Zion Market Research, the market research group announced the analysis report titled "Mobile Money Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024"
Sarasota, FL -- (SBWIRE) -- 09/05/2017 -- Mobile money is a convenient and efficient method of making payments, transferring money and other transactions through a mobile phone. It provides better option along with a complete integrated system for transferring money with a very convenient way. Companies focus on strategies to adopt innovative mobile-centric payment systems in order to fasten the process. These services are initiated through mobile wallet by using a mobile phone. Mobile money is accompanied by the broader area of electronic commerce where mobile device are used to purchase items, physical or electronically. The mobile money market is continuously evolving and enables development of new technologies. Mobile money offers advantages of availability of different sources for money transaction from one place to another. This mode does money transactions quickly and within less time and no effort.
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Constantly developing technology comprised of new product lines are the major drivers for the global mobile money market. Mobile money has become a crucial component of the advance e-commerce industries. In last few years, mobile money market has experienced a rapid upsurge in increasing automation, integrating the entire value chain, and technological advancements of the e-commerce industries. This is anticipated to foster the global mobile money market growth in next few years. Growth in the e-commerce activities and increasing awareness consumer awareness about the internet may fuel the global market growth in coming years. Increasing double income and rising urbanization is expected to propel the global mobile money market growth. However, huge initial investment needs for development of mobile money may hinder the global market growth.
The global mobile money market is classified based on the nature of payment as business-to-business, person-to-business, person-to-person, and business-to-person. On the basis of transaction mode, the global market is bifurcated as IVRS, NFC/smart card, STK/USSD, direct mobile billing, mobile apps, mobile web/WAP payments, SMS, and others. Moreover, on the basis of the type of purchase, the global market is divided into travel and ticketing, money transfers and payments, airtime transfer and top-ups, digital products, and merchandise and coupons. Furthermore, based on vertical, the global mobile money market is fragmented as energy and utilities, media and entertainment, travel and hospitality, BFSI, transportation and logistics, healthcare, retail, telecom and IT, and others.
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North America accounted for the largest market share in the global mobile money market where consumers are adopting mobile money at large extent. Emerging countries such as China, India, Malaysia, and Vietnam are contributing to significant growth in the global mobile money market. However, South Africa, Kenya, and Latin America are growing at the fastest rate to grab largest market share in the global market, which may enhance the global mobile money market in future.
Major players dominating the global mobile money market are Boku, Inc., WePay, Inc., Amobee, Inc., Paypal, Inc., Stripe, Dwolla, Inc., Judo Payments, Bango.net Limited, Square, Inc., and Fortumo OÜ.
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