Bangalore, India, August 2, 2021 / PRNewswire / – The Mobile money market is segmented by type (P2P, P2B, B2P, B2B), by application (media, entertainment, medicine, retail, tourism, hotel, transport and logistics, energy, utilities, other). The report includes global opportunity analysis and industry projections from 2021 to 2027. It is published in Rated reports among Finances Category.
The global mobile money market size is expected to reach $ 142,260 million until 2027, from $ 35,920 million in 2020 at a CAGR of 21.2% over the forecast period 2021-2027.
The main drivers for the growth of the mobile money market are:
The growing number of mobile subscribers is driving the growth of the mobile money market. The growing number of mobile network subscribers represents an increasing potential for financial transactions with mobile phones.
The rise of advanced mobile applications and technological advances that ensure secure and fast transactions are expected to boost the mobile money market
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TRENDS THAT AFFECT THE GROWTH OF THE MOBILE MONEY MARKET
The increasing adoption of mobile POS is expected to fuel the growth of the mobile money market. The ability of the smartphone to accept payments on site is fully exploited by the mobile point of sale. Because transactions are encrypted and no card information is stored on the mPOS device, liability is limited, reducing the risk of security breaches and making regulatory compliance easier and faster.
Cashback discounts during payment are another important factor that will fuel the mobile money market. Customers are increasingly interested in mobile wallets that offer discounts at the time of payment. Most mobile wallets now allow customers to retain all of their information, including debit and credit card information, discount and reward information, which simplifies transactions. All of these remarkable benefits are enticing a growing number of people to use mobile money and mobile wallet apps.
Consumers and businesses are being forced to adjust their shopping behavior due to the COVID-19 pandemic, which has had a major impact on the mobile money market. As contactless payment for transactions becomes more and more important, the acceptance of mobile wallets has skyrocketed. Many customers have turned to mobile wallets to avoid cash and card transactions to keep the COVID-19 from spreading.
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MOBILE MONEY MARKET SHARE
Depending on the type, the segment is expected to be the most lucrative from person to person. Person-to-person payment (P2P) providers are growing in popularity as they make it possible to carry less cash and do online banking and payments.
Depending on the region, Asia-Pacific is likely to be the most lucrative segment. Due to the increasing smartphone penetration in the region, operators have the opportunity to introduce innovative mobile wallet services, the region is leading in the introduction of mobile money solutions.
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Major Players in the Mobile Money Market
- Bharti Airtel
- Mahindra Comviva
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– The globe Mobile Wallets and Payment Technologies Market Size is expected to reach $ 110,740 million until 2027, from $ 34,470 million in 2020, with a CAGR of 17.6% over 2021-2027.
– The globe Contactless Payments Market Size is expected to reach $ 23,410 million until 2027, from USD 10,260 million in 2020 with a CAGR of 12.0% over the period 2021-2027.
– The globe Payment Processing Solutions Market Size is expected to reach $ 52,060 million until 2026, from $ 33,810 million in 2019 at a CAGR of 5.9% over the forecast period 2021-2026.
– The globe Digital Loan Platform Market Size was rated with $ 5.58 billion in 2019 and is expected to reach $ 20.31 billion by 2027 with an annual growth rate of 16.7% from 2020 to 2027.
– The globe Mobile payments market Size was rated with $ 1.48 trillion in 2019 and is expected to reach $ 12.06 trillion by 2027 with an annual growth rate of 30.1% from 2020 to 2027.
– That Mobile Wallet Market Size was rated with $ 1,043.1 billion in 2019 and is expected to reach $ 7,580.1 billion by 2027 with an annual growth rate of 28.2% from 2020 to 2027.
– The globe Personal Finance Software Market Size was rated with $ 1,024.35 million in 2019 and is expected to reach $ 1,576.86 million by 2027 with an annual growth rate of 5.7% from 2020 to 2027.
– The globe Personal Financial Management Tools Market Size is expected to reach USD 4,339.6 million until 2027, from $ 1879.3 million in 2020 with a CAGR of 12.7% over the period 2021-2027.
– The globe Remittance market Size was rated with $ 682.60 billion in 2018 and is expected to reach $ 930.44 billion by 2026, with a CAGR of 3.9% from 2019 to 2026.
– The globe Digital remittance market Size is expected to reach $ 21,420 million until 2027, from $ 3,889.5 million in 2020, with a CAGR of 27.6% over 2021-2027.
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