MarketsandMarketsexpects the global Mobile Money Market size to grow from USD 3.4 billion in2019 to USD 12.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of28.7% during the forecast period. Mobile payments is an easy way to carry outtransactions and people across the globe are adopting mobile money to reducetheir dependence on cash while traveling. A rise in the number of paymenttransactions, banking values, and mobile penetration rate across the world arefactors driving the mobile money market.
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Bytransaction mode, mobile apps segment to grow at the highest rate during theforecast period
Bytransaction mode, the mobile apps segment is expected to grow at the highestCAGR during the forecast period. Several applications offer payment services,such as Apple Pay, Google Pay, and PayPal. Some of these applications providemobile wallet services too. Mobile applications considered under this segmentinclude digital/mobile wallets and Unified Payment Interface (UPI) paymentapps. With the proliferation of strong internet coverage in developed and somedeveloping countries, the adoption of mobile money application has increasedsignificantly. Mobile-based payment app interfaces are designed to facilitateeasy payment using mobile phones. It is a software intended mainly forsmartphones and tablet computers. All the functions of mobile money, such assending, receiving, and withdrawing money along with other such options caneasily be accessed through these apps.
By typeof payment, the proximity payments segment to grow at highest CAGR during theforecast period
By type ofpayment, the proximity payments segment to grow a higher CAGR during the forecastperiod. These payments are carried out using mobile phones and Point of Sales(POS) device. Currently, several companies offer applications that enableproximity payments. It is referred to as in-store payments in case of retailstore or in-location payments with regards to payment through a merchant’s POSterminal. Proximity payments are specifically enabled for short distances andwork when both the payer and payee are present in the same location. Theproximity payment type is strikingly different from remote payment as itinvolves the presence of payment card details from one’s own bank account anddoes not require any tie-up with a payment processor to facilitatetransactions. Increasing adoption of mobile payment technologies by brick andmortar-based businesses further drives the demand for proximity payments.
MiddleEast and Africa to account for the largest market size during the forecastperiod
The MEAmarket is termed as a transforming market; it is expected to have the largestmarket size in 2018 with Africa showing the highest adoption of mobile moneyservices and mobile subscriptions in the region are growing rapidly. Accordingto the World Bank data, there were 122 mobile subscriptions for every 100individuals in Saudi Arabia, 211 in the United Arab Emirates (UAE), and 127 inIsrael, in 2017. The growth of the mobile money market in the MEA is furtherdriven by increased investments in payment technologies made by governments ofcountries, such as Qatar, South Africa, and the UAE. This region has a presenceof creditable Mobile Network Operators (MNOs), banks, and payment processingagents, which encourage the use of mobile money services. For instance, inFebruary 2019, MTN and Ericsson signed a 5-year contract extension for thedistribution of new products and the provision of mobile money services in 13countries across the MEA region. Ericsson aims to deploy the Ericsson WalletPlatform in new markets to serve MTN’s customers.
Key andemerging market players in mobile money market include Vodafone (UK), Google(US), Orange (France), FIS (US), Paypal (US), Mastercard (US), Fiserve (US),Airtel (India), Gemalto (Netherlands), Alipay (China), MTN (South Africa),PAYTM (India) Samsung (South Korea), VISA (US), Tencent (China), Global Payments(US), Square (US), Amazon (US), Apple (US), Western Union Holdings (US),Comviva (India), and T- Mobile (US). These players have adopted variousstrategies to grow in the mobile money market.
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