rates.
Furthermore, inadequate telecommunications infrastructure in rural or impoverished locations greatly reduces the adoption of mobile money services. Poor internet connectivity and network coverage limit access to mobile money platforms, making it difficult for users to conduct transactions reliably. This lack of infrastructure not only degrades user experience but also limits the potential client base for mobile money providers, stifling total market growth.
According to VMR analyst, the mobile apps segment is expected to dominate within the mobile money market during the forecast period. Mobile apps offer consumers a convenient platform for managing financial transactions at any time and from any location, thereby dramatically improving user experience. This accessibility fosters more frequent use because people can simply send money, pay bills, and perform other financial transactions straight from their cell phones, resulting in growing adoption and market dominance.
The growth of e-commerce is increasing the demand for mobile apps that enable frictionless transactions. Many businesses are integrating mobile payment options into their platforms, allowing customers to make transactions with ease. This integration not only increases the use of mobile apps for transactions but also reinforces their position as the primary mechanism for mobile money exchanges.
Furthermore, mobile apps include additional features like transaction history tracking, budgeting tools, and reward programs, which increase user engagement. These additional features appeal to customers looking for more than just basic payment capabilities, boosting mobile apps’ dominance in the mobile money market by offering a holistic financial management solution.
The mobile transfer segment is estimated to hold the largest share of the mobile money market during the forecast period. The increasing globalization and movement of populations have increased the demand for efficient money transfers. Individuals frequently need to transmit remittances to family members or business partners across borders, and mobile money systems offer a rapid, safe, and affordable solution. This rising reliance on mobile transfers for personal and business transactions plays a crucial role in the segment’s dominance.
Rapid improvements in mobile technology and internet access have enabled smooth money transfer processes. Users may now send and receive money more easily thanks to improved security features, user-friendly interfaces, and mobile app availability. This technological advancement not only improves the user experience but also increases trust in mobile money services, accelerating the adoption of money transfer applications.
Furthermore, many locations, particularly in developing countries, have a large unbanked population. Mobile money transfer services play an important role in increasing financial inclusion since they provide access to financial services for those who do not have traditional banking options. Governments and non-governmental organizations (NGOs) are increasingly supporting mobile money programs, recognizing their potential to empower neglected groups, hence boosting the growth of the money transfer segment within the mobile money market.
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The Asia Pacific region is estimated to dominate the mobile money market during the forecast period. The Asia Pacific region has a sizable population that does not have access to traditional banking services, presenting a big opportunity for mobile money solutions. According to the World Bank’s Global Findex Database 2021, approximately 45% of people in East Asia and the Pacific and 30% in South Asia are unbanked. This equates to almost 1.1 billion unbanked adults in the region. The large number of unbanked people encourages the use of mobile money services as an alternative financial solution.
The Asia Pacific region is experiencing an increase in smartphone usage and internet connectivity, both of which are critical for mobile money services. According to GSMA’s The Mobile Economy Asia Pacific 2022 report, smartphone use in the region is anticipated to increase to 83% by 2025, up from 73% in 2021. The report also claims that mobile internet coverage in Asia Pacific will reach 70% by 2025, up from 58% in 2021. This expanding digital infrastructure lays a solid platform for the spread of mobile money services in the region.
Furthermore, many Asian countries are actively supporting digital payment systems, such as mobile money, to increase financial inclusion and minimize cash dependency. According to India’s National Payments Corporation, the Unified Payments Interface (UPI) system processed over 7.82 billion transactions worth USD 196 Billion in December 2022. Similarly, the People’s Bank of China reported that China’s mobile payment transaction volume reached 526.98 trillion yuan (about USD 81.7 Trillion) by 2021. These government-backed programs are considerably boosting the region’s mobile money market.
North America is estimated to exhibit substantial growth within the market during the forecast period. North America is experiencing a substantial shift to digital payments, including mobile money solutions. According to the Federal Reserve’s 2022 Findings from the Diary of Consumer Payment Choice, the proportion of payments made through mobile applications climbed from 5% in 2019 to 12% by 2021. This trend is further reinforced by data from eMarketer, which predicts that by 2025, over half of smartphone users in the United States will use mobile peer-to-peer (P2P) payment apps, up from 37.5% in 2021. The increased desire for digital payments is a major driver of the North American mobile money market.
Furthermore, North America, particularly the United States, is a major source of international remittances, which fuels demand for mobile money solutions. According to the World Bank’s Migration and Development Brief, the United States remained the leading source country for remittances in 2021, with outward flows totaling USD 74 Billion. According to the Federal Reserve Bank of Kansas City, U.S. consumers would send USD 76.8 Billion in remittances to foreign nations in 2021, up 15% from 2020. This increasing volume of international transactions creates a significant opportunity for mobile money providers to deliver efficient and cost-effective cross-border payment solutions.
The competitive landscape of the mobile money market is characterized by rapid innovation and shifting consumer tastes, which are driving a wide range of firms to improve their products. Key elements driving competition include the integration of sophisticated technologies like as blockchain and biometric security, which increase transaction security and user experience.
Some of the prominent players operating in the mobile money market include:
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~26.9% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Key Players | Vodafone Group, Orange, Airtel, MTN, T-Mobile, Mastercard, Visa, PayPal, Western Union Holdings, FIS, Fiserve, Google, Apple, Samsung, Amazon, and Tencent. |
| Customization | Report customization along with purchase available upon request |
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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1. Introduction
· Market Definition
· Market Segmentation
· Research Methodology
2. Executive Summary
· Key Findings
· Market Overview
· Market Highlights
3. Market Overview
· Market Size and Growth Potential
· Market Trends
· Market Drivers
· Market Restraints
· Market Opportunities
· Porter's Five Forces Analysis
4. Mobile Money Market, By Consumer
• Unbanked or underbanked individuals
• Banked individuals
• Small and medium-sized enterprises (SMEs)
5. Mobile Money Market, By Service Provider
• Mobile Network Operators (MNOs)
• Banks and financial institutions
• Fintech companies
• Payment aggregators
• Payment gateways
6. Mobile Money Market, By Functional
• Person-to-person (P2P) transfers
• Merchant payments
• Bill payments
• Salary disbursement
7. Regional Analysis
· North America
· United States
· Canada
· Mexico
· Europe
· United Kingdom
· Germany
· France
· Italy
· Asia-Pacific
· China
· Japan
· India
· Australia
· Latin America
· Brazil
· Argentina
· Chile
· Middle East and Africa
· South Africa
· Saudi Arabia
· UAE
8. Market Dynamics
· Market Drivers
· Market Restraints
· Market Opportunities
· Impact of COVID-19 on the Market
9. Competitive Landscape
· Key Players
· Market Share Analysis
10. Company Profiles
• Vodafone Group (UK)
• Orange (France)
• Airtel (India)
• MTN (South Africa)
• T-Mobile (US)
• Mastercard (US)
• Visa (US)
• PayPal (US)
• Western Union Holdings (US)
• FIS (US)
• Fiserve (US)
• Google (US)
• Apple (US)
• Samsung (South Korea)
• Amazon (US)
• Tencent (China)
11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
12. Appendix
• List of Abbreviations
• Sources and References
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