New York, NY -- (SBWire) -- 03/16/2021 --The Mobile Money Market is expected to grow from USD 16.1 Billion in 2018 to USD 143.2 Billion by 2026, at a CAGR of 36.4% during the forecast period. Increasing usage of smartphones, increase in online transactions and e-banking, rise in advanced mobile applications and technology advancements, rise of e-commerce, Need to connect the virtual financial world with reality and enhanced flexibility provisions among the mobile money services, NFC taking mobile money to a new level and supporting public authorities are some of the driving factors of the market.
Top Players Covered in the Report Include:
Vodafone Group Plc (UK), Gemalto (Netherlands), FIS (US), Google Inc. (US), MasterCard Incorporated (US), Bharti Airtel Limited (India), Orange S.A. (France), Monitise PLC (UK), and Mahindra Comviva (India).
The issues faced by enterprises for data security concerns include lack of awareness about the benefits of mobile money services, interoperability issues in switching to new handsets, risks of transaction failures, varying Regulations and Policies by countries and poor network coverage. These may be the major restraining factor for the mobile money market.
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Further key findings from the report suggest:
The Mobile Money market is segmented by transaction mode into NFC/smart card, direct mobile billing, mobile web/WAP payments, SMS, STK/USSD, mobile apps, IVRS and others (Wi-Fi, QR codes, and Bluetooth). The mobile apps are expected to witness the highest growth of approximately CAGR of 37.1% in the forecast period, due to their easy operability and customization facilities.
The Mobile Money market is segmented by payment nature into person-to-business, business-to-business, business-to-person and person-to-person. Person-to-person mostly dominate the market, with approximately USD 47.26 billion in the forecasted year, due to the payment services, provided by banks, which offer their customers with heightened convenience, immediate withdraws and deposits, and facilitate instant money transfers through any mobile device and Mobile Network Operator (MNO).
The Mobile Money market is segmented by payment location into proximity payment and remote payments. Remote payments dominate the market with approximately USD 71.6 billion in the forecasted year, since it uses premium SMS, mobile web/WAP, STK/USSD, browser, and mobile applications and can be used for the subscriber's mobile phone bill, prepaid payments, and debit or credit card payments.
The Mobile Money market is segmented by purchase type into money transfer and payments, travel and ticketing, airtime transfer and top-ups, merchandise and coupons, digital products, and others. Airtime transfer dominates the market with approximately USD 24.34 billion in the forecasted year, due to its easy, safe and instant process of payment.
The Mobile Money market is segmented by industry vertical into banking, financial services and insurance (BFSI), travel and logistics, retail, IT and telecommunication, energy and utility, government offices and education, healthcare, and others. BFSI segment is expected to witness the highest growth since this segment allows their customers with a vast range of benefits, like accessing their accounts from anywhere, anytime, prepaid billings, instant transactions, and other such facilities.
The Mobile Money market is segmented by geography into North, America, Europe, Asia Pacific and Rest of the World. The APAC region is expected to grow at the highest CAGR of approximately 36.8% in the forecast period since it is the largest market for smartphones, which adds to the growth of Mobile Money market in this region.
For this report, the market has been divided into segments on the basis of transaction mode, payment nature, payment location, purchase type, Industry vertical industry vertical and regional analysis.
Transaction mode Outlook (Revenue, USD Million; 2018–2026)
NFC/Smart card
Direct mobile billing
Mobile web/WAP payments
SMS
STK/USSD
Mobile apps
IVRS
Others (Wi-Fi, QR codes, and Bluetooth)
Payment nature Outlook (Revenue, USD Million; 2018–2026)
Person to person
Person to business
Business to person
Business to business
Payment location Outlook (Revenue, USD Million; 2018–2026)
Remote payments
Proximity payments
Purchase type Outlook (Revenue, USD Million; 2018–2026)
Airtime transfer and top-ups
Money transfers and payments
Merchandise and coupons
Travel and ticketing
Digital products
Industry vertical Outlook (Revenue, USD; 2018-2026)
Mobile Money Market share by industry vertical, 2019 & 2026
BFSI
Telecom and IT
Media and entertainment
Healthcare
Retail
Travel and hospitality
Transportation and logistics
Energy and utilities
Others
Regional Outlook (Revenue, USD Million; 2018–2026)
North America
US
Europe
Germany
France
UK
Asia Pacific
China
Japan
India
Middle East & Africa
Latin America
Brazil
Key Highlights of the report:
The report provides an extensive evaluation of the global Mobile Money market including the recent trends and emerging trends of the industry.
A thorough qualitative and quantitative analysis of the market to offer an accurate insight of the industry to assist the readers and investor capitalize on the current and emerging opportunities of the market.
Extensive analysis of the product portfolio, application spectrum, and end-users to provide in-depth understanding to the readers.
Thorough profiling of the leading players of the industry and their expansion strategies.
SWOT analysis and Porter's Five Forces Analysis along with feasibility analysis and investment return analysis
Comprehensive study of recent developments in the market such as product launches, mergers, acquisitions, collaborations, joint ventures, and partnerships among others.
In conclusion, the report is constructed through a thorough primary and secondary research with the insightful data of the market validated from the industry experts and professionals. The study is an extensive document of the key aspects of the markets including trends, segmentation, growth prospects, opportunities, challenges, and competitive analysis. It also strives to offer the key players and novice companies key-pointers to strengthen their presence in the global market.
Table Of Contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2026
Chapter 3. Indicative Metrics
3.1. Macro Indicators
3.1.1. Global adoption of smartphones in organizations
3.1.2. Contribution of different sectors to data security solutions
Chapter 4. Mobile Money Market Segmentation & Impact Analysis
4.1. Mobile Money Market Segmentation Analysis
4.2. Industrial Outlook
4.3. Regulatory Framework
4.4. Mobile Money Market Impact Analysis
4.4.1. Market driver analysis
4.4.1.1. Increasing usage of smartphones
4.4.1.2. Increase in online transactions and e-banking
4.4.1.3. Rise in advanced mobile applications and technology advancements
4.4.1.4. Rise in e-commerce
4.4.2. Market restraint analysis
4.4.2.1. Data security concerns
4.4.2.2. Lack of awareness about benefits of mobile money services
4.4.2.3. Interoperability issues in switching to new handsets
4.4.2.4. Risks of transaction failures
4.5. Key opportunities prioritized
Chapter 5. Mobile Money Market by transaction mode, (Insights & Trends)
Continued…..
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Mobile Money Market Size Was Estimated at over USD 16.1 Billion in 2020 and Is Likely to Exceed USD 143.2 Billion by 2027 with at a CAGR of 36.4%
Mobile Money Market Size – USD 16.1 billion in 2018, Market Growth - CAGR of 36.4%, Market Trends – Growth in e-commerce.