Mobile Transactions Market to Exceed $500 Billion By 2018
The value of domestic money transfers, including operator money and social media money services, will reach $520 billion in global mobile transactions by 2018, up nearly 200% from an estimated $178 billion last year.
This is according to a new study from Juniper Research, titled Digital Money Transfer & Remittances: Domestic & International Markets 2016-2021.
The study reveals person-to-person domestic transfers, such as M-Pesa, Airtel Money, Orange Money and MTN Mobile Money, will increase by 45%, showing higher usage in developing markets. This will be supplemented by users making social media transfers in developed markets via services such as Venmo and WeChat.