Mobile Money Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 07/10/2018 -- Some of the players that hold dominance in the global mobile money market are PayPal Holdings, Inc., Square, Inc., WePay, Inc., Boku, Inc., and Fortumo OÜ. The entry of new players is intensifying the competitive landscape. As competition heats up, there is emergence of companies such Judo payments, Bango.net Ltd., and Dwolla, Inc. rising to the forefront, observes Transparency Market Research. The leading players account for a share of 40% in the global market in 2015.
Prominent players are consolidating their positions by opting for acquisitions. Several key players are focused on develop advanced products with innovative features and advanced functionalities, in a move to gain a competitive edge over others. A number of emerging and established players are targeting small- and medium-sized enterprises and offering user-friendly and secure mobile payment features in order to fortify their presence in the global market. As a part of short-term strategy, these players are tapping lucrative opportunities in the economies of Middle East and Europe.
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The various modes of payment for mobile money broadly comprise SMS, NFC, mobile billing, and USSD/STK. Of all the modes, the SMS mobile payment segment held the dominant position in 2015 and is anticipated to hold its sway throughout the forecast period. The market is projected to rise at a leading pace through 2024. The growth of the segment is driven by their vast uptake attributed to significant convenience and marked ease of SMS payments.
Regionally, the market is segmented into the Middle East & Africa (MEA), Latin America, Asia Pacific (APAC), Europe, and North America. Of these, Europe held the leading share of the global market and is predicted to retain its top position throughout the assessment period. However, the MEA is projected to rise at major CAGR during 2016 – 2024. The stellar growth of this regional market is attributed to the rising Internet and tablet penetration and substantial advancements in the telecommunication technology sector.
The vast popularity of transactional payments via SMS in various countries of the MEA, APAC, and Europe has accentuated the growth of the market. The rapidly emerging demand for mobile billing, WAP-based payments, and payment clients in various developing and developed economies is boosting the mobile money market. In addition, the rising prominence of money transfers and payments segment is a key factor driving the market.
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The advent of more secure mobile payment methods is bolstering the demand among affluent consumers in developing and developed nations. The demand for secure payments among BFSI, hospitality, and energy sectors is providing a robust impetus to the growth of the market. In addition, NFC and UUSD/STK modes of mobile payments are gaining traction in the coming years. Furthermore, the growing popularity of airtime transfers and the vastly rising demand for top-ups are notable factors catalyzing the growth of the market.
The mounting concern of phishing attacks, data breach, and financial data manipulation among mobile users is a crucial factor likely to hinder the market. In addition, presence of disparate systems across different transactions and services is also impeding the growth of the market to an extent. In addition, the lack of well-defined financial inclusion policies practiced by governments is a key factor acting as a bottleneck to the market. Be that as it may, the growing mobile penetration in several emerging markets has unlocked a slew of opportunities for telecommunication operators to capitalize on. In addition, the substantially rising demand for mobile payments features among connected device manufacturers and service providers is a key factor expected to open up exciting prospects in the market in the coming years.