Mobile Money Market - Global Industry Analysis, Size, Share,Growth, Trends and Forecast 2016 - 2024
The global mobile money market is on the cusp of a transformative change with growth increasingly swinging toward emerging economies, says TMR in a new report. The
global mobile money market will derive growth from factors such as companies investing in context-based marketing and real-time marketing to leverage mobile money. With smartphone and personal device sales spiraling in emerging countries with an increasingly affluent consumer base, the need for more inclusive banking is also simultaneously being felt. This presents a multi-billion dollar opportunity for companies such as Bango.net Limited, Fortumo O, Paypal, Inc. (PayPal Holdings, Inc.), Judo Payments, and others. Mobile commerce, mobile banking, mobile wallets, and mobile payments all come under the purview of the mobile money market.
The coming together of various conducive factors will create an opportunity-laden environment for providers of mobile money services. Currently, service providers are focusing on cost effective alternatives to reach out to a larger consumer base. However, consumers continue to remain wary about security and privacy; the situation is compounded by regulatory complexity hampering the long-term growth of themobile money market.
The current generation of disparate platforms is also hindering the adoption of the mobile money solution amongstconsumers as they are required to manage multiple wallets for different transactions/services. However, there is little doubt that with the unprecedented penetration of mobile
devices, these will increasingly serve as vehicles for financialtransactions.
SMS Payments to Remain Most Popular Means of Conducting a Mobile Money Transaction
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In the global mobile money market, by mode of payment, theSMS payment segment holds the largest share. This is attributable to the convenience and efficiency that SMS-basedpayment operations lend. The greatest advantage, however, is
that SMS-based mobile money is compatible with different connected devices such as tablets and smartphones.
In countries across MEA, APAC, and Europe, transactional payments by SMS are already popular and there are no signs of their popularity fading through the forecasting horizon. However, the market is also marked by a growing adoption of other payment methods such as mobile billing, payment clients, and WAP-based payments. The future could see NFC and UUSD/STK modes emerge in a big way to challenge the leading position of SMS payments.
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Moreover, by type of purchase transaction, in 2014, the money transfers and payments segment was the largest in theglobal mobile money market. Growth is projected to be the strongest in the airtime transfers and top-ups segment through 2024. In 2015, sectors such as BFSI, energy and hospitality collectively accounted for more than one-third of the revenue generated in the mobile money market.
Europe to Claim Highest Share in Mobile Money Market until2024
Geographically, the mobile money market saw the highest revenue coming in from Europe in 2015. While North
America trailed Europe in terms of revenue contribution, the region is expected to post better growth as compared to Europe through the forecast period.
Collectively, the two regions are estimated to contribute morethan fifty percent of the revenue to the global mobile money market. The MEA region is anticipated to be the fastest-growing segment during the forecast period due to rising Internet and tablet penetration and technological advancements in the telecommunication sector. Real-time buying is gaining momentum in MEA, which enables companies to develop targeted products and services on the basis of mobile usage patterns. This is expected to create
immense opportunities for the mobile money market in the region.
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Among the top service providers in the global mobile money market are: Bango.net Limited, Boku, Inc., Dwolla, Inc., Fortumo O, Judo Payments, Paypal, Inc. (PayPal Holdings, Inc.), Square, Inc., Stripe, and WePay, Inc.
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