DALLAS, March 23, 2015 /PRNewswire/ --
According to a new market research report "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", published by MarketsandMarkets, 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.
Browse 67 market data tables and 59 figures spread through 188 pages and in-depth TOC on "Mobile Money Market - Global Forecast to 2019"
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The propagation of mobile devices across the globe supplemented with the ease in access to all data has extensively redefined the lifestyle of the people. Further, the increase in adoption of mobile financial solutions supplemented by enhanced network connectivity has extensively leveraged mobile users to conveniently accomplish their financial tasks through their mobile phone. The incorporation of advanced features incorporated within the mobile phones has enabled the Mobile Network Operators (MNOs), banks, and payment processing agents to facilitate the provision of mobile money services. Further, the widespread acceptance about the benefits of mobile money services among the users, followed by the rising acknowledgements towards enablement of these services among the industrial verticals, has invariably led to the increase in considerations for mobile money services.
Over the years, the mobile-based data accessibility techniques have evolved and have been swiftly progressing. With the increasing accessibility to ubiquitously access financial solutions, the mobile users have been evidently benefited in taking timely business decisions and in accomplishing faster financial transactions simply through their mobile device. The mobile money services provided by the MNOs, banks, and payment processing agents prominently include the usage of mobile phones to transfer electronic money, send and receive international remittances, send and receive money from one mobile device to another, deposit and withdraw money, book travel or movie tickets, make bill payments, pay utility bills, make airtime transfers, and recharge top-ups among various others. These mobile money services can be seamlessly used by both banked customers and unbanked customers present worldwide. Further, with the mobile device becoming a routine usage in the daily life of the people, mobile money services have prominently transformed the user's payment and money transfer experiences.
Mobile money services are prominently still accessed through Short Messaging Service (SMS) by the users. The mobile subscribers also widely leverage the usage of mobile money solutions through the transaction modes of direct mobile billing, mobile web/ Wireless Application Protocol (WAP) payments, SIM ToolKit (STK)/ Unstructured Supplementary Service Data (USSD). Currently, mobile devices enabled with Near Field Communication (NFC) technology are widely being considered for mobile payments and transfers. This has in turn also revolutionized the businesses and market outreach for the chief stakeholders in the mobile money ecosystem which include MNOs, financial institutions such as banks, payment processing agents, and payment platform providers, as it provided them with increase in revenue potentials. Further, besides providing users with an enhanced experience, mobile money has also leveraged the stakeholders to retain customers, reduce subscriber churn, and also allure new customers.
Further, these mobile money solutions are considered for providing easy financial transaction to mobile users in remote locations or even to those customers who do not have a bank account. The mobile money solutions can be tailored to suite the different needs of the mobile users, and can be conveniently used to facilitate location based payments such as remote and proximity payments. Presently, mobile money solutions are broadly being adopted by the users to tactfully enable secured financial transactions. Presently, mobile money services are being enhanced with security features such as biometrics, and embedded passwords among various others to safeguard the user against privacy breaches, frauds, and threats of financial losses. Further, the escalating demand for finer mobile money transfers and payments has enabled the mobile money solution vendors such as MNOs, banks, and payment processing agents to offer exclusively customized mobile money solutions precisely suiting the needs of the users. Thus, mobile money plays the most critical role in enabling secure, convenient and easy financial transactions for the users.
The major vendors of the global Mobile Money Market are Vodafone Group PLC, Gemalto, MasterCard Incorporated, Orange S.A., and Mahindra Comviva. The major forces driving this market are the manifestation of mobile devices among the users, the indispensible requirement to have ubiquitous access to financial solutions, creation of new business avenues for the stakeholders, evolving demography needs across geographies, and rising use of mobile money services across businesses.
MarketsandMarkets broadly segments the Mobile Money Market by regions into: North America (NA), Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America (LA); by transaction mode into: NFC/Smart Card, Direct Mobile Billing, Short Messaging Services (SMS), STK/USSD, and Others; by nature of payments into: Person To Person, Person To Business, Business To Person, and Business To Business; by location types into: remote payments and proximity payments; by types of purchases into: airtime transfers and top ups, money transfers and payments, merchandise and coupons, travel and ticketing, and digital products; by industry verticals into: BFSI, telecom and IT, media and entertainment, healthcare, retail, travel and hospitality, transportation and logistics, and others.
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MarketsandMarkets forecasts 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. In terms of regions, MEA is expected to be the biggest market in terms of market size, whereas APAC and NA are expected to experience increased market traction, during the forecast period.
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