According to a research report “Mobile Money Market by Transaction mode (Point of Sale, Mobile Apps, QR codes, Internet Payments, SMS, STK/USSD Payments, Direct Carrier Billing, Mobile Banking), Nature of Payment, Application, Type of Payments, Region – Global Forecast to 2024“, published by MarketsandMarkets, the mobile money market to grow from USD 3.4 billion in 2019 to USD 12.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 28.7% during the forecast period. Major factors expected to drive the growth of the mobile money market include the rise in the number of mobile subscribers, government initiatives to promote cashless economies, and growth of businesses with digital payment-based business models.
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By transaction mode, mobile apps segment to grow at the highest rate during the forecast period
By transaction mode, the mobile apps segment is expected to grow at the highest CAGR during the forecast period. Several applications offer payment services, such as Apple Pay, Google Pay, and PayPal. Some of these applications provide mobile wallet services too. Mobile applications considered under this segment include digital/mobile wallets and Unified Payment Interface (UPI) payment apps. With the proliferation of strong internet coverage in developed and some developing countries, the adoption of mobile money application has increased significantly. Mobile-based payment app interfaces are designed to facilitate easy payment using mobile phones. It is a software intended mainly for smartphones and tablet computers. All the functions of mobile money, such as sending, receiving, and withdrawing money along with other such options can easily be accessed through these apps.
By type of payment, the proximity payments segment to grow at highest CAGR during the forecast period
By type of payment, the proximity payments segment to grow a higher CAGR during the forecast period. These payments are carried out using mobile phones and Point of Sales (POS) device. Currently, several companies offer applications that enable proximity payments. It is referred to as in-store payments in case of retail store or in-location payments with regards to payment through a merchant’s POS terminal. Proximity payments are specifically enabled for short distances and work when both the payer and payee are present in the same location. The proximity payment type is strikingly different from remote payment as it involves the presence of payment card details from one’s own bank account and does not require any tie-up with a payment processor to facilitate transactions. Increasing adoption of mobile payment technologies by brick and mortar-based businesses further drives the demand for proximity payments.
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Asia Pacific to account for the largest market size during the forecast period
The global mobile money market by region covers 5 major geographic regions, namely North America, Asia Pacific (APAC), Europe and Central Asia, Middle East and Africa (MEA), and Latin America. APAC is expected to hold the largest market size during the forecast period. The region is at the forefront in the adoption of mobile money solutions, owing to the increased smartphone penetration in this region that provides operators with an opportunity to launch advanced mobile wallet services. The rapid eCommerce adoption further contributes to increased use of electronic payment mechanisms, including mobile money services. The growth of mobile money solutions has helped bridge economic opportunities and drive financial inclusion in the region. Owing to its vast population and the developing nature of their economies, a large number of people in this region lack direct access to financial services. Traditional banking results in high operational costs and these banks are difficult to set up in rural and remote areas. However, mobile-based solutions help reduce operational costs and serve a diverse population, thereby promoting financial inclusion by bridging economic opportunities.
Key Mobile Money Market Players
Vodafone (UK), Google (US), Orange (France), FIS (US), Paypal (US), Mastercard (US), Fiserve (US), Airtel (India), Gemalto (Netherlands), Alipay (China), MTN (South Africa), PAYTM (India), Samsung (South Korea), VISA (US), Tencent (China), Global Payments (US), Square (US), Amazon (US), Apple (US), Western Union Holdings (US), Comviva (India), and T- Mobile (US).
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