openPR Logo
Press release

Mobile Money Market: Marked Convenience of SMS Payment Methods to Boost Adoption

03-22-2018 07:31 AM CET | Associations & Organizations

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
Mobile Money Market: Marked Convenience of SMS Payment Methods

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, 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.

Prominent players are consolidating their positions by opting for acquisitions. Several key players are focused on develop advanced products with innovative features and advanced functionalities, in a move to gain a competitive edge over others. A number of emerging and established players are targeting small- and medium-sized enterprises and offering user-friendly and secure mobile payment features in order to fortify their presence in the global market. As a part of short-term strategy, these players are tapping lucrative opportunities in the economies of Middle East and Europe.

Request Sample:

The global mobile money market is projected to rise at an impressive CAGR of 22.0% from 2016 to 2024. The market was valued at US$17.25 bn in 2014, vis-à-vis revenue.

The various modes of payment for mobile money broadly comprise SMS, NFC, mobile billing, and USSD/STK. Of all the modes, the SMS mobile payment segment held the dominant position in 2015 and is anticipated to hold its sway throughout the forecast period. The market is projected to rise at a leading pace through 2024. The growth of the segment is driven by their vast uptake attributed to significant convenience and marked ease of SMS payments.

Regionally, the market is segmented into the Middle East & Africa (MEA), Latin America, Asia Pacific (APAC), Europe, and North America. Of these, Europe held the leading share of the global market and is predicted to retain its top position throughout the assessment period. However, the MEA is projected to rise at major CAGR during 2016 – 2024. The stellar growth of this regional market is attributed to the rising Internet and tablet penetration and substantial advancements in the telecommunication technology sector.

Browse Our Report:

Burgeoning Mobile Penetration in Emerging Economies to Accentuate Growth

The burgeoning penetration of smartphones and mobile telephony in numerous emerging economies is a key factor driving the demand for mobile payments. The extensive demand for SMS-based payment operations is attributed to the marked convenience of these operations.

The vast popularity of transactional payments via SMS in various countries of the MEA, APAC, and Europe has accentuated the growth of the market. The rapidly emerging demand for mobile billing, WAP-based payments, and payment clients in various developing and developed economies is boosting the mobile money market. In addition, the rising prominence of money transfers and payments segment is a key factor driving the market.

The advent of more secure mobile payment methods is bolstering the demand among affluent consumers in developing and developed nations. The demand for secure payments among BFSI, hospitality, and energy sectors is providing a robust impetus to the growth of the market. In addition, NFC and UUSD/STK modes of mobile payments are gaining traction in the coming years. Furthermore, the growing popularity of airtime transfers and the vastly rising demand for top-ups are notable factors catalyzing the growth of the market.

Financial Data Breach Concerns Key Impediment, Rising Telecom Sector to Present Lucrative Avenues

The mounting concern of phishing attacks, data breach, and financial data manipulation among mobile users is a crucial factor likely to hinder the market. In addition, presence of disparate systems across different transactions and services is also impeding the growth of the market to an extent. In addition, the lack of well-defined financial inclusion policies practiced by governments is a key factor acting as a bottleneck to the market. Be that as it may, the growing mobile penetration in several emerging markets has unlocked a slew of opportunities for telecommunication operators to capitalize on. In addition, the substantially rising demand for mobile payments features among connected device manufacturers and service providers is a key factor expected to open up exciting prospects in the market in the coming years.

View TOC of This Report:

The study presented here is based on a report by Transparency Market Research (TMR) titled “Mobile Money Market (Payment Mode - NFC, Mobile Billing, SMS, and USSD/STK; Purchase Type - Airtime Transfers & Top-ups, Money Transfers & Payments, Merchandise and Coupons, and Travel and Ticketing; Industry Vertical - BFSI, Energy and Utility, Retail, Health Care, Hospitality and Tourism, Media and Entertainment, SCM and Logistics, and Telecommunication and IT) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024.”

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

US Office
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Mobile Money Market: Marked Convenience of SMS Payment Methods to Boost Adoption here

News-ID: 988073 • Views: 304

More Releases from Transparency Market Research

Effervescent Packaging Market: Rising Demand for Fast Dissolving Drug Delivery S …
A recent study by Transparency Market Research (TMR) has detected that the global effervescent packaging market is heavily dependent on product innovation and in the near future, a number of strategic mergers and acquisitions will follow that will define the leader. Some of the key companies currently operating in the global effervescent packaging market are Sanner GmbH, Oracle Packaging, Inc., Unither Pharmaceuticals, Romaco Pharmatechnik GmbH, Parekhplast India Ltd., Tower Laboratories
Form-fill-seal Machines Market: Prosperity of Packaged Food and Beverage Industr …
An up-to-date study by Transparency Market Research (TMR) reveals that the global form-fill-seal machines market is fragmented in nature, although Robert Bosch GmbH does hold a position of strength, accounting for 11% of the overall market shares in 2017. Some of the other key players identified by the report who are making a mark in the global form-fill-seal machines market are: Tokyo Automatic Machinery Works Ltd., Uflex Ltd., Hayssen Flexible
Chatbot Market: Key Players and Production Information analysis
A 27.8% CAGR (Compound Annual Growth Rate) is set to mark the forecast period between 2016 and 2024, as per a Transparency Market Research (TMR) report. And, as per the analysts at TMR , some of the factors that the growth shall be attributed to are increasing popularity and adoption of Artificial Intelligence (AI) across industry verticals, including end-users, and innovation marking the landscape in a big way. This will
Digital Voice Recorder Market: Rising Allocations OnanalysisAnd Innovation
With the presence of a copious number of companies, the global market for digital voice recorder is fragmented with intense competition. In this scenario, top companies are aggressively engaged in technological advancements to serve ever-changing consumer demand, for which they are investing heavily in this market. In the years ahead, these players are likely to concentrate on regional expansion, for which they might resort to business alliances with regional players. Key

All 5 Releases

More Releases for SMS

A2P SMS market | a2p, sms market, a2p sms, sms provider, sms service provider, s …
In order to study the various trends and patterns prevailing in the concerned market, Market Research Reports Search Engine (MRRSE) has included a new report titled “Global Enterprise A2P SMS Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Report offers a 5-year forecast for the global enterprise A2P SMS market
Global A2P SMS Market
The Global A2P SMS Market Research Report Forecast 2017-2022 is a valuable source of insightful data for business strategists. It provides the A2P SMS industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. Request for discount @ This A2P SMS market study provides comprehensive data which enhances
A2P SMS is one form of service in which SMS is sent from a web based application to a mobile subscriber. Owing to the provision of a secure and reliable operator channel and improvement in end-user experience, A2P SMSs are being widely used in industries such as tourism, banking and financial services institutions, ecommerce, entertainment, and healthcare. A2P SMSs are preferred over other content delivery mediums as they offer multiple
Introducing SANSA SMS Platform
New York, November 28 2016 DEVECORE announces the release of its new state of the art SMS Platform aka "SANSA". SANSA is a smart SMS platform which can be installed on standalone servers or rented on the cloud. SANSA can be used to connect to suppliers and receive messages from clients. It is the smartest and most affordable SMS transport platform on the cloud today. SANSA offers billing, reporting, management, notifications and many
infin-Payment SMS – Collecting Even Higher Amounts via SMS
Now consumers can pay amounts even bigger than ten Euros via SMS: infin Payment SMS permits processing SMS payments for any amount by using an innovative multi-step procedure. For vendors this establishes completely new business models and new target groups. Consumers will love quick and anonymous payment via SMS even more. The newly developed multi-step method accurately processes any amount to the exact cent. infin-Payment SMS being a quick, easy and
Bulk SMS Gateway
“Earn assured good income, achieve quick growth and build a flourishing career through mNatives, a SMS reseller program. Highlights – high return on low investment, global network coverage and 24x7 technical support, fully branded website which requires no technical knowledge, is easy to use and is beginners friendly, 100% message delivery guarantee with no down time. Buy SMS credits from mNative at wholesale price and resell them at your