Press release
Mobile Money Market is Estimated at US$ 106.8 Mn in 2022 and US$ 816.6 Bn by 2032 | Report by FMI
Organizations have started using multi-factor authentication by combining fingerprint technology with passwords or PINs. Multi-factor authentication is highly secure as it makes it difficult for hackers to compromise the customer account. This security method combines something that users know and what user is.
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Key Takeaways of Mobile Money Market:
Mobile money to win growing number of users as payments for multiple services such as ticketing, loans, bills, and utilities gets easier
Digital wallets to be the most popular form of platform for use of mobile money as they referral and reward systems attract consumers
Millennials and Generation Z to be remain predominant users of mobile money
South Asia & Pacific to remain ahead of others as e-commerce gains unprecedented momentum
COVID-19 Impact Analysis on Mobile Money Market
The COVID-19 pandemic has significantly impacted businesses globally. Consumers and businesses are expected to adopt mobile wallets or apps to make cashless payments in order to avoid multiple touchpoints and chances of cross-contamination to stop the spread of COVID-19. To maintain social distancing consumers and businesses are expected to encourage the usage of digital wallets, which will bode well for the mobile money market.
Increasing adoption of mobile wallets the mobile money market is estimated to grow by 1.2X from 2019-2020 and would see a surge in demand in Q2-Q4 2020. The market for mobile money grew around 18% Y-o-Y in the past two years. However, as the ongoing COVID-19 crisis continues to stay it will lead consumers to be habituated to digital payments so there would be surge in demand for mobile money.
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Adoption of Contactless Payments Spurring Growth of Mobile Money Market
Contactless payments method is easy and convenient than making a card payment. It is faster and more secure than the PIN technology as it transfers the encrypted data to the point-of-sale device instantly. Contactless payments are done through NFC technology that powers the payment through a type of radio frequency, enabling the smartphone to communicate with the payment reader when they are close together. QR codes have also gained immense popularity in recent years as quick ways of making payments with an easy scan.
Contactless payments are highly secure as they are embedded with multiple layer of security to protect user against fraud. Companies such as Apple, Samsung, Google are providing contactless payment system such as Samsung pay, Apple Pay, and Google Pay.
Key Segments
By Mode of Payment:
NFC
Mobile Billing
SMS
USSD or STK
Others
By Types of Purchase:
Airtime Transfers & Top-ups
Money Transfers & Payment
Merchandise & Coupons
Travel and Ticketing
Others
By Industry Vertical:
Banking, Financial Services, and Insurance (BFSI) Sector
Energy & Utilities Sector
Retail Sector
Health Care Sector
Hospitality & Tourism Sector
Media & Entertainment Sector
Supply Chain Management (SCM) & Logistics Sector
Telecommunication & IT Sector
Others
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By Region:
North America
Latin America
Europe
Asia Pacific
Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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