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Mobile money means the usage of mobile phones to pay bills, deposit or withdraw funds, or transfer money between different bank accounts. It is an alternative to having bank accounts and is a popular substitute.
It is an emerging technology that allows people to store, receive, and send money using smartphones. Consumers use their smartphones to send and receive monetary value or digital money, to transfer money electronically from one person to another using a mobile phone. There are different types of transactions of money modes such as NFC, mobile web payment, UPI, wallets, bank cards, etc. The feature can be used on smartphones and therefore makes it accessible to a larger population of people worldwide. Mobile Money works in both domestic and international payment gateways.
Major Usage of Mobile Money Market
Mobile money transfer enables P2P (Person to Person) payment settlement, bill payments, and secure money transactions, settling the transaction international and domestic, making payments at the POS (Point of Sale), or purchase goods and services on the go.
The major end-users include Banking, Finance, Insurance, IT services, supply chain & logistics, Education, retails & vendors, Oil & gas industry, Health-care, Manufacturing, Media & Entertainment, Telecommunication, Online Shopping, and others.
• Remote Payments
• Proximity Payments
By Mode of Transaction
• Point of Sale (PoS)
• Mobile Apps
• QR codes
• Money transfers
• Bill Payments
• Airtime Transfer and Top-Ups
• Travel and Ticketing
• Merchandise and Coupons
• North America
• Asia Pacific
• Rest of the World
Major Company Involved
The companies include Alipay, Amazon, Android Pay, Apple Pay, Master Card, PayPass, Visa Pay Wave, Google Wallet, Smart Pay, PayPal, Gpay, FreeCharge, MobiKwik, Paytm, among others.
• Basic Education and ability to read and write is required to use the service.
• An electronic smart device or a computer is required to use the services.
• The increasing cost of smartphones.
• Increasing Cyber-attacks on Digital Platforms.
• Too many requirements reducing customer’s uptake.
Mobile money has proved to be the most important alternative to cash. In the coming years, it will create an opportunity to extend formal financial services to people who lack access to traditional banks as this will be the new normal. Mobile money services are designed for individuals, businesses and others.
The growing needs of small and medium-sized enterprises (SMEs) have provided mobile money providers a chance to strengthen their interest with the payment-as-a platform, involving vast numbers of financial institutions providing mobile money users with a range of third-party services.
Payments-as-a-platform providers provide plug-and-play access to mobile money services through APIs and flexible IT solutions. This platform will depend on data and analytics to monitor mobile payment security, such as fraudulent behavior. The move to a platform-based approach would allow SMEs to turn to mobile money applications in order to make money transfer more sustainable.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global Mobile Money market by the following segments:
- Mode of Transaction
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Mobile Money Industry Report
• What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
• Which region would have high demand for product in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are various long-term and short-term strategies adopted by the market players?
The report offers a comprehensive insight on the Mobile Money Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.