mobile money report 2022

} Dublin, Oct. 05, 2022 (GLOBE NEWSWIRE) -- The "Mobile Money Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.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%. Your email address will not be published. ericsson.com Navigation Search Products and solutions 5G Core 5G RAN 5G Transport IoT Platform Managed Services Mission Critical WebDescription: Where is the largest and fastest growing market for mobile money? AppendixCompanies Mentioned, For more information about this report visit https://www.researchandmarkets.com/r/xzfeyi, https://www.researchandmarkets.com/r/xzfeyi. Mobile Money Market Characteristics3. For instance, according to a survey published in November 2020 by McKinsey, a global management consulting company, COVID-19 has reinforced the pattern of mobile payment and acceptance across various verticals of payment within different demographics of the USA. 17.4 million: The number of mobile money agents in 2022, a 41% increase from the 12 million in 2021, $22 billion: The volume of mobile money-enabled international remittances, up 28% from 2021, 36%: The growth of bill payments, year-on-year, from 2021 to 2022, faster than any other year till date, It is clear that mobile money is driving financial inclusion around the world, said Mats Granryd, the director-general of GSMA, in the report. These digital payment methods included mobile POS, online, in-app, and peer-to-peer payments. That is almost $2 million per minute of transactions, 24 hours a day, 7 days a week, 365 days a year. In the top 10 mobile markets, a staggering 4.8 Today there are 1.35 billion registered mobile money accounts processing $1 trillion in transactions annually. India Mobile Money Market11. Aug 1, 2022 As of January 2022, 24.4 percent of the population aged 15 years and older had a mobile money account in Botswana. By the end of 2025, 5G will account for around a quarter of total mobile connections and more than two in five people around the world will live within reach of a 5G network. If you sent money from your cell phone last year, you were part of a trillion-dollar enterprise. A lot of this growth came from Nigeria, where a more liberal regulatory regime meant an increase in mobile money providers. text-transform: capitalize; World Bank in 2021 and the total revenue is expected to grow at 26 % through 2021 to 2029, reaching According to the report, transaction values grew by 22% to $1.26 trillion up from around $ 1 trillion in 2021. Mobile Money Global Market Report 2023 - Research and Markets Director-General of GSMA, Mats Granryd, remarked that. Mobile Money Market Size And Growth6. WebThe Egypt Mobile Payments Market is expected to register a CAGR of 19.3% over the forecast period, 2022-2027. color: #f70505; Mobile Money Market Future Outlook and Potential Analysis30. the requisite licences for card and account products. } The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. Further information on the GSMA's Mobile Money programme is available atwww.gsma.com/mobilemoney. color: yellow !important; Both the devices aim to create convenience and ease of use payment solutions for customers and merchants. However, in many areas worldwide, more work is still needed to help give underserved communities access to safe, secure and affordable financial services. The use of loans is generally more important in markets where mobile money is more widespread, particularly in Kenya (36%). The GSMA's Mobile Money programme aims to accelerate the development of the mobile money ecosystem in favour of people with little or no banking. 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()? These innovative mobile money services help millions of people pay their bills, send money abroad, increase their income, manage their savings and access social support. France Mobile Money Market19. { According to the report which is published annually by the GSMA and funded by the Bill and Melinda Gates Foundation, Nigeria contributed to the staggering 41 percent increase in the number of mobile money agents to around 17 million last year from 12 million in 2021. Much of this growth was in Nigeria where a liberalised regulatory regime has led to an increase in Mobile Money Providers. #main-navigation .bs-popular-categories span.term-count{display: none !important;} It has both daily and Sunday titles. 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 } MOBILE Cision Distribution 888-776-0942 WebSector Statistics Report Q1 2022-2023 Size: 985 kB Sector Statistics Report Q4 2021-2022 Size: 1252 kB Sector Statistics Report Q3 2021-2022 Size: 1701 kB Sector Statistics Report Q2 2021-2022 Size: 908 kB Sector Statistics Report Q1 2021-2022 Size: 2554 kB Sector Statistics Report Q4 2020-2021 Size: 733 kB Size: 1886 kB Size: 1189 kB 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.. Daily transaction volumes hit $3.45 billion, surpassing the $3 billion predicted in 2021. Activity rates font-weight: 600px; ul#main-navigation { The report titled State of the Industry on Mobile Money Report 2023 was compiled by GSM Association (GSMA) and supported by the Bill & Belinda Gates Foundation. 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. Mit Ihrer Anmeldung erklren Sie sich damit einverstanden, Inhalte von uns zu erhalten. Mobile Money Market Size And Growth6. color: #000002!important; The market is witnessing the implementation of advanced technologies such as NFC technology in mobile money for contactless payments. } India (18%) and Pakistan (16%) are exceptions: The challenge: in 2021, 235 million people had need for humanitarian assistance, which represents a 40% increase over the pre-pandemic period. The number of active agents increased by 25% to 7.2 million in 2022. 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. /* If html does not have either class, do not show lazy loaded images. Mobile phone ownership remains the main cause of this gap, although cultural norms also prevent women from adopting mobile money. What a year this has been for mobile money! Global mobile money transactions hit $1.26 trillion in 2022 - Quartz Communications Authority Australia Mobile Money Market13. Dublin, Oct. 05, 2022 (GLOBE NEWSWIRE) -- The "Mobile Money Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.The global mobile money market is expected to grow from $6.97 billion in 2021 to $8.85 billion in 2022 at a compound annual growth rate (CAGR) of 26.93%. Mobile Money Market size was valued at US$ 4.91 Bn. line-height: 43px; 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. childNetworkId = '21634543682', 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. WebThe global mobile money market grew from $8.86 billion in 2022 to $11.16 billion in 2023 at a compound annual growth rate (CAGR) of 25.9%. Required fields are marked *. Among all adults in Nigeria that are aware of mobile money and have used a mobile phone, mobile money account ownership has grown from 16% to 22% in the last year. Eastern Europe Mobile Money Market20. In terms of the region in Africa that recorded the most registered mobile money accounts, East Africa had 390 million, followed by West Africa with 290 million accounts. It is clear that mobile money is driving financial inclusion around the world. Mobile money allows subscribers to transfer money and make payments for services and products via mobile phones. The volume and frequency of transactions also registered strong growth. Nigeria records impressive performance in 2022 Global Mobile Copyright 2021 IFA Consults. To cite our research, please see our citation policy in our Terms of Use, or contact our Media team for more information. Nigeria records impressive performance in 2022 Global Mobile Money report. Of all adults with a mobile money account, 88% have one registered in their name (a nine-percentage point increase year on year). .action-btns{display: inline-flex;} The market is witnessing the implementation of advanced technologies such as NFC technology in mobile money for contactless payments. Nigeria, Ethiopia boost global mobile money in 2022, For Digital Adverts : subscription@businessday.ng, Call Us : 08033225506 , 08026011296, 07013338794. This upward trend continues, with the number of accounts active on a 30-day basis also growing by 13 per cent year-on-year to 401 million in 2022. .single-post-title { } 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. USA Mobile Money Market23. 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 $832 billion of that came from sub-Saharan Africa, with the African growth } Despite the huge success of mobile money services in many countries, in others, the sustainability of mobile money services is threatened by certain policy and regulatory interventions, from taxes on transactions to poorly implemented instant payment solutions and costly data localisation mandates. The World Bank Global Findex 2021 found that 15% of adults in Sub-Saharan Africa, or 39% of all mobile money account owners in the region, saved using a mobile money account. Looking forward, IMARC Group expects the market to reach US$ 467.7 Billion by 2028, exhibiting a growth rate (CAGR) of 33.1% during 2023-2028. .single-post-meta, .single-post-meta a { mobile money Payments Cards & Mobile is the go-to market intelligence hub for global payments news, research and consulting. mobile money Activity rates in West Africa increased consistently between 2018 and 2022 and are now approaching sub-Saharan African activity rates, it said. Six states with poorest banking inclusion for women, Despite naira crunch, 85% of Nigerians still trust banks Survey, CBN unveils new app to boost financial inclusion, literacy, Digital technologies can unlock new pathways for inclusive growth in Africa AU, Business Day, established in 2001, is a daily business newspaper based in Lagos. Women in low- and middle-income countries are 28% less likely than men to own a mobile money account, the report found. While it took the industry 17 years to reach its first 800 million customers, it has taken just five years to reach the next 800 million, thanks to rapid adoption of mobile phones, higher network penetration, and better regulation. Over the past year, global mobile money accounts grew by 13 percent thanks to regulatory changes in Sub-Saharan Africa (SSA), particularly in Nigeria and Ethiopia, a new report has said. Research and Markets International remittance payments via mobile money also saw growth according to the report. WebThe results show that people who use mobile money to access credit represent 2 to 36% of respondents according to countries. line-height: 1.5; width: 100%; font-size: 40px; The GSMA estimates there are still 1.4 billion people worldwide who remain unbanked, and more work is still needed to help give underserved communities access to safe, secure and affordable financial services. Save my name, email, and website in this browser for the next time I comment. background: #282424; The opportunity: Humanitarian actors are increasingly joining forces often to financial service providers for the distribution of monetary assistance, including mobile money providers. 2022 GSMA Report on Mobile Money | IFA Consults This smart POS converts an Android smartphone into a point-of-service (POS) terminal using NFC technology that allows card payments via NFC-enabled android phones. 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. Mobile money continues to grow rapidly, bringing a suite of financial products to the fingertips of hundreds of millions of users and disrupting traditional financial services.
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