Mobile Money Market - Multiple Conducive Factors Create Opportunity-laden Environment for Industry Growth

The global mobile money market is on the cusp of a transformative change with growth increasingly swinging toward emerging economies, says TMR in a new report. The global mobile money market will derive growth from factors such as companies investing in context-based marketing and real-time marketing to leverage mobile money. With smartphone and personal device sales spiraling in emerging countries with an increasingly affluent consumer base, the need for more inclusive banking is also simultaneously being felt.

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Some of the players that hold dominance in the global mobile money market are PayPal Holdings, Inc., Square, Inc., WePay, Inc., Boku, Inc., and Fortumo OÜ. The entry of new players is intensifying the competitive landscape. As competition heats up, there is emergence of companies such Judo payments, Bango.net Ltd., and Dwolla, Inc. rising to the forefront, observes Transparency Market Research. The leading players account for a share of 40% in the global market in 2015.

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In the global mobile money market, by mode of payment, the SMS payment segment holds the largest share. This is attributable to the convenience and efficiency that SMS-based payment operations lend. The greatest advantage, however, is that SMS-based mobile money is compatible with different connected devices such as tablets and smartphones.

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In countries across MEA, APAC, and Europe, transactional payments by SMS are already popular and there are no signs of their popularity fading through the forecasting horizon. However, the market is also marked by a growing adoption of other payment methods such as mobile billing, payment clients, and WAP-based payments.

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