Market Scope

The global mobile money market size can touch USD 99 billion by 2023. It can display a CAGR of 31% during the forecast period. The huge penetration rate of smartphones and opportunities in micropayments and data based financial services can bode well for the market. Efficiency of mobile wallets and its high transaction rate can develop mobile money technology. Moreover, the ease in conducting financial transactions and use of modes such as UPI, smart cards, QR codes can favor the market demand greatly.

The rapid pace of online shopping due to ecommerce websites as well as discounts on products for attracting customers can drive the download rate of mobile money applications. Adoption of mobile payments by physical stores and rise of proximity payments can drive the market growth. Push towards cashless payments amid the COVID-19 pandemic is expected to benefit mobile payment developers. Recently, PayTM and AGTech Holdings have decided to collaborate on development of interactive games and other modes of entertainment for keeping customers engaged on mobile applications. Moreover, the introduction of blockchain for securing financial transactions can facilitate market growth.

However, regulations on online payment can restrain market growth.

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Segmentation

By the nature of payment, the mobile money market is segmented into P2P, P2B, B2P, and B2B. Domestic P2P continues to be the leader in terms of market share in this segment.

By transaction mode, the mobile money market is segmented into SMS, mobile banking, mobile applications, smart card/NFC, and others.

By financial service, the global mobile money market is segmented into mobile money, mobile credit, mobile savings, and mobile insurance.

By industry vertical, the global money market is segmented into BFSI, media & entertainment, travel & hospitality, web services, retail, and healthcare among others. The retail segment is expected to lead in revenues due to the use of mobile wallet applications for purchase of goods. Low processing charges, faster checkouts, and less lines can favor the market over the forecast period.

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