ALBANY, New York, Feb. 26, 2019 /PRNewswire/ -- The global mobile money market is on the verge of a path breaking change with growth emerging from developing economies, according to a new report by Transparency Market Research (TMR). A more robust banking structure is likely to benefit all key players in the global money market including Fortumo OÜ, Bango.net Limited, Judo Payments, PayPal Inc., and others.
The innovative and dynamic landscape of the global mobile money market is fuelled by a robust competition among the top players, finds TMR. Major players are making large investments primarily thorough promotions, collaborations and feature advancements to gain a larger share of the global mobile money market. Additionally, market players are making substantial investments in research and development activities, to provide more seamless and intuitive user experience. This is a noteworthy factor that has raised the bar for small and new entrants in the global mobile money market. Nevertheless, small-scale players are engaging in innovations of their own to take the competition to larger players.
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The global mobile money market is predicted to register an exceptional CAGR of 22% between 2016 and 2024, reports TMR. The global market was evaluated at US$17.25 bn in 2014. The market offers a wide range of payment modes. Among these, the mobile payment through SMS is expected to witness the highest growth and dominate the global mobile money market.
The global mobile money market is one of the few markets which is growing simultaneously and in a dynamic manner in all major regions. These various regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The global mobile money market is expected to register significant growth in Europe during 2016-2024. Europe also led the global mobile money market in the recent past.
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Advancements in Telecom Sector and Growing Digitalization Drive Growth
During 2016 and 2024, the global mobile money market is likely to grow remarkably due to potential widespread penetration of smartphones. Due to digitalization, telecom sector has also undergone major transformation, and now offers a supporting platform for digital technologies unlike ever before. This includes significant features such as SMS-based payment options. Similarly, mobile transfers and additional security through smartphones are driving growth of the mobile money market further. Other key factors driving growth in the global mobile money market are real-time marketing, and context-based marketing. Growth in emerging economies is also driving the need for more robust banking structure supporting the global mobile money market.
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Cyber Threats Challenge Growth of Mobile Money Market
The global mobile money market also faces some challenges during the forecast period. Increasing phishing attacks and veil of cyber threats pose a challenge to the growth of the global mobile money market. However, rising NFC, and UUSD/STK mobile payment modes, and security technologies like biometrics are expected to counter the looming challenges. Moreover, the market is expected to gain notably from the rising popularity of online net banking, predicts TMR.
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This review is based on a TMR report, titled, "Mobile Money Market (Payment Mode - NFC, Mobile Billing, SMS, USSD/STK; Purchase Type - Airtime Transfers & Top-ups, Money Transfers & Payments, Merchandise and Coupons, Travel and Ticketing; Industry Vertical - BFSI, Energy and Utility, Retail, Health Care, Hospitality and Tourism, Media and Entertainment, SCM and Logistics, Telecommunication and IT) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024."
The report segments the global mobile money market as:
Mode of payment
- Mobile Billing
Type of Purchase
- Airtime Transfers & Top-ups
- Money Transfers & Payments
- Merchandise and Coupons
- Travel and Ticketing
- Energy and Utility
- Health Care
- Hospitality and Tourism
- Media and Entertainment
- SCM and Logistics
- Telecommunication and IT
- North America
o The U.S.
o The U.K.
o Rest of Europe
- Asia Pacific (APAC)
o Rest of APAC
- Middle East & Africa (MEA)
o The United Arab Emirates (UAE)
o Saudi Arabia
o South Africa
o Rest of MEA
- Latin America
o Rest of Latin America
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