Information and Communication Technology Mobile money Market is projected to grow up to 30% CAGR during the forecasting period 202...

Mobile money Market is projected to grow up to 30% CAGR during the forecasting period 2021-2027.

Each and every individual who has a bank account is eligible to use Mobile Money. In a study conducted by Mobile Money Market Analysis, it was discovered that the majority of the world's population did not have a bank account a decade ago, making it difficult for individuals to manage and save their expenses and savings. With the advent of digital money, people all over the world, especially in rural regions, experienced more convenient financial administration.The use of online marketing and shopping, as well as food delivery apps, are the primary causes of the decline in the mobile money market.

Mobile Money Market Analysis reveals that digital money is here to stay in the global market of corporate business, low-level retail, hospitals, and other institutions. Bank account holders can transfer money around the globe in a few simple steps with no physical touch, making it safe from theft because it eliminates the need for individuals to travel to banks and money transfer offices, decreasing travel time and distance. Previously, sending money to various firms needed the use of money exchange offices such as Western Union Money Transfer, which charged our money; however, with the advent of digital money, the fee on money transfers has been lowered. The only prerequisite for Mobile Money is that both the sender and receiver have confirmed bank accounts, regardless of which bank branches they are located in. The government has approved Mobile Money by requiring individuals to complete KYC of their bank accounts, which is then sealed with their fingerprints, making money transfers secure and lowering the danger of theft.

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Key Driving Factors: The growing popularity of online transactions is expected to fuel the growth of the mobile money industry.

The increasing ubiquity of mobile phones is a key factor in the rise in the number of people using mobile money, as well as the shifting dynamics of digital finance and mobile banking solutions.The efficiency of money exchange is one of the most important aspects driving the development of mobile money technology. It is possible to improve the overall efficiency of mobile banking transactions without raising total spending, which may incentivize firms to engage in this technology's development. The use of transaction modes such as NFC / smart cards has resulted in a reduction in transaction time. Additionally, the development of e-commerce websites has resulted in an increase in the number of online payments and transactions, which can be considered an attraction for the mobile money market.

Key Driving Factors: 

Growing government initiatives to promote a cashless economy, an increasing number of mobile subscribers, and an increasing use of digital payment-based business models are some of the major factors driving the growth of the global mobile money market. In addition, The banking and financial sectors have been impacted by the digital revolution. Unique business models are being developed by companies all over the world, and they are having an impact on existing banking revenue. 

Mobile money is becoming increasingly popular due to a variety of factors such as increased regulatory compliance, customer demand, and ongoing technological advancements. Technological and e-commerce companies were responsible for generating the initial demand for the development of the digital payment ecosystem. The initial stages of growth have been completed by a number of global giants, such as Google LLC, Inc, and Apple Inc., and they are now expanding into multiple territories. Using Alipay, a digital payment gateway developed by, for example, payment between sellers and buyers can be made more easily by eliminating barriers such as low credit card penetration and a lack of trust between the parties. Furthermore, the digital platform approach enables mobile money providers to secure their services while also encouraging collaborations between mobile money companies in order to build a diverse and engaged user base of customers and users. As a result, there is a high demand for digital platforms, which is driving the market's global expansion even further.

This report offers the major market player’s profiles, such as Vodafone (UK), Google (US), Orange (France), FIS (US), Paypal (US), Mastercard (US), Fiserve (US), Airtel (India), Gemalto (Netherlands), Alipay (China), MTN (South Africa), PAYTM (India),Samsung (South Korea), VISA (US), Tencent (China), Global Payments (US), Square (US), Amazon (US), Apple (US), Western Union Holdings, (US), Comviva (India), and T- Mobile (US)

Based on application:

By many applications, the mobile money transfers segment is expected to hold the largest share of the market during the forecast period. International remittances, cash-in/cash-out transactions, and off-net transfers are included in the money transfers segment. Individuals who live in foreign countries or who are involved in the real estate industry frequently use this type of transaction. The high cost of real estate in developed countries, as well as the large number of people from developing countries who live in developed countries, are two of the main reasons for the widespread use of money transfer applications. Historically, money transfer services have been provided by a number of banks and financial institutions. As people become more accustomed to new technologies, many transitions are completed through the use of mobile phones.

The mobile money Market report has been categorized as below

By Transaction Mode

  • Point of Sale (PoS)

  • Mobile Apps

  • QR codes

By Nature of Payment

  • Person to Person (P2P)

  • Person to Business (P2B)

  • Business to Person (B2P)

  • Business to Business (B2B)

By Application

  • Money transfers

  • Bill Payments

  • Airtime Transfer and Top-Ups

  • Travel and Ticketing

  • Merchandise and Coupons

By Type of Payments

  • Remote Payments

  • Proximity Payments

Based on regions:

  • North America
  • Europe
  • Asia Pacifi
  • Rest of World
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Published Date : August-2021