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.
“Following the consolidation of secure and smart graphical user interfaces (GUI) for wallet mobile money applications, several government and central banks have played a significant part in their acceptance by general citizens.”
The safety of payment apps has been verified and accepted after the backing by regional or national financial regulators, which is likely to contribute to the mobile money market.
Consumers and vendors began utilising money for phone while buying groceries, meals, and other necessities when the World Health Organization (WHO) limited physical or cash payments to control transmission of novel corona virus.
As per the data revealed by Financial Access survey (FAS) there has been a significant increase in the use of apps that pay through mobile money, which has surpassed the conventional method of exchanging money, namely hard cash. However, the overall advancement rate of global mobile money market slid down by 4% than the previous review period of 2015 to 2021 out of sluggish economic circumstances.
What are the Various Factors Driving & Restraining the Global Mobile Money Market?
“The banking and finance sectors have been disrupted by the digital revolution followed by the launch of MTN mobile money international transfer and phone credit to cash facilities. Spread of such technology is envisioned to overtake the conventional mode of retail payment within the foreseeable future. ”
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