Scope of the Study
Over the last decade, global digitalization has been increased robustly. In addition to this, the usage of Bit Money based trading has vigorously escalated the demand for mobile money. Furthermore, growing awareness about the advanced technologies as well as the increasing usage of smart devices will generate significant demand over the forecasted period with better communication facilities. However, the majority of the low-income population have adopted the low-quality applications which are prone to theft and higher transactional costs which might stagnate the business growth. Since mobile money is one of the innovative payment types. Introduction to these highly automated platforms has simplified the use of financial services by mobile devices.
The market study is being classified and major geographies with country level break-up. According to AMA, the Global Mobile Money market is expected to see growth rate of 32.34% and may see market size of USD260.32 Billion by 2024.
Vodafone Group Plc. (United Kingdom), Gemalto (Netherlands), Fidelity National Information Services, Inc. (FIS) (United States), Google Inc. (United States), Mastercard Incorporated (United States), Bharti Airtel Limited (India), Orange S.A. (France), Monitise Plc (United Kingdom), Mahindra Comviva (India) and PayPal Holdings, Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are MTN Group Limited (South Africa), Vodacom Group Limited (South Africa), Safaricom Limited (Kenya) and Econet Wireless (South Africa).
The Players having a strong hold in the market are Vodafone Group, Gemalto, Fidelity National Information Services(FIS), Google Inc., and Mastercard. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Mobile Money market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Mobile Money market by Type, Application and Region.
On the basis of geography, the market of Mobile Money has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2018. North America on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Mode of Transaction, the sub-segment i.e. Nfc/Smart Cards will boost the Mobile Money market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Location of Payment, the sub-segment i.e. Remote Payments will boost the Mobile Money market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Nature of Payment, the sub-segment i.e. Person to Person will boost the Mobile Money market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Type of Purchase, the sub-segment i.e. Airtime transfer and top-ups will boost the Mobile Money market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Awareness About Advanced Digital Payment Software
- Robustly Increasing Smartphone Industry leading to Rising Demand for Mobile Money
- Introduction to Secure Remote Commerce (SRC) which Simplifies the Digital Transactions
- Growing Adoption of Technologically Secure Biometric Authentication Technology
- Risk of Theft and Hacking for Moderately Secure Mobile Money Applications
- Lack of Awareness About the Advantages of Mobile Money Services
- Minimized Gap Between Actual and Virtual Financial
- Enhanced Flexibility Provisions Among the Mobile Money Services
- Lack of Secure Platform Provision from Undeveloped Economies
- Skilled and Literate Consumer Base is Required for Ideal Use of Mobile Money
Market Leaders and their expansionary development strategies
On 15 May 2017, Vodafone Group Plc (“Vodafone Group”) and its wholly-owned subsidiary, Vodafone International Holdings B.V. has completed the transfer of a 35% indirect shareholding in Safaricom Limited (“Safaricom”) to Vodacom Group Limited (“Vodacom”), its sub-Saharan African subsidiary. Vodafone has been issued with 233.5 million new shares in Vodacom, increasing Vodafone Group's shareholding in Vodacom from 65.0% to 69.7%. Vodafone retains an indirect stake of 5% in Safaricom.
On May 22, 2019, two trusted global and domestic payment networks Mastercard and Interac has collaborated to offer Canadians a fast, simple and secure way to send money internationally. By leveraging Mastercard Send, a push-payments service that powers a faster, better, smarter way to send money cross border, the Interac eTransfer platform will allow customers to send money from Canada to bank accounts internationally, starting with Europe. National Bank will be the first bank to pilot the new international remittance solution for its personal banking clients.
Key Target AudienceMobile Money Service Providers, Mobile Money Platform Providers, Financial Industry Associations, Government Agencies, Research and Development Institutes, Venture Capitalists and Others
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