USD 13.1 billion
Report ID:
SQMIG45E2356 |
Region:
Global |
Published Date: May, 2025
Pages:
196
|Tables:
156
|Figures:
77
Global Mobile Money Market size was valued at USD 13.1 billion in 2023 and is poised to grow from USD 15.46 billion in 2024 to USD 58.1 billion by 2032, growing at a CAGR of 18.0% during the forecast period (2025-2032).
The growth of digital financial platforms is primarily driven by the increasing penetration of smartphones and internet connectivity, which have made financial services accessible to millions of previously underserved individuals. Governments and private organizations are also heavily promoting cashless economies, leading to a rise in mobile-based payment systems. The convenience of quick, secure transactions has made these platforms a preferred choice among users across various demographics. Additionally, the adoption of mobile financial solutions is surging in emerging economies, where traditional banking infrastructure is limited, making mobile platforms a vital tool for financial inclusion.
On the other hand, the expansion of these platforms faces significant challenges. Regulatory complexities and varying compliance standards across regions create hurdles for providers looking to scale globally. Security concerns, particularly regarding fraud and data breaches, further dampen user confidence in adopting these systems. Additionally, in regions with unstable internet connectivity, the functionality of mobile financial services is hindered, limiting their reach to rural and remote areas.
Despite these challenges, the increasing collaboration between telecom operators, banks, and fintech companies is bridging the gap between demand and accessibility. Efforts to improve cybersecurity measures and regulatory frameworks are building trust among users and providers alike. Furthermore, innovations such as integration with blockchain technology and AI-driven analytics are enhancing user experience and operational efficiency, paving the way for sustained growth in the coming years.
How is Artificial Intelligence Transforming the Mobile Money Market Landscape?
Artificial intelligence is revolutionizing digital financial services by enhancing fraud detection, personalizing user experiences, and streamlining credit assessments. In Africa, AI-driven analytics are being utilized to refine consumer insights and manage fraud risks, thereby improving the efficiency and security of mobile transactions. Globally, operators like Telenor and AT&T employ AI to optimize network performance and reduce energy consumption, ensuring more reliable and sustainable digital financial services.
A notable development is the GSMA's 2024 report highlighting that mobile money services reached USD 1.4 trillion in transaction value in 2023, with AI playing a pivotal role in this growth. Additionally, the Digital Wallet Group in Japan has implemented AI-powered electronic Know Your Customer (eKYC) systems to enhance user verification processes, contributing to the security and scalability of their mobile remittance services. These advancements underscore AI's critical role in expanding and securing digital financial ecosystems worldwide.
Market snapshot - 2025-2032
Global Market Size
USD 13.1 billion
Largest Segment
Remote Payments
Fastest Growth
Remote Payments
Growth Rate
18.0% CAGR
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Global Mobile Money Market is segmented by Service Type, End User, Deployment Type, Technology and region. Based on Service Type, the market is segmented into Mobile Wallets, Mobile Payments, Mobile Banking, Mobile Remittances and Others. Based on End User, the market is segmented into Individual Consumers, Small and Medium Enterprises (SMEs), Large Enterprises and Governments. Based on Deployment Type, the market is segmented into Cloud-based and On-premise. Based on Technology, the market is segmented into Near Field Communication (NFC), USSD (Unstructured Supplementary Service Data), SMS-based, Mobile Applications and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Remote payments have emerged as the dominant segment in the digital transaction landscape, driven by the widespread adoption of digital wallets, which accounted for USD 13.9 trillion in global transaction value in 2023, representing 50% of e-commerce and 30% of point-of-sale consumer spend . This growth is further propelled by the proliferation of mobile devices and improved internet connectivity, enabling seamless transactions across diverse geographies. Additionally, government initiatives promoting financial inclusion and the shift towards cashless societies have accelerated the adoption of remote payment solutions.
Proximity payments are experiencing rapid growth, fueled by the widespread adoption of contactless technologies like NFC and mobile wallets. In the first half of 2023, the European Central Bank reported a 24.3% increase in contactless card transactions, totaling USD 0.56 trillion. This surge is driven by the convenience, speed, and enhanced security of tap-to-pay methods, as well as the global proliferation of smartphones and supportive regulatory frameworks. Major players, including Apple and Google, are investing in seamless payment experiences, further accelerating the adoption of proximity payment solutions worldwide.
Person-to-person (P2P) transfers have emerged as the dominant transaction type in mobile money services, driven by their simplicity, affordability, and critical role in financial inclusion. In 2023, P2P transfers accounted for 27% of all mobile money transaction value, with on-net and off-net transfers comprising 21% and 4% respectively. The GSMA reports that mobile money-enabled international remittances grew by 28% year-on-year in 2022, reaching USD 22 billion. This growth is fueled by the increasing adoption of mobile money services in regions like Sub-Saharan Africa and Asia, where P2P transfers are vital for daily financial activities. The expansion of agent networks, with a 41% increase in registered agents between 2021 and 2022, has further enhanced accessibility to P2P services. Moreover, the COVID-19 pandemic accelerated the shift towards digital transactions, with up to 400 million new mobile money accounts added during this period. Collectively, these factors underscore the centrality of P2P transfers in the mobile money ecosystem, particularly in facilitating financial inclusion and supporting the unbanked population.
Person-to-business (P2B) mobile money transactions are experiencing rapid growth, driven by the increasing adoption of digital payment methods by businesses and consumers alike. In 2022, the P2B segment accounted for nearly two-fifths of global mobile money industry revenue, reflecting a significant shift towards digital transactions for goods and services . This trend is supported by the proliferation of smartphones, the expansion of mobile money agent networks, and favorable regulatory environments, particularly in regions like Sub-Saharan Africa, where mobile money services have become integral to daily commerce.
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In the Asia Pacific region, mobile money adoption is expanding rapidly, driven by high mobile penetration, government-led initiatives like India's UPI, and mobile wallet usage in China and Southeast Asia. However, challenges like cybersecurity risks, regulatory fragmentation, and rural accessibility need addressing to foster sustained growth.
India leads in mobile money adoption, primarily due to the Unified Payments Interface (UPI), which facilitates instant peer-to-peer and person-to-merchant transactions. In 2023, UPI processed over 117 billion transactions worth USD 2.2 trillion, accounting for 46% of global real-time payments. The system's success is bolstered by widespread smartphone usage, government initiatives promoting digital payments, and integration with international platforms like Singapore's PayNow.
China's mobile payment market is dominated by platforms like Alipay and WeChat Pay, driven by a large urban population and a preference for cashless transactions. The government's push for digitalization and the introduction of the digital yuan (e-CNY) have further accelerated adoption. In 2022, the e-CNY pilot expanded to 23 cities, enhancing financial inclusion and streamlining retail payments.
South Korea's mobile payment market is characterized by high smartphone penetration and advanced telecommunications infrastructure. The government's initiatives to promote a cashless society and support for fintech innovations have led to steady growth in mobile transactions. Consumers' readiness to adopt new technologies further propels the market.
In North America, mobile money adoption is growing due to strong infrastructure, widespread smartphone usage, and increasing digital wallet popularity. The U.S. and Canada lead in mobile payment innovations, driven by companies like PayPal and Apple Pay. However, regulatory complexities and cybersecurity concerns still present challenges for broader adoption.
The United States leads the region in mobile money adoption, driven by a mature fintech ecosystem and widespread smartphone usage. Major players like PayPal, Square, and Apple Pay dominate the market, offering diverse digital payment solutions. The proliferation of peer-to-peer (P2P) payment platforms, such as Venmo and Zelle, has further accelerated mobile money usage. In 2023, the U.S. saw a significant increase in contactless payments, with the Federal Reserve reporting a 12% year-over-year growth in digital wallet transactions. Regulatory support and consumer preference for convenience continue to bolster the mobile money sector.
Canada's mobile money market is characterized by high adoption rates of digital payment methods, particularly Interac e-Transfers. In 2023, 92% of Canadians were familiar with e-Transfers, and 81% had used the service within the past year, making it a cornerstone of non-cash transactions. The average transaction size reached USD 400, with Millennials and Gen Z leading usage. While e-Transfers are primarily used for P2P and business-to-business transactions, their popularity reflects Canada's shift towards digital payments. The country's robust banking infrastructure and regulatory environment support this transition.
In Europe, mobile money adoption is accelerating, supported by advanced digital infrastructure, strong regulatory frameworks, and growing consumer demand for cashless transactions. Countries like the UK and France lead with widespread mobile wallet usage. However, cross-border payment integration and data privacy concerns remain key challenges for further growth.
The UK leads Europe's mobile payment market, driven by advanced digital infrastructure and widespread smartphone usage. In 2023, over 50% of adults used digital wallets like Apple Pay, Google Pay, and PayPal. Contactless payments accounted for 38% of all transactions, while cash usage declined to 12%. The Open Banking framework and regulatory support have fostered innovation and competition in the sector.
France has a well-developed mobile payment ecosystem, supported by financial institutions and government initiatives. Contactless payments and mobile wallets are widely used, with platforms like Paylib and the recently launched Wero enhancing the digital payment landscape. In 2024, Wero was introduced to unify various national payment systems across Europe.
Germany has seen gradual adoption of mobile payments, with increasing acceptance of contactless payments and mobile banking apps. The launch of Wero in 2024 aims to streamline mobile payments by replacing existing systems like Giropay, enhancing user experience and interoperability.
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Expansion of Mobile Infrastructure and Internet Connectivity
Surge in Digital Wallet and Contactless Payment Adoption
Regulatory Hurdles and Fragmentation
Cybersecurity Threats and Fraudulent Activities
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The global mobile money market is characterized by intense competition among major players such as PayPal, Block Inc., Visa, and Mastercard. These companies are continuously innovating to expand their market share and enhance user experience. For instance, PayPal Holdings Inc. (PYPL) currently trades at USD 72.31, reflecting its strong presence in the digital payments sector. Similarly, Block Inc. (SQ) is trading at USD 86.96, indicating its competitive positioning. Visa Inc. (V) and Mastercard Incorporated (MA) are also significant players, with current stock prices of USD 355.85 and USD 578.27, respectively. These companies are leveraging technological advancements and strategic partnerships to drive growth in the mobile money market.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest insights, the global mobile money market, regulatory hurdles, fragmented policies, and inconsistent regulations across different countries are expected to hinder the market's growth in the coming years. While government initiatives like UPI in India and mobile wallet adoption are facilitating financial inclusion, challenges such as high transaction costs, cybersecurity risks, and fraud remain prevalent. However, increasing mobile infrastructure, the growth of digital wallets, and government-backed schemes like Thailand's digital wallet are likely to promote further adoption. The internationalization of mobile payments and cross-border transactions will continue to drive the market, with companies like PayPal and Safaricom leading in innovation and partnerships. Despite the challenges, enhanced mobile money services will be crucial in promoting financial inclusion globally.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 13.1 billion |
Market size value in 2032 | USD 58.1 billion |
Growth Rate | 18.0% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Mobile Money Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Mobile Money Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Mobile Money Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Mobile Money Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
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Global Mobile Money Market size was valued at USD 10.95 Billion in 2023 and is poised to grow from USD 14.10 Billion in 2024 to USD 106.80 Billion by 2032, growing at a CAGR of 28.8% in the forecast period (2025-2032).
The global mobile money market is characterized by intense competition among major players such as PayPal, Block Inc., Visa, and Mastercard. These companies are continuously innovating to expand their market share and enhance user experience. For instance, PayPal Holdings Inc. (PYPL) currently trades at USD 72.31, reflecting its strong presence in the digital payments sector. Similarly, Block Inc. (SQ) is trading at USD 86.96, indicating its competitive positioning. Visa Inc. (V) and Mastercard Incorporated (MA) are also significant players, with current stock prices of USD 355.85 and USD 578.27, respectively. These companies are leveraging technological advancements and strategic partnerships to drive growth in the mobile money market. 'Vodafone Group (U.K.)', 'Fortumo (Estonia)', 'Mastercard (U.S.)', 'Comviva (India)', 'PayPal (U.S.)', 'Airtel India (India)', 'Fiserv, Inc. (U.S.)', 'Ingenico (France)', 'Orange (France)', 'Infobip Ltd (Croatia)', 'Centili Limited (U.K.)', 'Apple Inc (U.S.)', 'VeriFone, Inc. (U.S.)', 'Freecharge Payment Technologies Pvt Ltd (India)', 'FIS (U.S.)', 'Tata Teleservices Ltd. (India)', 'SAMSUNG (South Korea)', 'American Express Company (U.S.)', 'WePay Inc. (U.S.)'
The rapid growth of mobile infrastructure and internet connectivity is driving the global mobile money market. By 2023, 57% of the global population, or 4.6 billion people, accessed mobile internet, fueled by USD 1.6 trillion investments in mobile broadband. Government initiatives, like the U.S.’s USD 667M rural broadband grants, Australia’s USD 14M STAND expansion, India’s Starlink satellite internet rollout, and Somalia’s 5G network by Hormuud Telecom, are bridging digital divides, fostering financial inclusion, and advancing mobile money adoption globally.
Expansion of Digital Wallets and Contactless Payments: The global mobile money market is experiencing significant growth, with digital wallets and contactless payments leading the way. In 2023, global mobile money transactions increased by 14% year-on-year, reaching USD 2.7 million per minute, totaling USD 1.4 trillion for the year. This growth is particularly pronounced in Sub-Saharan Africa, where mobile money services have seen exponential growth, with registered accounts doubling over the past decade. Governments are supporting this trend by implementing regulations that promote cashless transactions and financial inclusion. For instance, the Reserve Bank of India launched UPI 123PAY to facilitate digital payments for feature phone users in low connectivity zones. Additionally, the introduction of UPI 3.0, featuring conversational voice payments, aims to enhance accessibility and reduce linguistic barriers.
What makes Asia Pacific the top market for mobile money in 2024?
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