The COVID-19 pandemic is having a significant impact on the mobile money market as consumers and businesses are forced to change their spending habits.
HYDERABAD, TELANGANA, INDIA, Sept. 23, 2022 /EINPresswire.com/ — IndustryARC in its latest report predicts that the global mobile money market size is estimated to surpass $17.7 billion by 2026 and with a projected CAGR is set to grow by more than 24.9% during the forecast period of 2021 to 2026. The increased use of technology in financial transactions and the rise of various e-commerce platforms are expected to accelerate the mobile payment market during the period. Similarly, mobile wallets in China are growing at a rate of 22% with a total transaction volume of US$41.1 trillion in 2019. The increasing adoption of cashless transactions in mobile banking is likely to create demand for the mobile payment industry. The report offers a complete analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.
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The central theses:
1. The increasing ubiquity of mobile phones is a driving factor to increase the number of mobile money users and change the dynamics of digital finance and mobile banking solutions.
2. Currency exchange efficiency is one of the most important determinants for the development of mobile money technology. Increasing the efficiency of mobile banking transactions can lead to an increase in overall spend, which may encourage companies to work towards developing this technology.
3. The use of transaction modes such as NFC/smart cards has speeded up the transaction process. In addition, the development of e-commerce websites has led to an increase in the number of online payments and transactions, which can be considered as an attraction for the mobile money market.
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1. Proximity payments differ significantly from remote payments as they involve mobile banking and the presence of payment card details from one’s bank account and do not require a relationship with a payment processor to facilitate the transaction. The increasing adoption of mobile payment technologies by brick-and-mortar businesses continues to drive the demand for proximity payments.
2. In terms of industry, Mobile Money market is mainly segmented into Travel & Ticketing, Mobile Banking, and E-Commerce Services. Further analysis of each segment shows that Banking and Travel & Hospitality are the fastest growing application segments for Mobile Money market, which are expected to grow at a CAGR of 30.2% and 34.8%, respectively.
3. Leading the innovative front with the development of novel technologies such as contactless payments, direct carrier billing, mobile banking and near-field communications. High internet penetration, growth of e-commerce, online payment and micropayment options have contributed to the popularity of the mobile money market in North America.
The top 5 players in the mobile money industry are:
4. JP Morgan Pursuit
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A. Mobile Wallet Market
B. Digital Payments Market