2020 Analysis and Review Mobile Money Market by Application - Bill Payments, Money Transfer, Ticket Payments etc., for 2020 - 2030

Valley Cottage, NY -- (SBWire) -- 06/24/2020 --Mobile Money Market to Gain Impetus from Adoption of Biometric Authentication for Making Digital Payment
With increasing usage of smartphones for the purpose of utilizing payment services, shopping companies have started using biometric technology for payments and money transfers. Biometric authentication is verification method that includes fingerprint scanners, facial recognition, and iris recognition. Adoption of biometric technology is increasing due to increase in frauds while making online payment. Biometric single sign-on is an advanced password management technology that protects data from unauthorized users. Due to increasing frauds, customer are not satisfied with password and PINs for making secure payments. Organizations have started using multi-factor authentication by combining fingerprint technology with password or PINs. Multi-factor authentication is highly secure as it makes difficult for hackers to compromise the customer account. This security method combines something what users know and what user is.

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The global Mobile Money systems market is expected to witness a CAGR of 21.4% during the forecast period (2020-2030).

COVID-19 Impact Analysis on Mobile Money Market

The COVID-19 pandemic is spreading worldwide which has significantly impacted the businesses globally. Consumers and businesses are highly adopting mobile wallets or apps to make payments to stop the spread of COVID-19 through cash or card. To maintain social distancing consumers and businesses are using contactless payment technology to prevent themselves. Due to increasing adoption of mobile wallets the mobile money market is estimated to grow by 1.2X from 2019-2020 and would see a surge in demand in Q2-Q4 2020. The market for mobile money grew around 18% Y-o-Y in the past two years. However, the longevity of the COVID-19 crisis will lead to public being habituated to digital payments so there would be surge in demand for mobile money market in 2021 as well.

Key Takeaways of Mobile Money Systems Market Study

- The BFSI industry is expected to witness high growth during the forecast period as the BFSI segment allows their customers with benefits like mobile banking, access to accounts from anywhere anytime, paying bills online.
- Among all components, mobile money platform segment is expected to witness a notable CAGR, due to easy operability and customization facilities.
- South Asia & Pacific is estimated to grow at a higher CAGR in the mobile money market as due to rapid e-commerce adoption by consumers of this region for shopping the use of mobile money wallets and applications use is increasing in this region.

"Key players in the market can gain significant profits by providing Mobile Money solution with machine learning algorithm, as it helps to prevent money laundering, identity theft, mobile fraud, and credit card fraud. Machine learning algorithms are applied to automate the analysis of customers' behavioral patterns for any sign of abnormality giving the ability to identify and flag fraudulent activity in real-time." Says the FMI Analyst

Adoption of Contactless Payments Spurring Growth of Mobile Money Market

Contactless payment allows customers to simply wave their smartphones across the payment readers. Contactless payments method is easy and convenient than making a card payment. It is faster and more secure than the PIN technology as it transfers the encrypted data to the point-of-sale device instantly. Contactless payments are done through NFC technology that powers contactless payments through a type of radio frequency that enables the smartphone to communicate with the payment reader when they are close together. Contactless payments are highly secure as they are embedded with multiple layer of security to protect user against fraud. Companies such as Apple, Samsung, Google are providing contactless payment system such as Samsung pay, Apple Pay, and Google Pay. Due to COVID-19 Pandemic where social distancing needs to be followed everywhere as notes and cards can have virus on them, the adoption of contactless payments is increasing by users during shopping of necessary things.

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More Valuable Insights on Mobile Money Systems Market

FMI's report on the Mobile Money systems market is segmented into five major sections such as component (mobile money platform, and services), transaction type (person to person, person to business, business to person, business to business), application (money transfer, bill payments, ticket payments, recharge and top-ups, others), industry (BFSI, telecommunication, retail, energy and utilities, travel and hospitality, others) and region(North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the Mobile Money systems market.

About Electronics, Semiconductor and ICT Division at Future Market Insights

Expert analysis, strategic recommendations and actionable insights- the electronics, semiconductors, and ICT team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, & ICT, of which 100+ reports are specifically on digital payment technology, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductors, and ICT industry.