LONDON, Sept. 20, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the mobile money market, the increasing adoption of mobile POS (point of sale) is driving the growth of the mobile money market. The increased expectation for quick fulfillment and the growing popularity of the digital marketplace, coupled with the need for improving customer experience, ease of use, and payment efficiency, has led to the increased adoption of mobile POS. This increasing adoption of mobile POS will result in significant demand for mobile money as it is a convenient and efficient solution for point of sale. For instance, according to a survey published in November 2020 by McKinsey, a global management consulting company, COVID-19 has reinforced the pattern of mobile payment and acceptance across various verticals of payment within different demographics of the USA. The share of consumers using two or more digital payment methods grew from 45% in 2019 to 58% in 2020. These digital payment methods include mobile POS, online, in-app, and peer-to-peer payments. Therefore, the increasing adoption of mobile POS is expected to boost the mobile money industry growth during the forecast period.
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The global mobile money market size is expected to grow from $6.97 billion in 2021 to $8.85 billion in 2022 at a compound annual growth rate (CAGR) of 26.93%. The global mobile money market share is expected to grow to $22.16 billion in 2026 at a compound annual growth rate (CAGR) of 25.79%.
Technological advancement is a key trend gaining popularity in the mobile money market. The market is witnessing the implementation of advanced technologies such as NFC technology in mobile money for contactless payments. NFC (near-field communication) is a short-range wireless connectivity mechanism to enable communication between devices during their proximity using magnetic field induction, enabling quick payment and removing contact-based payments. Major companies operating in the mobile money market are focused on providing technologically advanced mobile money solutions to strengthen their market position. For instance, in March 2021, Paytm, an Indian digital payments and financial services company, introduced Smart POS for Android devices that accepts contactless payments using NFC technology. This smart POS converts an Android smartphone into a point-of-service (POS) terminal using NFC technology that allows card payments via NFC-enabled Android phones. The company also introduced the IoT-enabled Soundbox, offering instant voice-based confirmations of payments to merchants. Both the devices aim to create convenient and easy-to-use payment solutions for customers and merchants.
Major players in the mobile money market are Vodafone, Google, Orange, Fidelity National Information Services, PayPal, Mastercard, Fiserv, Airtel, Alipay, MTN, PAYTM, Samsung, VISA, Tencent, Global Payments, Square, Amazon, Apple, Western Union Holdings, Comviva, T-Mobile, Obopay, FTS, Peerbits, Panamax, and Alepo.
The global mobile money market segmentation is categorized by transaction type into person to person (P2P), person to business (P2B), business to person (B2P), business to business (B2B); by payment into remote payments, proximity payments; by application into bill payments, money transfers, recharge and top-up, ticket payment, others.
Asia-Pacific was the largest region in the mobile money market in 2021, and it is expected to be the fastest-growing region in the mobile money market forecast period. The regions covered in the global mobile money market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Mobile Money Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide mobile money market overviews, mobile money market analyze and forecast market size and growth for the whole market, mobile money market segments and geographies, mobile money market trends, mobile money market drivers, mobile money market restraints, mobile money market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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