The Latest Mobile Money Industry Statistics Explained
Global mobile payment market size was valued at USD 1.48 trillion in 2019, according to Allied Market Research.
The statistic indicates that the global mobile payment market was worth USD 1.48 trillion in 2019, as reported by Allied Market Research. This figure represents the total value of transactions made through mobile payment platforms worldwide during that year. The substantial market size highlights the increasing popularity and adoption of mobile payment technologies among consumers and businesses globally. Factors such as convenience, security, and the growing prevalence of smartphones have contributed to the significant growth of the mobile payment market, making it an increasingly integral part of the digital economy.
Mobile money services are now available in 96 countries, with 290 services live as of December 2020.
The statistic indicates the widespread adoption and availability of mobile money services globally as of December 2020. With services operating in 96 countries and a total of 290 services in operation, this data underscores the increasing prominence of mobile money as a financial tool worldwide. The presence of mobile money services in so many countries suggests a growing recognition of the convenience and accessibility these services offer in facilitating financial transactions, particularly in regions where traditional banking infrastructure may be limited. This statistic highlights the significant role that mobile money plays in promoting financial inclusion by providing secure and convenient financial services to a large number of people, ultimately contributing to economic empowerment and growth in various parts of the world.
In 2020, registered accounts reached over 1.2 billion globally.
The statistic “In 2020, registered accounts reached over 1.2 billion globally” likely refers to the total number of accounts that were officially registered or recorded within various organizations or systems worldwide. This statistic indicates a significant level of engagement or participation across various platforms or services, such as social media accounts, financial accounts, or other digital platforms. The large number of registered accounts emphasizes the widespread adoption of digital technologies and services globally, showcasing the growing interconnectedness and reliance on online platforms for communication, transactions, and information dissemination. Additionally, this statistic reflects a massive pool of data and potential opportunities for analysis and engagement within the digital landscape.
Mobile accounted for 73% of all e-commerce sales in 2020.
The statistic “Mobile accounted for 73% of all e-commerce sales in 2020” indicates that a significant portion of online retail transactions in 2020 were conducted through mobile devices such as smartphones and tablets. This data suggests that consumers are increasingly using their mobile devices to shop online, highlighting the importance of optimizing e-commerce platforms for mobile accessibility and usability. The high percentage of mobile e-commerce sales also underscores the growing trend of mobile shopping behavior and the need for businesses to prioritize mobile-friendly strategies to capitalize on this market segment.
The number of smartphone users worldwide today surpasses three billion and is forecast to further grow by several hundred million in the next few years.
The statistic indicates that currently there are over three billion smartphone users worldwide, and this number is expected to continue increasing by several hundred million in the upcoming years. This rapid growth in the number of smartphone users reflects the significant impact of mobile technology on our daily lives and the increasing reliance on smartphones for various activities. The forecasted growth suggests that smartphones are becoming increasingly accessible and ingrained in global society, highlighting the importance of mobile devices in communication, information access, and overall connectivity on a global scale.
In 2020, the total number of mobile money transactions reached 310 billion, showing 15% YoY growth.
The statistic stating that in 2020, the total number of mobile money transactions reached 310 billion, with a 15% year-over-year growth, indicates a significant increase in the use of mobile payment services. The fact that the total number of transactions reached 310 billion highlights the widespread adoption and popularity of mobile money transactions. The 15% year-over-year growth suggests a steady and consistent increase in the utilization of mobile money services, showcasing a rising trend in the digital payment sector. This statistic indicates a shift towards cashless transactions, potentially driven by factors such as convenience, security, and increased access to mobile technology, highlighting the evolving landscape of financial services.
The mobile payment market is estimated to record a CAGR of approximately 30.93% during the forecast period (2021 – 2026).
The statistic indicates that the mobile payment market is expected to experience significant growth over the forecast period from 2021 to 2026, with a Compound Annual Growth Rate (CAGR) of approximately 30.93%. This growth rate suggests a rapid expansion in the adoption and usage of mobile payment services by consumers and businesses. A high CAGR like this signifies a strong market demand for mobile payment solutions driven by factors such as increasing smartphone penetration, convenience, security, and the growing preference for cashless transactions. The projection also implies substantial opportunities for industry players, innovation, and investments in the mobile payment ecosystem during the forecast period.
Mobile payment users are expected to reach 2.5 billion in 2025.
The statistic that mobile payment users are expected to reach 2.5 billion in 2025 indicates a significant increase in the adoption and usage of mobile payment services globally over the next few years. This growth can be attributed to various factors such as the increasing convenience, security, and speed of mobile payments, as well as the proliferation of smartphones and internet connectivity worldwide. The rise of e-commerce, digital wallets, and contactless payment technologies also contribute to the growing popularity of mobile payment services. As more businesses and consumers embrace the advantages of mobile payments, the number of users is projected to surge, highlighting a fundamental shift towards a cashless society and a more digital economy.
The mobile money industry processed $2 billion transactions per day in 2020.
The statistic that the mobile money industry processed $2 billion transactions per day in 2020 indicates the substantial scale and impact of mobile money services globally. This figure highlights the increased adoption and reliance on mobile money platforms for financial transactions, particularly in emerging economies where traditional banking services may be limited. The rapid growth of the mobile money industry has provided millions of individuals with access to convenient and secure financial services, driving financial inclusion and economic development. The $2 billion daily transactions reflect the trust and convenience that consumers place in mobile money services, showcasing its potential to transform the way people manage their finances worldwide.
In 2020, the mobile money industry attracted around $100 billion of inward investment.
The statistic that in 2020, the mobile money industry attracted approximately $100 billion of inward investment highlights the significant financial interest and confidence in this sector. This large influx of capital suggests that global investors view mobile money as a lucrative and growing market with potential for high returns on investment. The investment could be driven by the increasing adoption of mobile financial services, the rise of digital payments, and the expanding access to financial products and services in emerging markets. The substantial amount of inward investment also underscores the importance of mobile money in driving financial inclusion, economic growth, and digital transformation across various regions worldwide.
In 2020, Sub-Saharan Africa accounted for the majority of mobile money activity with 155.8 million active mobile money accounts.
In 2020, Sub-Saharan Africa exhibited a significant presence in the realm of mobile money activity, boasting a dominant share with 155.8 million active mobile money accounts. This statistic underscores the region’s substantial adoption and utilization of mobile money services, reflecting a growing trend towards digital financial solutions. The widespread use of mobile money accounts in Sub-Saharan Africa signifies the population’s increasing reliance on mobile technology for financial transactions and highlights the potential for further expansion and innovation in the mobile money sector within the region.
Mobile payments adoption in the US shot up from 29% in 2019 to 43% in 2020.
The statistic indicates a significant increase in the adoption of mobile payments in the United States over a one-year period. The percentage of individuals using mobile payments went up from 29% in 2019 to 43% in 2020, showcasing a notable 14-percentage point increase. This shift suggests a growing trend towards favoring the convenience and efficiency of mobile payments over traditional payment methods like cash or credit cards. The increase may be driven by factors such as the widespread use of smartphones, the expansion of mobile payment platforms, improved security measures, and changing consumer preferences. This surge in mobile payment adoption demonstrates an evolving consumer behavior and an ongoing shift towards a more digital and cashless society in the US.
As of 2020, China was leading the pack in terms of mobile payment adoption, with a rate of 86%.
The statistic indicates that in 2020, China had the highest rate of mobile payment adoption compared to other countries, with a rate of 86%. This means that 86% of the population in China were using mobile payment services as a preferred method of making transactions, such as purchasing goods or services, transferring money, or paying bills. This high adoption rate reflects the widespread acceptance and integration of mobile payments into the daily lives of Chinese consumers, highlighting the country’s advanced digital payment infrastructure and the popularity of mobile wallets and payment apps among its population.
The average transaction value per user in the Mobile POS Payments segment is expected to amount to US$ 2,917.84 in 2023.
This statistic refers to the anticipated average value of transactions per user in the Mobile Point of Sale (POS) Payments segment for the year 2023, projected to be US$2,917.84. This figure represents the average amount of money that each user is expected to spend per transaction while using mobile POS systems for payments. It indicates the level of financial activity and purchasing power within this segment, providing valuable insights for businesses operating in the mobile POS industry to tailor their marketing strategies and offerings accordingly. The statistic also serves as a benchmark for evaluating the performance and growth potential of mobile POS payment platforms in capturing consumer spending.
There were 18.8 million mobile money agents as at the end of 2020 globally.
The statistic “There were 18.8 million mobile money agents as at the end of 2020 globally” indicates the widespread availability and utilization of mobile money services around the world. These agents act as intermediaries for customers to deposit, withdraw, and transfer funds using mobile devices, providing convenience and access to financial services, especially in regions where traditional banking infrastructure may be limited. The significant number of agents highlights the growing popularity and acceptance of mobile money as a key tool for financial inclusion and economic empowerment on a global scale.
The remittances completed through mobile money accounted for nearly $12 billion in value in December 2020.
The statistic indicates that in December 2020, remittances conducted using mobile money platforms amounted to nearly $12 billion in total value. This suggests a significant portion of money transfers between individuals, particularly across borders, were facilitated through mobile technology during that period. The use of mobile money for remittances has likely increased due to its convenience, accessibility, and efficiency compared to traditional methods such as bank transfers or cash payments. The substantial value of $12 billion reflects the growing importance and widespread adoption of mobile money services as a popular and reliable means of transferring funds globally.
The average cost of sending $200 via mobile money was roughly 1.7% in December 2020.
This statistic indicates that in December 2020, the average cost of sending $200 via mobile money services was approximately 1.7% of the total amount sent. This percentage value represents the fees or charges imposed on users for using the mobile money platform to transfer money. A lower percentage suggests that the cost of using this service relative to the amount being transferred is relatively low, making it a cost-effective option for sending money. This statistic provides valuable insight into the affordability and efficiency of mobile money services as a means of financial transactions at that specific point in time.
In 2020, mobile money services became a primary channel for customers to receive government-to-person (G2P) payments triggered by COVID-19, largely due to their reach, speed, and efficiency.
The statistic highlights the significant shift that occurred in 2020 with mobile money services emerging as the primary avenue for customers to receive government-to-person (G2P) payments in response to the COVID-19 pandemic. This change was primarily driven by the widespread accessibility, quick transfer speeds, and overall efficiency of mobile money platforms. The utilization of mobile money services for G2P payments during this time showcased the adaptability and scalability of such technology, enabling swift and secure delivery of financial assistance to individuals in need. This shift underscores the crucial role that mobile money played in facilitating financial transactions and aid distribution during a time of crisis, demonstrating its effectiveness as a tool for reaching and supporting individuals in various communities.
The share of mobile money accounts performing three or more types of transactions monthly increased from 30% to 45.7% between Dec 2019 and Dec 2020.
The statistic indicates that the proportion of mobile money accounts engaging in three or more types of transactions per month saw a notable increase from 30% in December 2019 to 45.7% in December 2020. This growth suggests a heightened level of usage and activity within mobile money services over the one-year period. The shift towards conducting more diverse transactions could signify a broader adoption of mobile financial services and an increased comfort level among users in utilizing multiple functionalities offered by mobile money platforms. This trend could reflect a growing trust in the convenience, security, and efficiency of mobile money services, potentially indicating a positive trajectory for the mobile money industry.
Conclusion
Mobile money has experienced significant growth in recent years, with a substantial increase in the number of users and transactions worldwide. As technology continues to advance and more people gain access to mobile phones, the mobile money industry is poised for continued expansion and innovation. By examining the latest statistics and trends in the industry, stakeholders can better understand the impact of mobile money on financial inclusion and economic development.
References
0. – https://www.www.mordorintelligence.com
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2. – https://www.paypers.com
3. – https://www.www.statista.com
4. – https://www.www.alliedmarketresearch.com
5. – https://www.www.bankmycell.com
6. – https://www.www.juniperresearch.com
