DALLAS, March 26, 2015 /PRNewswire/ --
The global mobile money market is expected to grow from $12.34 billion in 2014 to $78.02 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 44.6% during the forecast period from 2014 to 2019 - New Research Available at RnRMarketResearch.com.
The widespread technological advancements in mobile devices have significantly transformed the communication methods and work patterns of the people worldwide. With the mobile devices becoming multi-functional, people have increasingly embraced various technologies and applications that quicken the accomplishment of their tasks. One of the most evident among these is access to financial services over the mobile phone. In the recent years, the progressions in banking and financial services have led to the expansive considerations of mobile-based money transfers and monetary transactions. Thus, mobile money has been instrumental in revolutionizing the usage of mobile phones. Complete report on Mobile Money Market by Transaction Mode, Nature of Payment, Location, Type of Purchase, & by Industry (BFSI, Telecom & IT, Media & Entertainment, Healthcare, Retail, Travel & Hospitality, Transportation & Logistics, Others) - Global Forecast to 2019 available at http://www.rnrmarketresearch.com/mobile-money-mobile-payments-mobile-remittance-mobile-banking-mobile-commerce-market-advanced-technologies-value-chain-worldwide-market-forecasts-analysis-2013-2018-market-report.html
Mobile money has helped the users to conveniently enable secured mobile payments and transfers over their mobile phone. In addition, this mobile money service has also helped theses users send and receive remittances, pay bills, make airtime transfers, receive and send money to near and remote locations, and enable movie or travel ticket purchases, among various others. Further, the simplicity, flexibility, convenience, and security provided by the mobile money services and mobile wallets over the traditional money payment and transfer techniques, are encouraging the users to consider mobile money services. Thus, these benefits of mobile money services have comprehensively enhanced the perspectives of the users with regards to mobile money transactions and payments.
Middle East and Africa, Asia-Pacific, and North America have the highest adoption and usage mobile money market. The regions of Europe and Latin America are gradually considering these mobile money services, and in turn offer a lot of opportunities for the vendors in the mobile money market.
The key companies in mobile money market are Vodafone Group PLC, Gemalto, FIS, Google Inc, Mastercard Incorporated, Bharti Airtel Limited, Orange S.A, Monitise PLC, Mahindra Comviva and Paypal (Ebay, Inc.) Order a copy of this report at http://www.rnrmarketresearch.com/contacts/purchase?rname=73470
Further, the adoption of mobile money services is encouraged due to surfacing of mandate standards related to mobile money transfers and payments that need to be adhered with, by the payment agents, financial institutions, and MNOs. These regulations that have to be followed include Anti-Money Laundering (AML)/Combating Financing of Terrorism, Know Your Customer (KYC), and standards of the GSMA Association among various others. This compliance facilitates secured data, and money access and transfer across mobile devices. Hence, the surfacing of these secured mobile solutions further adds to the demand of mobile money across the globe.
With the rising acknowledgements to mobile-based payments and transactions, the mobile money service is fast gaining momentum in the market. This has in turn benefited the mobile money service providers which include Mobile Network Operators (MNOs), financial institutes such as banks, payment platform providers, and payment agents to leverage and expand their provisions in this market. Considering this, the mobile money services have also been chiefly accountable for increasing the average revenues for these stakeholders in the mobile money ecosystem. Further, the increasing realization in the underlying potentials of mobile money services has also led to the advancement and broad considerations by various industrial verticals to enable the users to make mobile-based payments and transfers. Thus, these augmentations have also fostered the rise in the mobile money services market. Priced at $4650 for a single user PDF, a discount on this research report can be requested at http://www.rnrmarketresearch.com/contacts/discount?rname=73470
Over the years, a manifestation of the mobile devices among the users and the indispensable requirement to have ubiquitous access to financial solutions are some of the prominent factors driving the adoption mobile money services. On the other hand, prevailing data security apprehensions and lack of awareness related to mobile money services are the restraining factors hindering the growth of the mobile money market. Considering this, the report further helps to identify the latest patterns and trends intensifying the progression in the mobile money market across all regions.
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