Mobile money transfers to exceed 200 bln transactions in 2024

Wednesday 17 July 2019 00:59 CET | News

The volume of domestic money transfers via mobile will exceed 203 billion in 2024, up from 130 billion in 2019, according to new data from Juniper Research.

According to the new research, Digital Money Transfer & Remittances: Domestic & International Markets 2019-2024, domestic P2P payments will drive this growth, accounting for 80% of all domestic transfers in 2024.

Other key findings:

  • domestic transfers are being driven by increasingly easy mobile payment systems;

  • the rise in social payments is driving growth in the mobile P2P channel;

  • data security concerns about mixing payments and social networks will impact consumer attitudes among older users;

  • Chinese transactions will account for 68% of the total volume of domestic mobile transfers in 2019;

  • growth is fastest in Africa, while operator-driven mobile money solutions are boosting financial inclusion at a rapid rate.

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Keywords: Money transfer, Juniper Research, payments, Alipay, mobile payments
Countries: World