Mobile Money Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Transaction Mode (Remote Payments and Proximity Payments), By Industry Type (BFSI, Media & Entertainment, Retail, and Healthcare), By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 16.87 Billion
CAGR (2026-2031)	20.96%
Fastest Growing Segment	Proximity Payments
Largest Market	North America
Market Size (2031)	USD 52.84 Billion

Market Overview

The Global Mobile Money Market will grow from USD 16.87 Billion in 2025 to USD 52.84 Billion by 2031 at a 20.96% CAGR. Mobile money constitutes a digital financial service enabling users to store and transfer value via mobile devices, operating distinctly from traditional banking infrastructure. This technology relies on agent networks for cash conversion and extends financial access to unbanked populations. The market is fundamentally driven by the imperative for financial inclusion in emerging economies and the substantial increase in global mobile connectivity. Additionally, state-led mandates promoting digital payments provide foundational support for long-term sector stability by reducing the economic dependency on physical currency.

However, market expansion confronts barriers such as rigorous regulatory compliance standards and fluctuating taxation policies which create operational uncertainty. These structural friction points can disincentivize investment and increase costs for end-users, potentially stalling adoption rates in price-sensitive regions. Despite these obstacles, the sector maintains considerable economic momentum. According to the GSMA, in 2024, global mobile money transaction values reached $1.68 trillion, highlighting the massive scale of this financial ecosystem.

Key Market Drivers

The expansion of financial inclusion initiatives for unbanked populations serves as a primary catalyst for the mobile money sector, fundamentally altering how underserved communities access economic opportunities. Governments and financial institutions are increasingly leveraging mobile platforms to bridge the gap between formal banking systems and remote users, thereby democratizing access to savings, credit, and insurance. This drive is evidenced by the surging number of users entering the ecosystem to bypass traditional infrastructure limitations, effectively bringing millions into the formal financial fold. According to the GSMA, April 2025, in the 'State of the Industry Report on Mobile Money 2025', the total number of registered mobile money accounts globally rose by 14% year-on-year to reach 2.1 billion in 2024. Such pervasive adoption illustrates the critical role these platforms play in integrating marginalized demographics into the digital economy.

Simultaneously, the increasing volume of cross-border remittances and international transfers is propelling market growth, as mobile money offers a faster, more cost-effective alternative to conventional wiring services. Migrant workers are rapidly shifting towards digital channels to send funds home, driven by lower transaction fees and immediate clearing times which are vital for supporting families in developing regions. According to the World Bank, December 2024, in the 'Migration and Development Brief', officially recorded remittance flows to low- and middle-income countries were expected to reach $685 billion in 2024. This massive influx of capital is further supported by rising user engagement, which ensures sustained liquidity within the network. According to the GSMA, in 2025, global monthly active mobile money users increased by 11% to 514 million, highlighting the shift toward high-frequency usage.

Download Free Sample Report

Key Market Challenges

Rigorous regulatory compliance standards and fluctuating taxation policies represent a critical impediment to the Global Mobile Money Market. These structural friction points create a volatile operating environment where service providers face unpredictable costs and administrative burdens. When governments impose sector-specific taxes or restrictive licensing requirements, the operational expenses for mobile money operators increase significantly. These costs are often passed down to end-users in the form of higher transaction fees, which directly counteracts the financial inclusion mandate by making services less affordable for low-income populations and stalling adoption in price-sensitive regions.

Furthermore, inconsistent regulatory frameworks limit the ability of non-bank providers to enter or scale within certain jurisdictions, thereby stifling competition and innovation. This lack of harmonization prevents the market from reaching its full potential by restricting the available provider ecosystem. The scale of this regulatory barrier is evident in the limited number of fully open markets. According to the GSMA, in 2025, regulatory frameworks allowed both banks and non-banks to provide mobile money services in only 54 out of 90 markets, leaving a significant portion of the global landscape with restrictive barriers that hamper broader industry expansion.

Key Market Trends

The Evolution of Mobile Money Wallets into Super App Ecosystems is fundamentally reshaping the market structure, driving a transition from basic transaction interfaces to comprehensive digital lifestyle platforms. Operators are increasingly integrating diverse functionalities such as e-commerce, bill payments, and wealth management into a single smartphone-based interface, thereby increasing user retention and diversifying revenue streams beyond standard transfer fees. This strategic pivot towards value-added services is evidenced by the robust growth in non-transactional income for major players. According to MTN Group, March 2025, in the 'Annual Financial Results 2024', fintech advanced services revenue, which encompasses banktech and payment solutions, expanded by 52% year-on-year, underscoring the rapid consumer shift towards these multi-functional digital ecosystems.

Simultaneously, the Integration of Buy Now Pay Later (BNPL) Financing Solutions represents a critical diversification of the service portfolio, effectively transforming payment processors into digital lending institutions. By leveraging historical transaction data for credit scoring, providers can offer micro-lending products to previously credit-invisible populations, thereby monetizing the demand for immediate liquidity. This trend marks a significant departure from the deposit-led model to a credit-led growth strategy, enabling operators to deepen financial intermediation. According to the GSMA, April 2025, in the 'State of the Industry Report on Mobile Money 2025', as of June 2024, 44% of mobile money providers offered credit services, making it the most widely adopted adjacent financial product globally.

Segmental Insights

The Proximity Payments segment represents the fastest-growing category within the Global Mobile Money Market, primarily driven by the expanding integration of Near Field Communication and Quick Response code technologies. This rapid expansion is reinforced by initiatives from financial regulatory authorities that advocate for interoperable digital payment standards to foster secure cashless ecosystems. As merchants globally upgrade their point-of-sale infrastructure to meet consumer demand for immediate and contactless transactions, mobile money usage is shifting significantly from peer-to-peer transfers to daily retail purchasing, thereby broadening the functional scope of the industry.

Regional Insights

North America leads the Global Mobile Money Market, driven by robust digital infrastructure and high smartphone penetration. This dominance is primarily attributed to the widespread consumer adoption of contactless payments and Near Field Communication technology. Key industry players have successfully integrated mobile wallets with existing banking systems, creating a seamless user experience for both point-of-sale and e-commerce transactions. Furthermore, the Federal Reserve supports this ecosystem through initiatives aimed at modernizing payment infrastructures for faster settlement. Consequently, the region benefits from high transaction values and a mature financial environment, securing its position as the global market leader.

Recent Developments

• In November 2025, Airtel Money announced a partnership with Juba Express to launch an instant cross-border money transfer service. This collaboration enabled customers to send funds directly from their mobile wallets to over 120 countries, significantly expanding the global reach of the platform. The service was designed to address the high costs associated with international remittances, offering transparent foreign exchange rates and low transfer fees. By facilitating real-time transactions to bank accounts and wallets globally, the initiative aimed to support millions of users who rely on remittances for household expenses, education, and small business investments.
• In August 2025, GCash introduced a "tap to pay" feature for international transactions, expanding its utility beyond domestic payments. This new functionality allowed users to make contactless payments at over 150 million acceptance locations worldwide, leveraging a partnership with Mastercard. The launch was designed to simplify cross-border commerce and provide travelers with a secure, seamless transaction experience without the need for physical cards. By integrating this capability into the mobile wallet, the company aimed to strengthen its position as a leading financial super app in the Philippines and enhance convenience for its growing user base abroad.
• In March 2024, Safaricom’s M-PESA Africa formed a strategic alliance with Access Holdings and the Coronation Group to explore and facilitate remittance solutions between East and West Africa. The partnership leveraged Access Holdings' extensive banking network across 14 countries and M-PESA’s dominance in mobile money to create a new corridor for cross-border transactions. This collaboration aimed to address the remittance gap within the continent by providing affordable and convenient financial services. The initiative focused on connecting markets such as Kenya, Nigeria, Ghana, and Tanzania, thereby boosting trade and economic prosperity through improved financial connectivity.
• In February 2024, MTN Group Fintech and Mastercard entered a multi-market partnership to expand the mobile money ecosystem across 13 African countries. This collaboration involved the launch of a prepaid virtual card tailored for MoMo customers, enabling them to access over 100 million acceptance points globally. The agreement also empowered merchants to accept card payments seamlessly, enhancing cross-border remittance capabilities. By integrating the global payment processor's technology, the initiative aimed to support the fintech platform's growth and provide secure digital tools to millions of unbanked individuals and small businesses, fostering greater financial inclusion in the region.

Key Market Players

• Safaricom PLC
• MTN Group Limited
• Airtel Africa Plc
• Vodafone Group Plc
• Orange S.A.
• GCash
• bKash Limited
• PalmPay
• TrueMoney
• Wave Mobile Money

By Transaction Mode	By Industry Type	By Region
Remote Payments and Proximity Payments	BFSI Media & Entertainment Retail Healthcare	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Mobile Money Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Mobile Money Market, By Transaction Mode:

• Remote Payments and Proximity Payments

• Mobile Money Market, By Industry Type:

• BFSI
• Media & Entertainment
• Retail
• Healthcare

• Mobile Money Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE