According to a research report "Mobile Money Market demand is growing due to the growing number of mobile phones and increased network coverage in developing countries, companies have come up with new innovative mobile oriented functionalities and solutions to bring the world at the customer’s fingertips. - Global Forecast to 2024" published by MarketsandMarkets. The mobile money market size is expected to grow from USD 3.4 billion in 2019 to USD 12.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 28.7% during the forecast period.
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By application, the money transfers segment
to account for the highest market share during the forecast period
By application, the mobile
money transfers segment is expected to hold the highest market share during the
forecast period. The money transfers segment includes international
remittances, cash-in/cash-out, and off-net transfers. These transactions are
often used by individuals living in foreign countries or individuals dealing in
real estate. High real estate costs and large number of people from developing
countries living abroad in developed countries are key reasons for high use of
money transfer applications. Several banks and financial institutions have been
historically offering money transfer services. As people are adopting to new
technologies, many transitions are carried out using mobile phones.
By type of payment, the proximity payments
segment to record a higher CAGR during the forecast period
In the mobile money market by type of
payment, the proximity payment segment is expected to record a higher CAGR
during the forecast period. Proximity payments are carried out using mobile
phones and POS devices. Currently, several companies offer applications that
enable proximity payments. It is further referred to as in-store payments in
case of a retail store or in-location payments with regards to payment through
a merchant’s POS terminal. Proximity payments are specifically enabled for
short distances and work when both the payer and payee are present in the same
location. This payment system initiates the mobile money transaction through
either barcodes or contactless interfaces. This is done through Near-field
communication (NFC)-based technology present in an NFC-enabled phone, which has
comprehensive details about the mobile wallet placed in the cloud or
debit/credit card. This information of the payee is stored on the device which
is read by the corresponding NFC reader in the POS terminal. Proximity payments
are strikingly different from remote payments as it involves the presence of
payment card details from one’s own bank account and does not require any
tie-up with a payment processor to facilitate the transaction. The increasing
adoption of mobile payment technologies by brick and mortar-based businesses
further drives the demand for proximity payments.
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Asia
Pacific to account for the largest market size during the forecast period
The
global mobile money market by region covers 5 major geographic regions, namely
North America, Asia Pacific (APAC), Europe and Central Asia, Middle East and
Africa (MEA), and Latin America. APAC is expected to hold the largest market
size during the forecast period. The region is at the forefront in the adoption
of mobile money solutions, owing to the increased smartphone penetration in
this region that provides operators with an opportunity to launch advanced
mobile wallet services. The rapid eCommerce adoption further contributes to
increased use of electronic payment mechanisms, including mobile money
services. The growth of mobile money solutions has helped bridge economic
opportunities and drive financial inclusion in the region. Owing to its vast population
and the developing nature of their economies, a large number of people in this
region lack direct access to financial services. Traditional banking results in
high operational costs and these banks are difficult to set up in rural and
remote areas. However, mobile-based solutions help reduce operational costs and
serve a diverse population, thereby promoting financial inclusion by bridging
economic opportunities.
Key
Mobile Money Market Players
Vodafone
(UK), Google (US), Orange (France), FIS (US), Paypal (US), Mastercard (US),
Fiserve (US), Airtel (India), Gemalto (Netherlands), Alipay (China), MTN (South
Africa), PAYTM (India), Samsung (South Korea), VISA (US), Tencent (China),
Global Payments (US), Square (US), Amazon (US), Apple (US), Western Union
Holdings (US), Comviva (India), and T- Mobile (US).
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