Russia Mobile Money Market21. Your email address will not be published. In 2021, the number of registered accounts reached 1.35 billion globally, up 18% since last year and 10 times more than there were in 2012 (134 million). Nigeria records impressive performance in 2022 Global Mobile In every region where the GSMA tracks mobile money services, we found they are growing faster and reaching more people than ever before. Mobile money allows subscribers to transfer money and make payments for services and products via mobile phones. Required fields are marked *. max-height: fit-content; The share of consumers using two or more digital payment methods grew from 45% in 2019 to 58% in 2020. The 2023 State of the Industry Report on Mobile Money by the GSM Association (GSMA), a non-profit industry organisation, showed that registered mobile money accounts rose by 13 percent to 1.6 billion in 2022 from 1.4 billion in 2021. 518 million of these accounts were active on a 90- day basis and 346 million on a 30-day basis, growing nearly 15 times and 13 times respectively since 2012. The number of PSBs is almost at par with India which currently has six active PSBs such as Airtel Payment Bank, India Post Payment Bank, Fino, Paytm Payment Bank, NSDL Payment Bank and Jio Payment Bank. opacity: .6; It circulates in Nigeria and Ghana, Subsidy: FG gets court order to stop labour unions, Nigeria agrees with OPEC to cut oil production by 2024, Nigerias 2023 budget at risk as OPEC caps oil output. France Mobile Money Market19. Mobile Money Market Report | Global Forecast From 2022 To 2030 Therefore, the increasing adoption of mobile POS is expected to boost demand for mobile money during forecast period.Technological advancement is a key trend gaining popularity in the mobile money market. South America Mobile Money Market24. On Device Research is a research company that gathers responses on mobile devices so far weve sent over 2.3 million surveys across 53 countries. Both the devices aim to create convenience and ease of use payment solutions for customers and merchants. Released on Wednesday, the report shows that 81 per cent of men and 72 per cent of women in India owned a mobile phone as of 2022, translating to a gender gap of 11 per cent. We may earn a commission from links on this page. a { It is the only Nigerian newspaper with a bureau in Accra, Ghana. } } Customization. font-size: 12px; The number of registered mobile money accounts increased by 13% year-on-year, from 1.4 billion in 2021 to 1.6 billion last year. Mobile Money Market Regional And Country Analysis8.
} Mobile Money Market Size And Growth6. The report, published annually by the GSMA and funded by the Bill and Melinda Gates Foundation, demonstrates that rates of adoption are even quicker than expected, with the number of registered mobile money accounts growing by 13% year on year, from 1.4 billion in 2021 to 1.6 billion in 2022. According to the GSMA's consumer survey, adoption and mobile credit application seem to be solid. .post-meta .single-post-meta, .author.url.fn. Western Europe Mobile Money Market16. Mobile money offers over a billion people access to the formal economy, driving financial inclusion and enabling people to invest in their families and livelihoods. It is promising to see the continued growth of mobile money worldwide. Wirecard AG is a global technology group that supportscompanies in accepting electronic payments from all sales channels. margin: 0 0 20px!important; MEFs global consumer study series looks at the habits and attitudes of nearly 6000 consumers in nine countries. With unparalleled insights from exclusive supply-side data, download it now to learn more. MOBILE MONEY EXCEEDS INDUSTRY EXPECTATIONS, border-bottom: none !important; /*home-page img-list border */ Impact Of COVID-19 On Mobile Money5. } In 2021, the mobile money industry processed more than $1 trillion in transactions. bottom: 0; WebIn 2021, mobile technologies and services generated $4.5 trillion of economic value added, or 5% of GDP, globally. India's progress on digital inclusion stalled in 2022, says GSMA xmlhttp = new XMLHttpRequest();xmlhttp.onreadystatechange = function(){if(xmlhttp.readyState==4 && xmlhttp.status==200){var es = document.querySelectorAll("[data-id='"+adunit+"']");var e = Array.from(es).filter(function(e) {return !e.hasAttribute("data-rendered")});if(e.length > 0){e.forEach(function(el){var iframe = el.contentWindow.document;iframe.open();iframe.write(xmlhttp.responseText);iframe.close();el.setAttribute('data-rendered', true)})}}};var child=childNetworkId.trim()? This increasing adoption of mobile POS will result in significant demand for mobile money as it is a convenient and efficient solution for point of sales. THE GSMA MOBILE MONEY PROGRAMME IS FUNDED BY THE BILL AND MELINDA GATES FOUNDATION, AND IS SUPPORTED BY THE GSMA AND ITS MEMBERS. Authors of the report highlighted that total transaction value for mobile money grew by 22 percent between 2021 and 2022, from one trillion dollars to around $1.26 trillion and $832 billion of that came from sub-Saharan Africa, with the African growth rate the same as the global average of 22 percent. by Aghogho Udi 22 hours ago in Financial Analysis, Research Analysis Mats Granryd, Director-General of GSMA Article Summary Nigeria sees a 41% increase in registered agents for Key Mergers And Acquisitions In The Mobile Money Market29. Mobile Money Market Segmentation, 7. The GSMA report says, though, that a wide gender gap is still prevalent in mobile money use. Honorary Board Positions & Special Advisors, MEF CONNECTS Personal Data and Identity ID & AUTH. The company revealed several trends on how the world continues to move toward mobile in its State of Mobile 2022 report.
Mobile Money is also fostering financial inclusion of women and low-income earners in many emerging economies the report reveals. Truly remarkable. If you sent money from your cell phone last year, you were part of a trillion-dollar enterprise.
As a result, women in low- and middle-income countries are currently 28% less likely than men to own a mobile money account. font-weight: 600px; color: yellow !important; Middle East Mobile Money Market26. Ade Atobatele CEO at Remarkable Ideas Limited Published Jan 27, 2022 + Follow There is no doubt that mobile money has had a huge impact on the way payments are made in Africa. The GSMA report revealed that West Africa had the highest number of new accounts of all sub-regions worldwide in 2022. Within West Africa, Cte dIvoire, Ghana and Senegal have been mobile money leaders, followed closely by Benin, Burkina Faso and Mali.. Although women in low and middle-income countries are 28% less likely to own a mobile money account, the report offers some positives. The GSMA is therefore encouraging governments worldwide to keep developing the enabling policies that can support mobile money deployments and further boost the growth of this crucial ecosystem. In 2022, daily transactions via mobile money reached $3.45 billion, exceeding the $3 billion amount predicted in 2021. Copyright 2021 IFA Consults. Mobile phone ownership remains the main cause of this gap, although cultural norms also prevent women from adopting mobile money. It is clear that mobile money is driving financial inclusion around the world. Payments Cards & Mobile is the go-to market intelligence hub for global payments news, research and consulting. Communications Authority The global mobile money market is expected to grow from $6.97 billion in 2021 to $8.85 billion in 2022 at a compound annual growth rate (CAGR) of 26.93%. What forces will shape the market going forward? The volume and frequency of transactions also registered strong growth. mobile money Authors of the report highlighted that total transaction value for mobile money grew by 22 percent between 2021 and 2022, from one trillion dollars to around $1.26 trillion and $832 billion of that came from sub-Saharan Africa, with the African growth rate the same as the global average of 22 percent. The results show that people who use mobile money to access credit represent 2 to 36% of respondents according to countries. Africa Mobile Money Market27. The use of loans is generally more important in markets where mobile money is more widespread, particularly in Kenya (36%). Indonesia Mobile Money Market14. WebThe global mobile money market is expected to grow from USD 1.02 trillion in 2022 to USD 2.48 trillion by 2030, at a CAGR of 13.8% during the forecast period. Australia Mobile Money Market13. @media only screen and (max-width: 830px) { Your email address will not be published. As a result, international remittances grew significantly in both 2020 and 2021, as many senders favoured mobile money for its efficiency, speed, safety and cost-effectiveness. Nigeria, Ethiopia boost global mobile money in 2022, For Digital Adverts : subscription@businessday.ng, Call Us : 08033225506 , 08026011296, 07013338794. The tenth annual State of the Industry Report on Mobile Money looks back at this memorable year for this growing and more diversified industry. Mobile Money Market Size And Growth6. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. from 8 AM - 9 PM ET. color: #f70505; } Ahmed Yusuf, the CEO of Hormuud Telecom, a company in Somalia, told Quartz that mobile money has transformed the way that money and cash-aid are delivered in the country. Over the last decade, we have seen the transformative power of mobile money in providing a pathway to financial inclusion. The year-on-year increases in transaction values have been driven by new customer uptake and a growing number of mobile money use cases. 1) By Transaction Type: Person to Person (P2P); Person to Business (P2B); Business to Person (B2P); Business to Business (B2B)2) By Payment: Remote Payments; Proximity Payments3) By Application: Bill Payments; Money transfers; Recharge & Top-up; Ticket Payment; OthersKey Topics Covered: 1. #main-navigation .bs-popular-categories span.term-count{display: none !important;} Mobile money transactions hit a record high of $1.26 trillion in 2022, according to a new report (pdf) from the GSM Association. As it continues to grow, it offers an incredible opportunity to reach the 1.4 billion people who still do not have access to financial services, Granryd added. line-height: 1; The mobile money market is expected to grow to $22.16 billion in 2026 at a compound annual growth rate (CAGR) of 25.79%.Asia-Pacific was the largest region in the mobile money market in 2021, and it is expected to be the fastest-growing region in the forecast period. India (18%) and Mobile money has experienced staggering growth over the past two decades, cementing itself as a mainstream financial service. Since the covid-19 pandemic, there has been a consistent upward trend in international remittance payments via mobile money. Copyright 2022 GSM Association.The GSM logo is registered and owned by the GSM Association. The overall number of agents went from 12 million in 2021 to 17.4 million in 2022. To cite our research, please see our citation policy in our Terms of Use, or contact our Media team for more information. The association, an industry body of mobile network operators, found that these transactions, up from $1 trillion in 2021, had grown faster than anticipated. The report, published annually by the GSMA and funded by the Bill and Melinda Gates Foundation, demonstrates that rates of adoption are even quicker than expected, with the number of registered mobile money accounts growing by 13% year on year, from 1.4
As a leading independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. .post-meta.single-post-meta .post-author-a, .post-meta.single-post-meta .time { Read the summary and download load the FREE report now. Mobile Money Global Market Report 2022: Increasing Adoption of Today there are 1.35 billion registered mobile money accounts processing $1 trillion in transactions annually. The report reflects on a decade of growth and track the transformative effects that mobile has had on the financial lives of those who, ten years ago, were left behind. USA Mobile Money Market23. BCE in Roaming: Disruption, Differentiation or Distraction? { Mobile Money Market Regional And Country Analysis8.
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