Mobile Money Transfers Will Exceed 200 Billion Transactions in 2024

Mobile Money Transfers Will Exceed 200 Billion Transactions in 2024

Foto: Fotolia

New data from Juniper Research has found that the volume of domestic money transfers via mobiles will exceed 203 billion in 2024, up from 130 billion in 2019. Domestic P2P payments will drive this growth, accounting for 80% of all domestic transfers in 2024.

According to the new research, domestic transfers are being driven by increasingly easy mobile payment systems. In developed markets, digital wallets have made P2P payments far simpler, with services including PayPal, Venmo and Cash App enabling low cost, fast and secure payments for a rapidly growing number of users. In developing markets, mobile money provided by network operators is a key enabler of financial inclusion; enabling the unbanked to enter into the wider digital economy.
The research found that the rise in social payments is driving growth in the mobile P2P channel. Payments via Venmo have a strong social element, which has boosted its popularity with millennials. The introduction of Libra by Facebook will further leverage social features; boosting the potential of social payments in a vast addressable market.

Research author Nick Maynard explained: “Social payments are highly appealing to younger users, as they enable simple and effective digital payments to displace cash. However, data security concerns about mixing payments and social networks will impact consumer attitudes among older users”.

Largely due to the ‘red envelope’ phenomenon in China during the Chinese New Year, Chinese transactions will account for 68% of the total volume of domestic mobile transfers in 2019. Alipay and WeChat Pay have become a crucial part of the process and will drive future growth in this market. However, China’s share of the overall transaction volume will gradually fall; accounting for a reduced 57% by 2024. Growth is fastest in Africa, while operator-driven mobile money solutions are boosting financial inclusion at a rapid rate.

More from category

Digital Wallet Spending Will Increase 40 Percent in 2019

Digital Wallet Spending Will Increase 40 Percent in 2019

23 Aug 2019 comment

Consumer spend via digital wallets across Europe and North America will increase by 40% this year to nearly $790 billion, according to a new study from Juniper Research.

Parents Are No Longer Needed for Homework Help Thanks to Smart Devices

Parents Are No Longer Needed for Homework Help Thanks to Smart Devices

23 Aug 2019 comment

New research by Lenovo shows how education around the world has been positively transformed thanks to smarter technology, creating a generation of independent learners and problem solvers.

Organizations Will Double the Number of AI Projects Within the Next Year

Organizations Will Double the Number of AI Projects Within the Next Year

22 Aug 2019 comment

Organizations that are working with AI or machine learning (ML) have, on average, four AI/ML projects in place, according to a recent survey by Gartner.