Financial Services & Insurance Research News

New report shares details about the mobile money market forecast, 2014 - 2024

New report shares details about the mobile money market forecast, 2014 - 2024

The global mobile money market is anticipated to derive growth from various factors including real-time marketing to leverage mobile money as well as companies investing in context-based marketing.

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The mobile money market is on the brink of a change of transformation with the key growths rapidly turning towards emerging economies such as India, China, Indonesia, Argentina, Russia, Poland,.

Owing to the increasing sale of smartphones and personal device, especially in emerging countries along with an increasingly influenced consumer base, the demand for more efficient banking technologies is anticipated to boost the demand for mobile money services and related technologies. The aforementioned factors present bright opportunity for market players such as Fortumo OÜ, Bango.net Limited, Judo Payments and Paypal, Inc.

among others. Services such as mobile banking, mobile commerce, mobile payments and mobile wallet among others come under the scope of global mobile money market.

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Most recently, various mobile money service providers are concentrating on cost effective substitutes and alternatives to expect a relatively larger consumer base across the globe. However, costumers are anticipated to continue to remain dicey about privacy and security of the mobile money services and this situation is compounded by strict regulatory framework which is a key factor anticipated to hamper the long term growth of global mobile money market.

Mobile money is a secure, affordable and quick way of transferring money from one person to other, thus making payments and other related transactions using a smartphone.

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Advancements in technology in mobile devices as well as rapidly increasing requirements to cater to ubiquitous access to financial solutions coupled with increasing employment of non-cash payments, evolving demographic needs across regions, creation of new business avenues for stakeholders and rising use of mobile money services across various businesses are some of the key factors fuelling the growth of global mobile money market. Furthermore, the ever changing technology coupled with innovations in new product lines are some of the major aspects accelerating the growth of global mobile money market.

The global mobile money market can be segmented on the basis of transaction mode, nature of payment, location of payment, type of purchase, vertical and region. On the basis of transaction mode, global mobile money market can be segmented into NFC/smart card, direct mobile billing, mobile web, SMS, STK, mobile apps, IVRS and others.

On the basis of nature of payment, the global mobile money market can be segmented into person to person, person to business, business to person, business to business. On the basis of location of payment, global mobile money market can be segmented into remote payments and proximity payments.

On the basis of type of purchase, the global mobile money market can be segmented into airtime transfers, money transfers, merchandise, travel and digital products. On the basis of vertical, global mobile money market can be segmented into BFSI, telecom and IT, media and entertainment, healthcare, retail, travel and hospitality, transportation and logistics, energy and utilities and others.

By geography, the global mobile money market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.

Key players in the global mobile money market are focusing on key market strategies including mergers and acquisitions along with collaboration and partnerships with local players in order to strengthen their market reach and presence and to empower their goodwill in the ever competitive market. Some of the players in the global mobile money market include Bango.net Limited, Dwolla, Inc., Boku, Inc., Judo Payments, Fortumo OÜ, Square, Inc., Paypal, Inc. (PayPal Holdings, Inc.), WePay, Inc. and Stripe among others.

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Market Segmentation

Market by Mode of Transaction

NFC/smart card

Direct mobile billing

Mobile web

SMS

STK

Mobile apps

IVRS

Others

Market by Nature of Payment

Person to person

Person to business

Business to person

Business to business

Market by Location of Payment

Remote payments

Proximity payments

Market by Type of Purchase

Airtime transfers

Money transfers

Merchandise

Travel

Digital products

Market by Vertical

BFSI

Telecom and IT

Media and entertainment

Healthcare

Retail

Travel and hospitality

Transportation and logistics

Energy and utilities

Others

Market by Geography

North America

o US

o Canada

o Mexico

Europe

o UK

o Germany

o France

o Rest of Europe

Asia-Pacific

o China

o Japan

o India

o Philippines

o Rest of Asia-Pacific

Latin America

o Brazil

o Chile

o Rest of Latin America

Middle East and Africa (MEA)

o South Africa

o Saudi Arabia

o Rest of MEA

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Category: Market Research Publishers and RetailersCompany profile: Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, ...