Mobile Money Market – Burgeoning Mobile Penetration in Emerging Economies to Accentuate Growth

Some of the players that hold dominance in the global mobile money market are PayPal Holdings, Inc., Square, Inc., WePay, Inc., Boku, Inc., and Fortumo OÜ. The entry of new players is intensifying the competitive landscape. As competition heats up, there is emergence of companies such Judo payments, Bango.net Ltd., and Dwolla, Inc. rising to the forefront, observes Transparency Market Research. The leading players account for a share of 40% in the global market in 2015.

Prominent players are consolidating their positions by opting for acquisitions. Several key players are focused on develop advanced products with innovative features and advanced functionalities, in a move to gain a competitive edge over others. A number of emerging and established players are targeting small- and medium-sized enterprises and offering user-friendly and secure mobile payment features in order to fortify their presence in the global market. As a part of short-term strategy, these players are tapping lucrative opportunities in the economies of Middle East and Europe.

The global mobile money market is projected to rise at an impressive CAGR of 22.0% from 2016 to 2024. The market was valued at US$17.25 bn in 2014, vis-à-vis revenue.

The various modes of payment for mobile money broadly comprise SMS, NFC, mobile billing, and USSD/STK. Of all the modes, the SMS mobile payment segment held the dominant position in 2015 and is anticipated to hold its sway throughout the forecast period.  The market is projected to rise at a leading pace through 2024. The growth of the segment is driven by their vast uptake attributed to significant convenience and marked ease of SMS payments.

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Regionally, the market is segmented into the Middle East & Africa (MEA), Latin America, Asia Pacific (APAC), Europe, and North America. Of these, Europe held the leading share of the global market and is predicted to retain its top position throughout the assessment period. However, the MEA is projected to rise at major CAGR during 2016 – 2024. The stellar growth of this regional market is attributed to the rising Internet and tablet penetration and substantial advancements in the telecommunication technology sector.

The burgeoning penetration of smartphones and mobile telephony in numerous emerging economies is a key factor driving the demand for mobile payments. The extensive demand for SMS-based payment operations is attributed to the marked convenience of these operations.

The vast popularity of transactional payments via SMS in various countries of the MEA, APAC, and Europe has accentuated the growth of the market. The rapidly emerging demand for mobile billing, WAP-based payments, and payment clients in various developing and developed economies is boosting the mobile money market. In addition, the rising prominence of money transfers and payments segment is a key factor driving the market.

The advent of more secure mobile payment methods is bolstering the demand among affluent consumers in developing and developed nations. The demand for secure payments among BFSI, hospitality, and energy sectors is providing a robust impetus to the growth of the market. In addition, NFC and UUSD/STK modes of mobile payments are gaining traction in the coming years. Furthermore, the growing popularity of airtime transfers and the vastly rising demand for top-ups are notable factors catalyzing the growth of the market.

Financial Data Breach Concerns Key Impediment, Rising Telecom Sector to Present Lucrative Avenues

The mounting concern of phishing attacks, data breach, and financial data manipulation among mobile users is a crucial factor likely to hinder the market. In addition, presence of disparate systems across different transactions and services is also impeding the growth of the market to an extent. In addition, the lack of well-defined financial inclusion policies practiced by governments is a key factor acting as a bottleneck to the market. Be that as it may, the growing mobile penetration in several emerging markets has unlocked a slew of opportunities for telecommunication operators to capitalize on. In addition, the substantially rising demand for mobile payments features among connected device manufacturers and service providers is a key factor expected to open up exciting prospects in the market in the coming years.

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Mobile Money Market: Technological Advancements, Evolving Industry Trends and Insights 2016 – 2024

Where the mobile money market has hitherto been dominated by companies such as Fortumo OÜ, Boku, Inc., WePay, Inc., Square, Inc., and Paypal, the competition is building up dramatically with the advent of new players such as Dwolla, Inc., Bango.net, and Judo payments. According to Transparency Market Research (TMR), the market leaders controlled by about 40% of the global mobile money market in 2015.

The way ahead for companies wanting to fortify their presence in the market, evidently, is via acquisitions and by developing feature-rich products and services. With more small- and medium-sized enterprises seeking convenient and secure mobile payment options, companies such as Fortumo OÜ are expected to strengthen their foothold in the market. “Companies’ future strategy, in the short term, will largely be centered on acquiring new customer in Middle East and Europe,” observes a TMR analyst.

Emerging Economies to Provide Fertile Ground for Growth of Mobile Money Transactions

With the explosive growth in emerging economies such as China and India as well as in other countries in Latin America and the Middle East, mobile phone penetration has risen dramatically in recent years. Various reports suggest that in emerging markets, mobile phone penetration hovers around 50%, creating a bevy of opportunities for telecom operators, connected device manufacturers, and service providers to cash in on. Moreover, the report notes that although well over 1.5 billion people in emerging markets today enjoy mobile phone access, the same cannot be said about banking services. Thus, the unmet needs will create a massive opportunity for companies in the mobile money market, opines TMR.

The report also expects that with companies investing in more context-based and real-time marketing techniques, mobile money transactions will receive a boost.

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Consumers’ Apprehensions About Security of Data Need to be Allayed by Mobile Money Services Providers

Consumers today are wary of risks such as phishing, data breach, and data manipulation of data. Because mobile money essentially involves the collection of user data from internet touch points, the general concerns associated with online financial transactions are expected to seep into the mobile money environment as well.

Moreover, it is clear that mobile money could mitigate the issue of banking exclusion in emerging markets in the long run. However, in countries where financial inclusion policies are not well-defined and duly implemented could pose numerous challenges for companies in the mobile money market. The situation is further complicated by the fact that governments are currently focused on improving competition in the financial sector to make services more customer-friendly. This approach doesn’t necessarily increase financial inclusion, which can be achieved by prioritizing mobile payments. Factors such as these will create impediments for the growth of the global mobile money market, says TMR.

SMS Payments Hold High Economic Potential

Based on the mode of payment, the global mobile money market can be segmented into NFC, SMS, mobile billing, USSD/STK, and others. Of these, the SMS payment segment emerged in the leading position in 2015 and will continue to retain its standing through 2024 by rising at the fastest compounded annual growth rate (CAGR), TMR forecasts. The convenience and ease of SMS payments remain unrivalled, making this segment one with a myriad of opportunities.

Based on the type of purchase, money transfers and payments will not budge from its position as the leading segment in the mobile money market. However, the fastest growth will be observed in the airtime transfers and top-up segment between 2016 and 2024. Likewise, the healthcare industry will emerge as the fastest growing segment in the global mobile money market by industry vertical. However, it is the BFSI sector that will lead maintain a lead in terms of revenue.

In 2015, Europe stood as the largest market for mobile money worldwide – a scenario that will remain unchanged until 2024. The fastest growing segment, by geography, will be the Middle East and Africa with a 23.2% CAGR, says TMR.

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SMS Payments Hold Very High Economic Potential for Mobile Money Market

Where the mobile money market has hitherto been dominated by companies such as Fortumo OÜ, Boku, Inc., WePay, Inc., Square, Inc., and Paypal, the competition is building up dramatically with the advent of new players such as Dwolla, Inc., Bango.net, and Judo payments. According to Transparency Market Research (TMR), the market leaders controlled by about 40% of the global mobile money market in 2015.

The way ahead for companies wanting to fortify their presence in the market, evidently, is via acquisitions and by developing feature-rich products and services. With more small- and medium-sized enterprises seeking convenient and secure mobile payment options, companies such as Fortumo OÜ are expected to strengthen their foothold in the market. “Companies’ future strategy, in the short term, will largely be centered on acquiring new customer in Middle East and Europe,” observes a TMR analyst.

Emerging Economies to Provide Fertile Ground for Growth of Mobile Money Transactions

With the explosive growth in emerging economies such as China and India as well as in other countries in Latin America and the Middle East, mobile phone penetration has risen dramatically in recent years. Various reports suggest that in emerging markets, mobile phone penetration hovers around 50%, creating a bevy of opportunities for telecom operators, connected device manufacturers, and service providers to cash in on. Moreover, the report notes that although well over 1.5 billion people in emerging markets today enjoy mobile phone access, the same cannot be said about banking services. Thus, the unmet needs will create a massive opportunity for companies in the mobile money market, opines TMR.

The report also expects that with companies investing in more context-based and real-time marketing techniques, mobile money transactions will receive a boost.

Fill the form for an exclusive sample of this report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1505

Consumers’ Apprehensions About Security of Data Need to be Allayed by Mobile Money Services Providers

Consumers today are wary of risks such as phishing, data breach, and data manipulation of data. Because mobile money essentially involves the collection of user data from internet touch points, the general concerns associated with online financial transactions are expected to seep into the mobile money environment as well.

Moreover, it is clear that mobile money could mitigate the issue of banking exclusion in emerging markets in the long run. However, in countries where financial inclusion policies are not well-defined and duly implemented could pose numerous challenges for companies in the mobile money market. The situation is further complicated by the fact that governments are currently focused on improving competition in the financial sector to make services more customer-friendly. This approach doesn’t necessarily increase financial inclusion, which can be achieved by prioritizing mobile payments. Factors such as these will create impediments for the growth of the global mobile money market, says TMR.

SMS Payments Hold High Economic Potential

Based on the mode of payment, the global mobile money market can be segmented into NFC, SMS, mobile billing, USSD/STK, and others. Of these, the SMS payment segment emerged in the leading position in 2015 and will continue to retain its standing through 2024 by rising at the fastest compounded annual growth rate (CAGR), TMR forecasts. The convenience and ease of SMS payments remain unrivalled, making this segment one with a myriad of opportunities.

Based on the type of purchase, money transfers and payments will not budge from its position as the leading segment in the mobile money market. However, the fastest growth will be observed in the airtime transfers and top-up segment between 2016 and 2024. Likewise, the healthcare industry will emerge as the fastest growing segment in the global mobile money market by industry vertical. However, it is the BFSI sector that will lead maintain a lead in terms of revenue.

In 2015, Europe stood as the largest market for mobile money worldwide – a scenario that will remain unchanged until 2024. The fastest growing segment, by geography, will be the Middle East and Africa with a 23.2% CAGR, says TMR.

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