New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mobile Money Global Market Report 2023" - https://www.reportlinker.com/p06319474/?utm_source=GNW
The global mobile money market grew from $8.86 billion in 2022 to $11.16 billion in 2023 at a compound annual growth rate (CAGR) of 25.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The mobile money market is expected to grow to $28.67 billion in 2027 at a CAGR of 26.6%.
The mobile money market includes revenues earned by entities by providing solutions to save and manage expenses using a bank account linked with a mobile number to facilitate secure and easy transactions.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Mobile money refers to the electronic transfer of money from one individual or entity to another using mobile devices.Digital payment technology is embedded in the devices and can be utilized on regular smartphone devices to receive, withdraw, and send money without using the usual banking system.
Mobile money is a popular alternative to bank accounts as it is secure and simple.
Asia-Pacific was the largest region in the mobile money market in 2022, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the mobile money market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main transaction types of mobile money include person to person (P2P), person to business (P2B), business to person (B2P), and business to business (B2B).The person-to-person (P2P) transaction refers to a mobile money transaction mode enabled between individuals.
This P2P transaction requires minimum personal information for payments and keeps the personal data secure.They are made through different payment protocols which include remote mobile payment and proximity mobile payment.
They are used for bill payments, money transfers, ticket payment, and others.
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 sales.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 included mobile POS, online, in-app, and peer-to-peer payments.
Therefore, the increasing adoption of mobile POS is expected to boost demand for mobile money during forecast period.
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 IoT-enabled Soundbox, offering instant voice-based confirmations of payments to merchants. Both the devices aim to create convenience and ease of use payment solutions for customers and merchants.
In May 2021, Fiserv Inc., a US-based financial services technology and mobile banking company acquired Pineapple Payments for an undisclosed amount. This acquisition expands the reach of the payment solutions of Fiserv including Co-pilot partner platform Clover and Clover Connect through Pineapple Payments’ technology and relationship-led distribution channels. Pineapple Payments is a US-based payments technology firm that provides payment processing, proprietary technology, and omnichannel payment acceptance solutions for merchants including mobile payment solutions.
The countries covered in the mobile money market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The mobile money market research report is one of a series of new reports that provides mobile money market statistics, including mobile money industry global market size, regional shares, competitors with a mobile money market share, detailed mobile money market segments, market trends and opportunities, and any further data you may need to thrive in the mobile money industry. This mobile money market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06319474/?utm_source=GNW
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