Global Mobile Money Market
The GMI Research forecasts that the Mobile Money Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the rapidly rising non-cash protects technological innovations and increasing implementation of mobile devices.
Introduction of the Mobile Money Market:
Mobile money or mobile wallet is a technology that permits individuals to store, receive, and disburse money with e help of a mobile phone application. It is a substitute for both bank and cash because it is easy to secure and can be used anywhere where a mobile phone signal is available.
Key Players of the Global Mobile Money Market:
- Google LLC
- PayPal Payments Private Limited
- Fiserv, Inc
- Gemalto NV
- com, Inc
- Orange SA
- Mastercard International Incorporated
- Bharti Airtel Ltd
- com
- Apple Inc.
Mobile Money Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The prominent reasons responsible for the growing prominence of the global money market include the accelerating number of mobile subscribers, ongoing technological modernizations, and augmenting implementation of digital payment-business models. Also, some other factors such as customer requirements, managerial compliances, and surging measures by the Government of several regions to promote a cashless economy are driving the money market size. In addition, rapid digitalization has disturbed the functioning of the banking and financial sectors. Various organizations have introduced eccentric business models to influence the existing banking income. Moreover, the lucrative cashback discounts proffered at the time of payment by mobile wallets are gaining more propulsion among consumers. Almost all mobile wallets provide the option of storing all information, including discount, reward, debt, and credit card information which makes transactions much more convenient for customers.
The primitive demand for the establishment of a digital payment ecosystem was created by technological and e-commerce companies. Several leading players, including Apple Inc., Amazon.com Inc., have passed the initial stage and are now enlarging their prevalence across multiple territories. For instance, Alipay, a digital payment gateway set up by Alibaba.com, is used to expedite payment between sellers and buyers by curbing barriers such as low penetration of credit cards and lack of trust. Moreover, the acquisition of digital platforms allows mobile money providers to safeguard their services and persuade associations between mobile money companies to frame a diverse and engaged user base. Thus, the robust demand for digital platforms is stimulating market growth. However, the growing apprehension concerned with data safety may hamper the market growth.
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)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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