Mobile Money Market Industry Forecast by Type, Survey, In-depth Analysis, Share
Posted by Sakshi Mishra on March 25th, 2021
Mobile money or mobile wallets refer to technology for spending and storage of money with the help of a mobile phone. The proliferation of the Internet and procurement of smartphones has paved the way for mobile wallets to flourish in the online payment ecosystem. Digital transformation of banks and financial organizations as well as supportive regulations for non-financial organizations to launch mobile applications for financial organizations can bode well for the global mobile money market. Market Research Future’s report on the global mobile money market focuses on growth engines and challenges for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its effects on the industry are included in the report.
The global mobile money market size can touch USD 99 billion by 2023. It can display a CAGR of 31% during the forecast period. The huge penetration rate of smartphones and opportunities in micropayments and data based financial services can bode well for the market. Efficiency of mobile wallets and its high transaction rate can develop mobile money technology. Moreover, the ease in conducting financial transactions and use of modes such as UPI, smart cards, QR codes can favor the market demand greatly.
The rapid pace of online shopping due to ecommerce websites as well as discounts on products for attracting customers can drive the download rate of mobile money applications. Adoption of mobile payments by physical stores and rise of proximity payments can drive the market growth. Push towards cashless payments amid the COVID-19 pandemic is expected to benefit mobile payment developers. Recently, PayTM and AGTech Holdings have decided to collaborate on development of interactive games and other modes of entertainment for keeping customers engaged on mobile applications. Moreover, the introduction of blockchain for securing financial transactions can facilitate market growth.
However, regulations on online payment can restrain market growth.
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By the nature of payment, the mobile money market is segmented into P2P, P2B, B2P, and B2B. Domestic P2P continues to be the leader in terms of market share in this segment.
By transaction mode, the mobile money market is segmented into SMS, mobile banking, mobile applications, smart card/NFC, and others.
By financial service, the global mobile money market is segmented into mobile money, mobile credit, mobile savings, and mobile insurance.
By industry vertical, the global money market is segmented into BFSI, media & entertainment, travel & hospitality, web services, retail, and healthcare among others. The retail segment is expected to lead in revenues due to the use of mobile wallet applications for purchase of goods. Low processing charges, faster checkouts, and less lines can favor the market over the forecast period.
Asia Pacific (APAC) held the largest market share due to presence of mobile payment solution providers and leading market players such as Alipay. China and India are the biggest contributors to the region. Penetration of mobile phones and supportive infrastructure via QR codes can drive the demand for mobile money. Adoption of ecommerce applications and utilization of electronic payments can provide new opportunities to the market.
North America can also capture a sizeable share of the global mobile money market owing to adoption of smartphones and need for payment gateways. Introduction of NFC and point-of-sale terminals for transfer of funds can drive the demand in the region. In addition, collaboration of mobile wallet developers with banks and payment service vendors can augur favorably for the market.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/mobile-money-market-1052
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About the AuthorSakshi Mishra
Joined: September 30th, 2020
Articles Posted: 512
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