The mobile money market is predicted to grow at a notable CAGR of 22.6%. The global market is valued at US$ 89.8 Bn and is estimated to reach a value of nearly US$ 816.6 Bn by 2032.
The Mobile Money Market is estimated at US$ 106.8 Mn in 2022 and US$ 816.6 Bn by 2032, likely to surge at a vigorous 22.6% CAGR during the assessment period 2022 – 2032. The simplification of money transfers by digital wallets has lured a growing number of users. These wallets use biometric technology for payments and money transfers. This verification method that fingerprint scanners, facial recognition, and iris recognition. Biometric single sign-on is an advanced password management technology that protects data from unauthorized users, reducing the chances of fraud.
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:
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:
By Types of Purchase:
By Industry Vertical:
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By Region:
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.
Aug 12, 2022
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