Mobile money is a new technology which helps their users to use their mobile phones to perform day to day money transactions such as receive money, make payment and store. Mobile money is also referred as mobile wallet or called by the name of specific service providers such as mPesa, Tigo and others. In more than 150 countries, there are more than 260 different mobile money service majorly popular in Asia region. Mobile money is usually offered in any country by the mobile phone service providers and private institutions where each user is assigned a unique account number which is similar to their mobile number in most of the time.
Growing urbanization and increasing awareness about the digital banking system around the world is one of the major reason behind the growth of mobile money market. Although, mobile money users are increasing day by day, many users are also concerned about the privacy and securities issues. Today, mobile money is being widely used in the urban cities, but people living in the rural areas are still in the adoption stage. There are various factors which is slowing the growth of mobile payment services in rural areas. Lack of information and high dependency on the regular payment system are some of major factor which is hampering the growth of the market in rural areas. To overcome from these problems, companies are coming up with various new plans and strategies to gain the trust of the people. Also, government of various countries is also promoting cashless economy concept helping the nation to grow with faster pace
Segmentation by Transaction Type: P2P, P2B, B2P, B2B
Segmentation by Mode: Mobile Applications, Smartcard/NFC, SMS & Web among others
Segmentation by Financial Services: Mobile money, Mobile savings, Mobile insurance and Mobile credit
Segmentation by Verticals: BFSI, media & entertainment, travel & hospitality, web services, retail, and healthcare among others.
Currently, Asia-Pacific region is dominating the market of mobile money and holds immense potential. Increasing population and growing the amount of mobile users are few of the major factor which is driving the market of mobile money market in Asia Pacific region. Also, increasing awareness about the benefits of mobile payment is also supporting the market growth. On the other hand, various approaches of local bodies and government towards the promotion of digital economy is also helping the market growth. North America money market is growing with sustainable growth rate and holds second position in the global market. Presence of global players and rich technology and advance banking system is one of the major factor which is supporting the market of mobile money in North America. Europe on the other hand stands as third largest market for the mobile money. Presence of developed countries and growing BFIS industry in European countries are some of the factors which is supporting the market.
Google, Inc. (U.S.), MasterCard (U.S.), American Express (U.S.), Paycom (U.S.), Apple Inc. (U.S.), Gemalto (Netherlands), FIS (U.S.), Mahindra Comviva (India), Paypal (U.S.) Vodafone Group PLC (U.S.) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global mobile money market. Mobile money offers several benefits to their consumers including easy receive and payment and more access to their account details.
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