Mobile Money Market to Exhibit 22.0% CAGR 2016-2024, SMS Payments Creating Lucrative Prospects

A growing number worldwide, especially in developing countries, who have access to mobile phones but not to physical banking will represent a massive untapped opportunity for companies in the mobile money market. According to a report recently added to the repository of Market Research Reports Search Engine (MRRSE), the global mobile money market accounted for US$17.25 bn in 2014. The market is expected to post revenue gains at a CAGR of 22.0% between 2016 and 2024, the report further states. Published by Market Research Reports Search Engine (MRRSE), the report is titled, ‘Mobile Money Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024.’ With more mobile money deployments slated for a rollout in the short term, the mobile money customer base is expected to grow exponentially through 2024. 

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However, a general sense of wariness among consumers regarding online transactions-resulting from greater awareness about phishing and other digital breach instances-is restraining the growth of the global money market, the report states. Moreover, the lack of clear financial inclusion strategies in several developing nations is expected to create further complications for the global mobile money market.

The long-term growth of the global mobile money market will be hinged on the growing use of SMS payments, the report states. The convenience, simplicity, and instantaneous money transfer capabilities of mobile money are prompting more consumers to opt for SMS payments. Mobile money transactions are expected to be seen in very high numbers in the energy, BFSI, and hospitality sector. Although, currently, a bulk of the market’s revenue comes from money payments and transfers, airtime top-ups and transfers are gaining traction and will show encouraging growth through 2024.

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From the standpoint of regional markets, it is Europe that will lead the global market through the forecast period. However, in terms of growth rate through the forecast period, North America will perform better than Europe through the report’s forecast period, which ranges from 2016 to 2024. In the MEA region, real-time purchase transactions are becoming a popular mode of payment. This will also prove to be an opportunity for companies in the mobile money market to develop targeted products.

Among the leading companies in the global mobile money market are: Square, Inc., Fortumo OÜ, WePay, Inc., Boku, Inc., and Paypal. About 40% of the global mobile money market revenue was generated by these players in 2015. Other promising recent entrants in the market are Dwolla, Inc. and Bango.net.

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