Dublin, Oct. 05, 2022 (GLOBE NEWSWIRE) -- The "Mobile Money Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global mobile money market 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 mobile money market is expected to grow to $22.16 billion in 2026 at a compound annual growth rate (CAGR) of 25.79%.
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 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 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.
1) By Transaction Type: Person to Person (P2P); Person to Business (P2B); Business to Person (B2P); Business to Business (B2B)
2) By Payment: Remote Payments; Proximity Payments
3) By Application: Bill Payments; Money transfers; Recharge & Top-up; Ticket Payment; Others
Key Topics Covered:
1. Executive Summary
2. Mobile Money Market Characteristics
3. Mobile Money Market Trends And Strategies
4. Impact Of COVID-19 On Mobile Money
5. Mobile Money Market Size And Growth
6. Mobile Money Market Segmentation
7. Mobile Money Market Regional And Country Analysis
8. Asia-Pacific Mobile Money Market
9. China Mobile Money Market
10. India Mobile Money Market
11. Japan Mobile Money Market
12. Australia Mobile Money Market
13. Indonesia Mobile Money Market
14. South Korea Mobile Money Market
15. Western Europe Mobile Money Market
16. UK Mobile Money Market
17. Germany Mobile Money Market
18. France Mobile Money Market
19. Eastern Europe Mobile Money Market
20. Russia Mobile Money Market
21. North America Mobile Money Market
22. USA Mobile Money Market
23. South America Mobile Money Market
24. Brazil Mobile Money Market
25. Middle East Mobile Money Market
26. Africa Mobile Money Market
27. Mobile Money Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Mobile Money Market
29. Mobile Money Market Future Outlook and Potential Analysis
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