Market Research Future (MRFR) in its recently published study report asserts that the global mobile money market will reach USD 99 BN by 2023, registering a massive CAGR of 31% throughout the forecasting period (2018 – 2023).
Additional benefits that mobile payment products offer to end-users such as account inquiries, bill payments, funds transfer, purchases for goods and services, via their mobile phones alongside the unique encryption, and payment gateways that make the payment secured is driving the growth of the market.
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The MRFR analysis is segmented into five key dynamics for enhanced understanding.
By Transaction Type: P2P, P2B, B2P, and B2B.
By Mode: Mobile Applications, Smartcard/NFC, and SMS & Web among others.
By Financial Services: Mobile money, Mobile savings, Mobile insurance and Mobile credit among others.
By Verticals: BFSI, Media & Entertainment, Travel & Hospitality, Web Services, Retail, and Healthcare among others.
By Regions: North America, Europe, APAC, and the Rest-of-the-world (RoW).
The Asia Pacific region, heading with the high demand for smart cards and smartphones, dominates the global mobile money market. Moreover, the presence of leading market players like WeChat Pay (China) and Alipay (China) positively impacts the growth of the regional market.
Whereas, the Indian mobile payment market, backed by the recent government regulations, significantly contributes to the growth of the regional market. The proliferation of smartphones and e-commerce alongside the increasing adoption of mobile app-based payments are some of the significant driving forces fostering the mobile money market in this region. India, backed by the
North America is another lucrative Mobile Money Market Share. The market in this region is growing due to the exceeding sale of smartphones and need of portability in the payment gateway market. Besides, technological advancement is also a key factor, driving the market in North America.
The European region, on the other hand, accounts for a significant market share, valuing greatly. Factors such as recent technology developments and a high level of financial inclusion are driving the growth of the mobile money market in the region.
Mobile money has changed the financial inclusion landscape significantly, particularly in Sub-Saharan Africa, where over 19 markets have more mobile money accounts than bank accounts.
The global mobile money market appears to be highly competitive characterized by the presence of several well-established as well as small players. Matured players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage and thus to maintain their positions in this market.
Players are focusing on product reinforcement to sustain themselves in the market. Additionally, some of the other strategies adopted by vendors in the market include greater commercialization of their products and promotion initiatives through increased collaboration.
Players leading the global mobile money market include Alipay (China), WeChat Pay (China), PayPal (US), Samsung Pay (South Korea), Apple Pay (US), Amazon Pay (US), Google pay (US), Chase Pay (US), Vodafone Group PLC (US), and MasterCard (US) among others.
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