What is Mobile Money?
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 broken down 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 2026.
The Players having a strong hold in the market are Vodafone Group, Gemalto, Fidelity National Information Services(FIS), Google Inc., and Mastercard. Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Mobile Money market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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 that are part of study coverage. Additionally, the Players which are also part of the research coverage are MTN Group Limited (South Africa), Vodacom Group Limited (South Africa), Safaricom Limited (Kenya) and Econet Wireless (South Africa).
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 2020. 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.
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.
- Introduction to Secure Remote Commerce (SRC) which Simplifies the Digital Transactions
- Growing Adoption of Technologically Secure Biometric Authentication Technology
- Growing Awareness About Advanced Digital Payment Software
- Robustly Increasing Smartphone Industry leading to Rising Demand for Mobile Money
- Minimized Gap Between Actual and Virtual Financial
- Enhanced Flexibility Provisions Among the Mobile Money Services
- Risk of Theft and Hacking for Moderately Secure Mobile Money Applications
- Lack of Awareness About the Advantages of Mobile Money Services
- Lack of Secure Platform Provision from Undeveloped Economies
- Skilled and Literate Consumer Base is Required for Ideal Use of Mobile Money
Key Target AudienceMobile Money Service Providers, Mobile Money Platform Providers, Financial Industry Associations, Government Agencies, Research and Development Institutes, Venture Capitalists and Others
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.