PUBLISHER: Allied Market Research | PRODUCT CODE: 1365812
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365812
According to a new report published by Allied Market Research, titled, "Mobile Money Market," The mobile money market was valued at $8.5 billion in 2022, and is estimated to reach $121.6 billion by 2032, growing at a CAGR of 30.8% from 2023 to 2032.
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.
The mobile money market is segmented on the basis of transaction mode, payment type, nature of payment, application, and region. On the basis of transaction mode, the market is categorized into point of sale, mobile apps, and QR code. On the basis of payment type, the market is fragmented into remote payment, and proximity payment. On the basis of the nature of payment, the market is classified into person-to-person (P2P), person-to-business(P2B), business-to-person(B2P), and business-to-business(B2B). By application, it is classified into money transfers, bill payments, airtime transfers & top-ups, travel & ticketing, and merchandise & coupons. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the mobile money market are Apple Inc., Amazon Inc, Alipay, Fiserv Inc, global payments inc., Google Inc, Mastercard Inc., Orange, PayPal, and Vodafone Group. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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