Mobile Money Market Growth and Forecast 2017-2027
Mobile money is the innovative payment type that is bridging the gap by providing financial services through mobile devices, offering from simple person-to-person transfers to complex banking transactions. Mobile money is easy, secure, fast, and affordable way of making payment, transferring money, and performing other transactions using mobile phone.
Person-to-person nature of payment is expected to experience growth in the mobile money market in the forecast period owing to the banks offering highlighted convenience of immediate transfers including withdrawals and deposits through mobile devices. Mobile money services are accessed through SMS, and multiple transaction modes such as direct mobile billing, SIM toolkit (STK) or unstructured supplementary service data (USSD), mobile web/wireless application protocol systems are also widely adopted.
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Mobile Money Market: Drivers and Challenges
Increasing awareness, urbanization and ever-changing technology encourage adoption of mobile money services fueling the growth of mobile money market. The ease of using an app or any other transaction mode for making a transaction is making people familiar to the innovations. People are increasingly preferring mobile payment mode in order to eliminate the threat of theft. These factors positively impact the growth of mobile money market.
Reliability and security are among the prime challenges that impact negatively to the growth of mobile money market. Few other factors restraining the growth of mobile money market include limited knowledge among the users to transact in mobile devices
Mobile Money Market: Segmentation
Mobile Money Market can be segmented on the basis of mode of transaction, nature of payment, location, type of purchase, vertical and region.
On the basis of mode of transaction, mobile money market can be segmented into Near Field Communication, contact cards, combination cards, SMS, USSD, QR-code, direct mobile billing, mobile apps, others.
On the basis of nature of payment, mobile money market can be segmented into person-to-business, business-to-business, business-to-person, person-to-person
On the basis of location, mobile money market can be segmented into proximity payment and remote payments
On the basis of type of purchase, mobile money marketcan be segmented into money transfer and payments, travel and ticketing, airtime transfer and top-ups, merchandise and coupons, digital products, and others.
On the basis of vertical, mobile money market can be segmented into banking, financial services and insurance (BFSI), travel and logistics, retail, IT and telecommunication, energy and utility, government offices and education, healthcare, and others.
Mobile Money Market: Regional Overview
Regionally, mobile money market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa
North America and Western Europe hold the major market shares presently and are expected to dominate in the forecast period owing to the increased adoption and usage of latest technologies among the population and major telecom companies headquartered in the regions also aids the mobile money market in the regions. Asia Pacific excluding Japan, Middle East and Africa are among the emerging regions and are expected to experience maximum growth in the forecast period. Countries such as India in the region Asia Pacific excluding Japan is experiencing huge adoption of mobile money services in the recent time due to digitization and urbanization initiatives taken by the government of the country.
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Mobile Money Market: Competition Landscape
Few prominent players in the mobile money market include:Vodafone Group Plc, Fortumo, Google Inc., Mastercard incorporated, Mahindra comviva, Paypal, Bharti Airtel Limited, Monitise Plc., Orange SA, Ingenico Group, Infobip Ltd./Centili, Verifone Systems Inc.
Recent contracts/deals in Mobile Money Market:
In August 2014, Western Union Company, global payment services company, collaborated with MTN Group, South Africa based mobile telecommunication company, and launched mobile money transfer service in Uganda to enable its consumers of Ivory Coast to transfer funds and transact directly through their mobile phones.
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