Mobile Money Market Share Overview, Segmentation, Application, Technology and Analysis Report Forecast to 2027 | COVID-19 Effects

Market Highlights

The global mobile money market is relied upon to exhibit a solid 31% CAGR over the conjecture time frame from 2018 to 2023, as indicated by the most recent examination report from Market Research Future (MRFR). The market is relied upon to arrive at a valuation of USD 99 billion by 2023, as per the report. The report gives a nitty gritty assessment of the global mobile money market, profiling the chronicled development direction of the market to give concentrated on figures concerning the market's logical development direction over the estimate time frame. The effect of the COVID-19 pandemic on the global mobile money market is additionally concentrated exhaustively in the report.

Mobile money alludes to the different approaches to making credit only payments through mobile telephones and related advancements. The comfort of making credit only payments through mobile telephones is the significant driver for the global mobile money market. While many individuals don't approach reserve funds/credit records and credit/debit cards, the vast majority these days own a mobile telephone. This brings in mobile money arrangements more helpful for a majority of the populace. In 2015, out of the 2.3 billion individuals who didn't approach formal monetary services, 1.7 billion has mobile telephones. This has been a significant driver for the global mobile money market throughout the most recent couple of years. Purchasers can likewise make online bill payments through mobile money arrangements, which has been a significant driver for the mobile money market. Buyers regularly favor the straightforwardness and accommodation of making charge payments through mobile money arrangements rather than going to a physical office or outlet to make charge payments. Utilities in numerous nations have additionally accepted credit only payments as of late to lessen the problem of bill payments for the two payers and laborers. This has been a significant driver for the global mobile money market in the course of the most recent couple of years.

The monetary consideration empowered by mobile money arrangements has likewise been a significant driver for the global mobile money market throughout the most recent couple of years. Numerous state run administrations all over the planet have upheld the development of mobile money arrangements to incorporate more individuals into the digital payment organization. This is probably going to stay a significant driver for the global mobile money market over the conjecture time frame, as government support is vital for empowering far and wide reception of mobile money arrangements.

Then again, concerns in regards to information protection and security are probably going to be a critical restriction against the global mobile money market over the conjecture time frame.

Competitive Leaderboard:

Leading players in the global mobile money market include MasterCard, Vodafone Group plc, Google Pay, Chase Pay, Amazon Pay, Samsung Pay, Apple Pay, PayPal, Alipay, and WeChat Pay.

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Segmentation:

The global mobile money market is segmented on the basis of nature of payment, transaction mode, financial service, end user vertical, and region.

By nature of payment, the global mobile money market is segmented into P2P, P2B, B2P, and B2B. P2P payments are the dominant shareholder in the global mobile money market and are likely to retain this position over the forecast period due to the convenience of making P2P payments through mobile phones and the widespread adoption of mobile phones.

By transaction mode, the global mobile money market is segmented into mobile applications, smart card/NFC, SMS, mobile banking, and others.

By financial service, the global mobile money market is segmented into mobile money, mobile savings, mobile insurance, and mobile credit. The mobile money segment holds the largest share in the global mobile money market, as the other segments haven’t enjoyed widespread adoption so far, especially in emerging regions.

By vertical, the global mobile money market is segmented into BFSI, media and entertainment, travel and hospitality, web services, retail, healthcare, and others.

Regional Analysis:

Asia Pacific holds the largest share in the global mobile money market due to the strong presence of mobile money companies in China and South Korea, where mobile money solutions have been adopted by large swathes of consumers.

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Global Mobile Money Market, by Transaction Mode (Mobile apps, Smart card, Mobile Banking), by Industry (BFSI, Media & Entertainment, Retail, Healthcare), by Financial Services (Mobile Money, Mobile Insurance, Mobile Credit) - Forecast 2027

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