Market Highlights
Mobile money or mobile wallets allude to innovation for burning through and capacity of cash with the assistance of a cell phone. The multiplication of the Internet and acquisition of cell phones has prepared for versatile wallets to thrive in the web-based installment environment. Advanced change of banks and monetary associations just as strong guidelines for non-monetary associations to send off portable applications for monetary associations can look good for the worldwide versatile currency market. Statistical surveying Future's report on the worldwide versatile currency market centers around development motors and difficulties for the time of 2018 to 2023 (estimate period). The COVID-19 episode and its consequences for the business are remembered for the report.
Market Scope
The global mobile money market size can contact USD 99 billion by 2023. It can show a CAGR of 31% during the estimate time frame. The gigantic infiltration pace of cell phones and potential open doors in micropayments and information based monetary administrations can look good for the market. Proficiency of versatile wallets and its high exchange rate can foster portable cash innovation. Additionally, the simplicity in managing monetary exchanges and utilization of modes, for example, UPI, brilliant cards, QR codes can lean toward the market request significantly.
The quick speed of web based shopping due to web based business sites just as limits on items for drawing in clients can drive the download pace of versatile cash applications. Reception of portable installments by actual stores and ascent of nearness installments can drive the market development. Push towards credit only installments in the midst of the COVID-19 pandemic is relied upon to help portable installment designers. As of late, PayTM and AGTech Holdings have chosen to work together on improvement of intuitive games and different methods of diversion for keeping clients drew in on versatile applications. Additionally, the presentation of blockchain for getting monetary exchanges can work with market development.
In any case, guidelines on internet based installment can limit market development.
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Segmentation:
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.
Regional Analysis
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.
Competitive Outlook
Amazon Pay, Alipay, Google pay, Chase Pay, Apple Pay, MasterCard, WeChat Pay, Vodafone Group PLC, PayPal, and Samsung Pay are prominent players of the global mobile money market.
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Global Mobile Money Market, by Transaction Mode (Mobile apps, Smart card, Mobile Banking), by Industry (BFSI, Media & Entertainment, Retail, Healthcare), by Financial Services (Mobile Money, Mobile Insurance, Mobile Credit) - Forecast 2027
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MarketsandMarkets expects the global Mobile Money Market size 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.
Mobile applications considered under this segment include digital/mobile wallets and Unified Payment Interface (UPI) payment apps.
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 periodBy type of payment, the proximity payments segment to grow a higher CAGR during the forecast period.
Proximity payments are specifically enabled for short distances and work when both the payer and payee are present in the same location.
The Global Mobile Money Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.The comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with detailed understanding of the core competency of each activity involved.
The market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.The report classifies the market into different segments based on transaction mode, nature of payment, location of payment, type of purchase, and vertical.
The study incorporates periodic market estimates and forecasts at regional and country level.Final Report will cover the impact of COVID-19 on this industry.Browse the complete Global Mobile Money Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 @ https://www.decisiondatabases.com/ip/8421-mobile-money-market-reportThe report also covers the complete competitive landscape of the worldwide market with company profiles of key players such as:Vodafone Group PLCGemaltoMasterCard IncorporatedGoogle Inc.FISBharti Airtel LimitedOrange S.A.Monitise PLCMahindra ComvivaPaypal PTE.
Ltd.A detailed description of each has been included, with information in terms of H.Q, future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other latest industrial developments.SEGMENTATIONS IN THE REPORT:By Transaction Mode:Near Field Communication (NFC)/Smart CardsDirect Mobile BillingMobile Web/WAP PaymentsShort Message ServiceSIM Toolkit/Unstructured Service Supplementary Data (STK/USSD)Mobile Applications (Apps)Interactive Voice Response SystemOthersBy Nature Of Payment:Person to PersonPerson to BusinessBusiness to PersonBusiness to BusinessBy Location Of Payment:Remote PaymentsProximity PaymentsBy Type Of Purchase:Airtime Transfer and Top-UpsMoney Transfers and PaymentsMerchandise and CouponsTravel and TicketingDigital ProductsBy Industry:Banking, Financial Services, and Insurance (BFSI)Telecom and ITMedia and EntertainmentHealthcareRetailTravel and HospitalityTransportation and LogisticsEnergy and UtilitiesOthersBy Geography:North AmericaEuropeAsia PacificLatin AmericaMiddle East And AfricaDownload Free Sample Report of Global Mobile Money Market @ https://www.decisiondatabases.com/contact/download-sample-8421The Global Mobile Money Market has been exhibited in detail in the following chapters –Chapter 1 Mobile Money Market PrefaceChapter 2 Executive SummaryChapter 3 Mobile Money Industry AnalysisChapter 4 Mobile Money Market Value Chain AnalysisChapter 5 Mobile Money Market Analysis By Transaction ModeChapter 6 Mobile Money Market Analysis By Nature Of PaymentChapter 7 Mobile Money Market Analysis By Location Of PaymentChapter 8 Mobile Money Market Analysis By Type Of PurchaseChapter 9 Mobile Money Market Analysis By IndustryChapter 10 Mobile Money Market Analysis By GeographyChapter 11 Competitive Landscape Of Mobile Money CompaniesChapter 12 Company Profiles Of Mobile Money IndustryPurchase the complete Global Mobile Money Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-8421Other Reports by DecisionDatabases.com:Global Mobile Payment Transaction Service Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026Global Mobile Wallet Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026Global Mobile Advertising Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026About-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
DecisionDatabases.com is proficient in providing syndicated research report, customized research reports, company profiles and industry databases across multiple domains.Our expert research analysts have been trained to map client’s research requirements to the correct research resource leading to a distinctive edge over its competitors.
Global Mobile Money Market, by Transaction Mode (Mobile apps, Smart card, Mobile Banking), by Industry (BFSI, Media & Entertainment, Retail, Healthcare), by Financial Services (Mobile Money, Mobile Insurance, Mobile Credit) - Forecast 2027Market overviewDigital money is the new world in today’s era.
The evolution of money is taking place rapidly.
Firstly there was a barter system than coin era emerged.
After that, money is expressed in paper terms that are easy to carry and make a trade with anything, but in today's speed world, digitalized money has emerged, which does not need a hand-to-hand transaction for money transfer.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/1052Market SegmentationAccording to the Mobile Money Market Analysis, this market is segmented into three types.
By service, it is segmented into online credit scores, mobile credits, and mobile insurance in terms of money.Regional AnalysisIn a regional analysis of Mobile Money Market Growth, we can see that Asia holds the highest rank of the money market from all the other continents.
The latest report by IMARC Group, titled “Tanzania Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the Tanzania mobile money market size reached US$ 45.5 Billion in 2018.
Over the years, it has evolved beyond the simple transfer of money, allowing people to save, insure and borrow money.
At present, a significant percentage of Tanzanians have registered mobile money accounts and the country represents one of the leading mobile money markets in the world.Request for a free sample copy of this report: https://www.imarcgroup.com/tanzania-mobile-money-market/requestsampleMobile money, also referred to as a mobile wallet, is a payment method that allows users to pay bills, transfer funds between banks or accounts and deposit or withdraw funds using mobile phones.
It currently represents one of the leading mobile money markets in Africa, owing to the increasing usage of mobile phones for financial transactions.
A significant percentage of Tanzanians have registered mobile money accounts, which help them to execute these transactions in a relatively reliable and inexpensive manner.
Moreover, the growing number of partnerships between mobile money operators and international money transfer services like MoneyGram and Western Union has facilitated users of different service platforms to transact directly with each other.
