Digital Wallets, QR Codes emerge as Cash Cows for Global Mobile Money Market, COVID-19 fuels usage of Digital Currency – Future Market Insights

An inflexion point has been reached with regard to business transactions amid the pandemic crisis. Aversion to cash and card payments due to the risk of contracting the coronavirus is prompting individuals to utilize e-commerce platforms to purchase consumer goods, augmenting the usage of digital wallets.

DUBAI / ACCESSWIRE / June 18, 2020 / Future Market Insights: As digitization and automation becomes increasingly sophisticated with each passing day, individual lives are being revolutionized in all spheres of life. A major development has been observed across the payments industry. While internet banking and cashless transactions have pervaded human lives since the past several decades, the 21st century has especially generated a spike in cash free transactions. As more people possess smartphones, tablets and laptops, the proportion of digital literacy has increased, augmenting the use of digital wallets. According to the Electronic Transactions Association, over a quarter of the small businesses in the United States have reported an increase in contactless payment services such as Apple Pay.

It has taken a global pandemic to usher in a radical shift towards mobile banking. As people have become confined to their houses in the wake of maintaining social distancing, reliance on e-commerce to conduct daily transactions has increased, prompting e-commerce giants to invest heavily in streamlining their online platforms. Various e-commerce behemoths such as Amazon, eBay and Alibaba have collaborated with digital payment service providers to facilitate smooth payment gateways and offer multiple options for consumers to choose from. As native users become more adept at using digital payment platforms, the mobile money market penetration is set to deepen, expanding at a stellar rate during the forecast period of 2020-2030.

“Provision of incentives such as discounts, cashbacks and reward points are attracting and encouraging more customers to adopt digital wallets as their primary approach towards payment for goods and services. Vendors must therefore capitalize and adopt similar trends in order to remain afloat in the mobile money market,” concludes a leading FMI analyst.

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Mobile Money Market- Key Takeaways

  • Mobile money platforms shall gain immense traction attributed to the presence of a plethora of digital wallets and increasing digital literacy among people.
  • Mobile point of sale (mPOS) has become highly popular attributed to burgeoning smartphone and tablet usage among customers.
  • Increasing adoption of quick response (QR) codes is anticipated to boost the mobile money market. QR codes are inexpensive and require less hardware compared to other methods.
  • BFSI vertical to extensively utilize mobile money, registering a double-digit annual growth from 2020 to 2021.
  • Millennials and Generation-Z shall remain the primary mobile money users during the forecast period.
  • South Asia & the Pacific to witness unprecedented adoption of mobile money due to increasing digitization of economies because of deeper e-commerce penetration.

Mobile Money Market- Key Driving Factors

  • Incorporation of regional languages on digital payment applications, provision of incentives such as discounts on monthly bill payments, etc. are providing an upward thrust to the mobile money market.
  • Flotation of the concept of a cashless economy has boosted digital wallets adoption across rural areas in emerging countries such as India, providing immense traction to the mobile money market.

Mobile Money Market- Key Constraints

  • Increased incidences of online frauds and scams by cybercriminals have led to customers losing money from their bank accounts and digital wallets, limiting market penetration.
  • Digital wallets do not have global validity as these are locally designed applications which are suitable for usage only in a particular region or country, eventually limiting market penetration.

Anticipated Impact of the COVID-19 Outbreak

Human lives have drastically altered since the onset of the coronavirus pandemic. Business cycles have radically transformed, with employees resorting to remote working arrangements. Restrictions on travel to contain the virus’s spread have prompted consumers to rely on online platforms to conduct their day-to-day transactions. This has provided immense traction to the mobile money market. Rising adoption of digital wallets and internet banking for payments have compelled service providers to streamline their payment gateways to facilitate smooth exchange of goods and services. Growing preference for contactless transactions to avoid the spread of COVID-19 has prompted consumers to use mobile wallets.

During the initial stages of the pandemic, a general trend of panic buying has led consumers to amass essential products such as foodstuffs, medicines and groceries. Due to the implementation of social distancing measures, most of these goods were purchased via e-commerce platforms. This has led to an increase in the number of online transactions, providing leverage to the mobile money market. This trend is still continuing and will remain the most preferred option even in the post-pandemic scenario. Going by a comparative scenario, the volume of digital transactions during the second quarter of 2020 has registered a significantly higher proportion of digital payments as opposed to the same time period in 2019. With the pandemic showing no signs of abating, people will become habituated to using digital platforms for transactions, thereby propelling the mobile money market to greater heights.

Explore the mobile money market with 171 illustrative figures, 36 data tables and the table of contents. You can also find detailed market segmentation on

Competition Landscape

The global mobile money market is fragmented with the presence of a host of vendors offering mobile payment services, making it a dynamic and competitive market. Prominent vendors include, but are not limited to: Google LLC, Wester Union, MasterCard Incorporated, Visa, Inc., Obopay, Mahindra Comviva, Alepo, Novatti Group Ltd., Apple, Telepin Software Services Inc. and One97 Communications Ltd. These players concentrate on collaborating and forging partnerships with niche players in order to acquire a firm foothold in the mobile money market. Additionally, these players provide enhanced layers of security to protect mobile wallet users from possible frauds or cyberattacks from hackers.

More Valuable Insights on Mobile Money Market

FMI’s report on the Mobile Money systems market is segmented into five major sections such as component (mobile money platform, and services), transaction type (person to person, person to business, business to person, business to business), application (money transfer, bill payments, ticket payments, recharge and top-ups, others), industry (BFSI, telecommunication, retail, energy and utilities, travel and hospitality, others) and region(North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the Mobile Money systems market.

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.


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