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Mobile Money Market Overview
Increased adoption of mobile POS is driving the market growth
Mobile point of sale has significantly enhanced cellphones' ability to collect payments right away. All businesses are now able to do away with in-person and brick-and-mortar transactions thanks to mPOS technology. Using mPOS devices minimises liability since they lessen the risk of security breaches and make following requirements easier and faster. The mPOS gadget does not save card information, and transactions are encrypted. Thanks to the use of biometrics like fingerprint and facial recognition with mPOS, mobile money payments can now have an extra layer of protection. Employees can view past transactions, a history of online purchases and browsing, loyalty points, and other information using MPOS to better understand client requirements.
The Mobile Money Market is projected to grow from USD 4.67 billion in 2024 to USD 23.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22.56% during the forecast period (2024 - 2032). Additionally, the market size for mobile money was valued at USD 3.7 billion in 2023.
Key Companies Profiled
WeChat Pay, Alipay, Paypal, Apple Pay, Samsung Pay, Amazon Pay, Chase Pay, and Google Pay