NFC (near-field communication) is a short-range wireless connectivity mechanism to enable communication between devices during their proximity using magnetic field induction, enabling quick payment and removing contact-based payments. The market is witnessing the implementation of advanced technologies such as NFC technology in mobile money for contactless payments. Technological advancement is a key trend gaining popularity in the mobile money market. Therefore, the increasing adoption of mobile POS is expected to boost demand for mobile money during forecast period. These digital payment methods included mobile POS, online, in-app, and peer-to-peer payments. The share of consumers using two or more digital payment methods grew from 45% in 2019 to 58% in 2020. 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. 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 increased expectation for quick fulfillment and the growing popularity of the digital marketplace coupled with the need for improving customer experience, ease of use, and payment efficiency has led to the increased adoption of mobile POS. The increasing adoption of mobile POS (point of sale) is driving the growth of the mobile money market. The regions covered in the mobile money market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The mobile money market is expected to grow to $22.16 billion in 2026 at a compound annual growth rate (CAGR) of 25.79%.Īsia-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. 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%. ![]() DUBLIN-( BUSINESS WIRE)-The "Mobile Money Global Market Report 2022" report has been added to 's offering.
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