Consumer behavior is changing as various platforms integrate social media and commerce. Capitalizing on this shift, the mobile money market size can swell from US$ 17,093.12 million in 2024 to US$ 118,852.47 million by 2034. The market growth is estimated at a stunning 21.40% CAGR till 2034.
| Attributes | Details |
|---|---|
| Market Size, 2023 | US$ 14,080.00 million |
| Market Size, 2024 | US$ 17,093.12 million |
| Market Size, 2034 | US$ 118,852.47 million |
| Value CAGR (2024 to 2034) | 21.40% |
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Social Commerce is the New Vogue in the Market
Social media and commerce are converging, changing how people buy things. Mobile money apps are using this change by adding shopping features. This means people can buy and sell products right inside messaging apps or social media sites, without needing separate payment apps.
By doing this, mobile money apps make it easier for people to shop while they communicate. They're using the trust and familiarity people have with social media to make shopping simpler and more fun. This helps them get more users and more transactions on their apps. By this conjunction, these apps are making shopping easier and more enjoyable for everyone, helping the market prosper.
Like, Stitch, a South African fintech startup launched WigWag in September 2023. WigWag is a social commerce payment platform that enables small businesses to accept digital payments via a unique payment link.
Cryptocurrencies are Being Integrated into Mobile Money Platforms
Mobile money platforms are now adding cryptocurrencies to their services, making it possible for people to use digital currencies alongside regular money. This is becoming popular because it offers a way to manage different types of money in one place. It is particularly fascinating for those tech-savvy users who want to invest in digital assets and send money internationally with lower fees.
By including cryptocurrencies, the market highlights the necessity of staying adaptive and appealing to new users interested in digital money. This shows a move towards more modern and flexible financial services, meeting the changing needs of users in today's digital age.
Like, in April 2024, Fintopio, launched Fintopio DeFi Wallet. This wallet guarantees quick and easy switching between cryptocurrencies, integrates with other DeFi apps and wallets, and securely stores user deposits, giving users complete control over their assets.
Principal Consultant
| Segment | Mobile Money Platform (Component) |
|---|---|
| Value Share (2024) | 74.50% |
The mobile money platform segment holds the leading mobile money market shares in 2024. These platforms are rising because they are easy to use and make managing money simple. With just a smartphone and internet connection, users pay bills and send money to others quickly and safely.
This is especially helpful in places where traditional banks are not easy to access. Plus, mobile money apps usually have strong security measures to keep users' information safe. Because of these benefits, more people are choosing mobile money as their preferred way to handle finances, making it the leading component in the mobile money market.
| Segment | Money Transfer (Application) |
|---|---|
| Value Share (2024) | 37.90% |
The money transfer segment captured the leading mobile money market shares in 2024. Money transfer services are popular because they let people send and get money using just their phones. The process is easy and quick, making it handy for sending money to family, friends, or businesses.
Instead of going to a bank or using cash, individuals can just use their phones to transfer money. And because more people are connected globally now, there's a bigger need for fast and reliable ways to send money to different places. That's why money transfer services are preferred in the mobile money market.
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| Countries | Value CAGR (2024 to 2034) |
|---|---|
| United States | 21.40% |
| Germany | 15.70% |
| Japan | 16.90% |
| China | 23.50% |
| Australia & New Zealand | 20.90% |
Market demand for mobile money services in the United States will amplify at a 21.40% CAGR by 2034. More people have begun using contactless payments, like Apple Pay and Google Pay. Mobile money platforms are helping with this shift, making transactions easy and safe.
This trend gives mobile money providers a chance to become trusted partners for both stores and customers. Also, new digital banks are changing how people do banking. Mobile money providers can work with these banks or make their digital banking services.
Apply Pay, PayPal, and Google Pay are prominently used in the United States. These mobile money platforms partner with banks and financial institutions to grow.
Mobile money service providers can benefit from the 15.70% CAGR anticipated for the market in Germany till 2034. Germany's move towards a cashless society is driven by changing consumer preferences, technology, and regulations favoring digital payments.
Mobile money providers are seizing this opportunity by offering innovative solutions tailored to German needs, positioning themselves as key players. Integration with public transit systems enhances convenience, while strong data privacy measures align with Germany's stringent regulations.
Exploring digital identity solutions and expanding into cash-heavy industries further solidifies their foothold. Partnerships with traditional financial institutions enable them to offer a broader range of services, leveraging trust and expertise. This strategic approach reflects the evolving landscape of digital finance in Germany, shaping the future of payments in the country.
The industry report on mobile money indicates expansion at a 16.90% CAGR in Japan until 2034. Japan's transit system and use of contactless payments give mobile money providers a chance to make their platforms work with trains and buses, which makes things easier for commuters. Also, they can make services that are easy for older people to use, which shows they care about everyone.
Working with shops helps get more people to use mobile payments, which goes along with the government's plan to use less cash. Helping people send money to other countries online is another way mobile money providers can grow. Making sure only the right people can access accounts by using biometrics can provide opportunities in the market.
Market demand for mobile money services in China will escalate at a 23.50% CAGR until 2034. In China, big companies like Alipay and WeChat Pay are in charge of mobile payments. People use QR codes a lot to pay for things. The government helps mobile payments grow by supporting new ideas.
Mobile payments are now in rural areas, too, where banks aren't common. They're also part of social media and games, so it's easy to pay while having fun. These companies keep coming up with new ways to help with money, like saving and borrowing.
The industry report on mobile money indicates expansion at a 20.90% CAGR in Australia & New Zealand till 2034. In Australia and New Zealand, mobile money providers like PayPal, Apple Pay, and Google Pay, are helping tourists by offering services for international payments and currency exchange. They're also benefiting from rules that encourage new ideas, like open banking.
By focusing on making sure everyone can use their services, they're reaching out to people who might not have easy access to banks, like those in rural areas or with disabilities. Partnering with retail stores and new tech companies is also helping them make their services better and reach more people.
The mobile money industry is competitive, with established firms like as PayPal, Alipay, and WeChat Pay leading the way. They benefit from strong brand awareness and a large user base. However, firms such as Square, Venmo, and Cash App are challenging the market with new capabilities and easy-to-use interfaces.
Traditional financial institutions have also entered the game, investing in digital transformation to compete. This environment is further shaped by regulatory dynamics, technology improvements, and altering consumer habits, which drive innovations in the market.
Recent Developments
The mobile money industry is valued at US$ 17,093.12 million in 2024.
The market size is estimated to increase at a 21.40% CAGR through 2034.
The market is expected to be worth US$ 118,852.47 million by 2034.
Mobile money platforms are highly preferred in the market.
The market in China is predicted to expand at a 23.50% CAGR through 2034.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Mode of Payment
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Mode of Payment, 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Mode of Payment, 2024 to 2034
5.3.1. NFC
5.3.2. Mobile Billing
5.3.3. SMS
5.3.4. USSD or STK
5.3.5. Others
5.4. Y-o-Y Growth Trend Analysis By Mode of Payment, 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Mode of Payment, 2024 to 2034
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Types of Purchase
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Types of Purchase, 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Types of Purchase, 2024 to 2034
6.3.1. Airtime Transfers & Top-ups
6.3.2. Money Transfers & Payment
6.3.3. Merchandise & Coupons
6.3.4. Travel and Ticketing
6.3.5. Others
6.4. Y-o-Y Growth Trend Analysis By Types of Purchase, 2019 to 2023
6.5. Absolute $ Opportunity Analysis By Types of Purchase, 2024 to 2034
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Industry Vertical
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Industry Vertical, 2019 to 2023
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Industry Vertical, 2024 to 2034
7.3.1. BFSI
7.3.2. Energy & Utilities Sector
7.3.3. Retail Sector
7.3.4. Health Care Sector
7.3.5. Hospitality & Tourism Sector
7.3.6. Media & Entertainment Sector
7.3.7. Supply Chain Management (SCM) & Logistics Sector
7.3.8. Telecommunication & IT Sector
7.3.9. Others
7.4. Y-o-Y Growth Trend Analysis By Industry Vertical, 2019 to 2023
7.5. Absolute $ Opportunity Analysis By Industry Vertical, 2024 to 2034
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2019 to 2023
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2024 to 2034
8.3.1. North America
8.3.2. Latin America
8.3.3. Western Europe
8.3.4. Eastern Europe
8.3.5. South Asia and Pacific
8.3.6. East Asia
8.3.7. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Mode of Payment
9.2.3. By Types of Purchase
9.2.4. By Industry Vertical
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Mode of Payment
9.3.3. By Types of Purchase
9.3.4. By Industry Vertical
9.4. Key Takeaways
10. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Mode of Payment
10.2.3. By Types of Purchase
10.2.4. By Industry Vertical
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Mode of Payment
10.3.3. By Types of Purchase
10.3.4. By Industry Vertical
10.4. Key Takeaways
11. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. UK
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Western Europe
11.2.2. By Mode of Payment
11.2.3. By Types of Purchase
11.2.4. By Industry Vertical
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Mode of Payment
11.3.3. By Types of Purchase
11.3.4. By Industry Vertical
11.4. Key Takeaways
12. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Country
12.2.1.1. Poland
12.2.1.2. Russia
12.2.1.3. Czech Republic
12.2.1.4. Romania
12.2.1.5. Rest of Eastern Europe
12.2.2. By Mode of Payment
12.2.3. By Types of Purchase
12.2.4. By Industry Vertical
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Mode of Payment
12.3.3. By Types of Purchase
12.3.4. By Industry Vertical
12.4. Key Takeaways
13. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
13.2.1. By Country
13.2.1.1. India
13.2.1.2. Bangladesh
13.2.1.3. Australia
13.2.1.4. New Zealand
13.2.1.5. Rest of South Asia and Pacific
13.2.2. By Mode of Payment
13.2.3. By Types of Purchase
13.2.4. By Industry Vertical
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Mode of Payment
13.3.3. By Types of Purchase
13.3.4. By Industry Vertical
13.4. Key Takeaways
14. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
14.2.1. By Country
14.2.1.1. China
14.2.1.2. Japan
14.2.1.3. South Korea
14.2.2. By Mode of Payment
14.2.3. By Types of Purchase
14.2.4. By Industry Vertical
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Mode of Payment
14.3.3. By Types of Purchase
14.3.4. By Industry Vertical
14.4. Key Takeaways
15. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of MEA
15.2.2. By Mode of Payment
15.2.3. By Types of Purchase
15.2.4. By Industry Vertical
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Mode of Payment
15.3.3. By Types of Purchase
15.3.4. By Industry Vertical
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1. USA
16.1.1. Pricing Analysis
16.1.2. Market Share Analysis, 2023
16.1.2.1. By Mode of Payment
16.1.2.2. By Types of Purchase
16.1.2.3. By Industry Vertical
16.2. Canada
16.2.1. Pricing Analysis
16.2.2. Market Share Analysis, 2023
16.2.2.1. By Mode of Payment
16.2.2.2. By Types of Purchase
16.2.2.3. By Industry Vertical
16.3. Brazil
16.3.1. Pricing Analysis
16.3.2. Market Share Analysis, 2023
16.3.2.1. By Mode of Payment
16.3.2.2. By Types of Purchase
16.3.2.3. By Industry Vertical
16.4. Mexico
16.4.1. Pricing Analysis
16.4.2. Market Share Analysis, 2023
16.4.2.1. By Mode of Payment
16.4.2.2. By Types of Purchase
16.4.2.3. By Industry Vertical
16.5. Germany
16.5.1. Pricing Analysis
16.5.2. Market Share Analysis, 2023
16.5.2.1. By Mode of Payment
16.5.2.2. By Types of Purchase
16.5.2.3. By Industry Vertical
16.6. UK
16.6.1. Pricing Analysis
16.6.2. Market Share Analysis, 2023
16.6.2.1. By Mode of Payment
16.6.2.2. By Types of Purchase
16.6.2.3. By Industry Vertical
16.7. France
16.7.1. Pricing Analysis
16.7.2. Market Share Analysis, 2023
16.7.2.1. By Mode of Payment
16.7.2.2. By Types of Purchase
16.7.2.3. By Industry Vertical
16.8. Spain
16.8.1. Pricing Analysis
16.8.2. Market Share Analysis, 2023
16.8.2.1. By Mode of Payment
16.8.2.2. By Types of Purchase
16.8.2.3. By Industry Vertical
16.9. Italy
16.9.1. Pricing Analysis
16.9.2. Market Share Analysis, 2023
16.9.2.1. By Mode of Payment
16.9.2.2. By Types of Purchase
16.9.2.3. By Industry Vertical
16.10. Poland
16.10.1. Pricing Analysis
16.10.2. Market Share Analysis, 2023
16.10.2.1. By Mode of Payment
16.10.2.2. By Types of Purchase
16.10.2.3. By Industry Vertical
16.11. Russia
16.11.1. Pricing Analysis
16.11.2. Market Share Analysis, 2023
16.11.2.1. By Mode of Payment
16.11.2.2. By Types of Purchase
16.11.2.3. By Industry Vertical
16.12. Czech Republic
16.12.1. Pricing Analysis
16.12.2. Market Share Analysis, 2023
16.12.2.1. By Mode of Payment
16.12.2.2. By Types of Purchase
16.12.2.3. By Industry Vertical
16.13. Romania
16.13.1. Pricing Analysis
16.13.2. Market Share Analysis, 2023
16.13.2.1. By Mode of Payment
16.13.2.2. By Types of Purchase
16.13.2.3. By Industry Vertical
16.14. India
16.14.1. Pricing Analysis
16.14.2. Market Share Analysis, 2023
16.14.2.1. By Mode of Payment
16.14.2.2. By Types of Purchase
16.14.2.3. By Industry Vertical
16.15. Bangladesh
16.15.1. Pricing Analysis
16.15.2. Market Share Analysis, 2023
16.15.2.1. By Mode of Payment
16.15.2.2. By Types of Purchase
16.15.2.3. By Industry Vertical
16.16. Australia
16.16.1. Pricing Analysis
16.16.2. Market Share Analysis, 2023
16.16.2.1. By Mode of Payment
16.16.2.2. By Types of Purchase
16.16.2.3. By Industry Vertical
16.17. New Zealand
16.17.1. Pricing Analysis
16.17.2. Market Share Analysis, 2023
16.17.2.1. By Mode of Payment
16.17.2.2. By Types of Purchase
16.17.2.3. By Industry Vertical
16.18. China
16.18.1. Pricing Analysis
16.18.2. Market Share Analysis, 2023
16.18.2.1. By Mode of Payment
16.18.2.2. By Types of Purchase
16.18.2.3. By Industry Vertical
16.19. Japan
16.19.1. Pricing Analysis
16.19.2. Market Share Analysis, 2023
16.19.2.1. By Mode of Payment
16.19.2.2. By Types of Purchase
16.19.2.3. By Industry Vertical
16.20. South Korea
16.20.1. Pricing Analysis
16.20.2. Market Share Analysis, 2023
16.20.2.1. By Mode of Payment
16.20.2.2. By Types of Purchase
16.20.2.3. By Industry Vertical
16.21. GCC Countries
16.21.1. Pricing Analysis
16.21.2. Market Share Analysis, 2023
16.21.2.1. By Mode of Payment
16.21.2.2. By Types of Purchase
16.21.2.3. By Industry Vertical
16.22. South Africa
16.22.1. Pricing Analysis
16.22.2. Market Share Analysis, 2023
16.22.2.1. By Mode of Payment
16.22.2.2. By Types of Purchase
16.22.2.3. By Industry Vertical
16.23. Israel
16.23.1. Pricing Analysis
16.23.2. Market Share Analysis, 2023
16.23.2.1. By Mode of Payment
16.23.2.2. By Types of Purchase
16.23.2.3. By Industry Vertical
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Mode of Payment
17.3.3. By Types of Purchase
17.3.4. By Industry Vertical
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. Bango.net Limited
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. Boku, Inc.
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. Dwolla, Inc.
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. Fortumo OÜ
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. Judo Payments
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. Paypal Inc
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. Square, Inc.
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. Stripe
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. WePay, Inc.
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
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Mobile Money Market
