Growth Opportunities in the global mobile money market look promising over the next six years. The growing number of mobile subscribers, the rising use of digital payment-based business models and increasing government initiatives to encourage a cashless economy are the key factors that are driving the growth of the global mobile money market.
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Mobile Money Market’s leading Manufacturers:
- Google LLC
- Orange SA
- PayPal Payments Private Limited
- Mastercard International Incorporated
- Fiserv, Inc
- Bharti Airtel Ltd
- Gemalto NV
- com
- com, Inc
- Apple Inc.
Mobile Money Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The growing number of mobile subscribers, the rising use of digital payment-based business models and increasing government initiatives to encourage a cashless economy are the prominent factors contributing to the growth of the mobile money market size. The financial and banking sector are disturbed by the digital revolution. Organizations globally are coming up with remarkable business models that are influencing the present banking revenue. There has been an increase in demand for digital payment due to customer requirements, rapid technological advancements, and regulatory compliance. The requirement for the introduction of the digital payment ecosystem was generated by technological and e-commerce organizations. Numerous global giants, such as Amazon.com Inc, Apple Inc., and Google LLC, are focusing on expanding at a global level. For example, Alipay, a digital payment gateway built by Alibaba.com, is utilized to help sellers and buyers pay by minimizing barriers like lack of trust and low credit card penetration. Furthermore, the digital platform approach is enabling mobile money providers to ensure their services and is encouraging collaborations among mobile money organizations to build a diverse and engaged user base. The increasing demand for digital platforms is another factor that will have a positive influence on the market’s demand.
Several cashback discounts provided during payment is one of the emerging trends experienced in the mobile money market. Mobile wallets that offer discounts at the time of payment are gaining popularity among customers. Presently, the majority of mobile wallets provide the option to save all the information such as credit and debit card information, reward information, and discount, which helps the transactions be easy for the customers. All these remarkable benefits are attracting many consumers to opt for mobile wallets and mobile money applications. On the other hand, the factor hampering the growth of the market include the growing concerns among the end-users associated with data security.
Mobile Money Market Segmentation:
Segmentation by Transaction Mode:
- Point of Scale
- Mobile Apps
- QR Codes
- Internet Payments
- SMS and STK/USSD Payments
Segmentation by Nature of Payment:
- Person to Person
- Person to Business
- Business to Person
- Business to Business
Segmentation by Application:
- Money Transfers
- Bill Payments
- Airtime Transfers and Tops-Ups
- Travel & Ticketing
- Merchandise & Coupons
Segmentation by Payments:
- Remote Payments
- Proximity Payments
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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