Mobile Money Market Updates

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?