Juniper Research predicts mobile money spend in emerging markets will reach $2.37 trillion (€2.17 trillion) by 2029, a 51% increase from $1.58 trillion in 2024.
This growth is expected to be driven by mobile money operators expanding their services to include higher-margin offerings such as merchant payments (in-store and eCommerce) and international remittances.
The shift towards these advanced services will allow providers to reduce their reliance on revenue from person-to-person transactions.
However, mobile financial services (MFS) providers face challenges in scaling these advanced services, including the complexity of transitioning from basic USSD services to app-based experiences.
Partnerships are seen as crucial for growth:
- Collaborations with digital wallet platform providers can help increase reach across different access channels.
- Partnerships with banks are recommended to offer necessary capabilities and leverage mobile money services’ extensive agent networks.
The research emphasizes the opportunity for mobile money services to fill gaps in financial service distribution in emerging markets, where traditional banks often struggle.
