Market Overview:
Over the last decade, global digitalization has been increased robustly. In addition to this, the usage of Bit Money based trading has vigorously escalated the demand for mobile money. Furthermore, growing awareness about the advanced technologies as well as the increasing usage of smart devices will generate significant demand over the forecasted period with better communication facilities. However, the majority of the low-income population have adopted the low-quality applications which are prone to theft and higher transactional costs which might stagnate the business growth. Since mobile money is one of the innovative payment types. Introduction to these highly automated platforms has simplified the use of financial services by mobile devices.
The Global Mobile Money market is expected to see growth rate of 32.34% and may see market size of USD260.32 Billion by 2028,. Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Billion) |
Key Companies Profiled | Vodafone Group Plc. (United Kingdom), Gemalto (Netherlands), Fidelity National Information Services, Inc. (FIS) (United States), Google Inc. (United States), Mastercard Incorporated (United States), Bharti Airtel Limited (India), Orange S.A. (France), Monitise Plc (United Kingdom), Mahindra Comviva (India) and PayPal Holdings, Inc. (United States) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region or narrow down segments in the final scope subject to feasibility |
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics of major and emerging geographies across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Key Players of Mobile Money Market Study:
Vodafone Group Plc. (United Kingdom), Gemalto (Netherlands), Fidelity National Information Services, Inc. (FIS) (United States), Google Inc. (United States), Mastercard Incorporated (United States), Bharti Airtel Limited (India), Orange S.A. (France), Monitise Plc (United Kingdom), Mahindra Comviva (India) and PayPal Holdings, Inc. (United States)
Mobile Money Market Segment Analysis
Scope | Sub-Segments |
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Mode of Transaction | Nfc/Smart Cards,Direct Mobile Billing,Mobile Web/Wap Payments,Short Message Service (SMS),Stk/USSD |
Location of Payment | Remote Payments,Proximity Payments |
Nature of Payment | Person to Person,Person to Business,Business to Person,Business to Business |
Type of Purchase | Airtime transfer and top-ups,Money transfers and payments |
Influencing Trend:
Introduction to Secure Remote Commerce (SRC) which Simplifies the Digital Transactions and Growing Adoption of Technologically Secure Biometric Authentication Technology
Market Growth Drivers:
Growing Awareness About Advanced Digital Payment Software and Robustly Increasing Smartphone Industry leading to Rising Demand for Mobile Money
Challenges:
Lack of Secure Platform Provision from Undeveloped Economies and Skilled and Literate Consumer Base is Required for Ideal Use of Mobile Money
Restraints:
Risk of Theft and Hacking for Moderately Secure Mobile Money Applications and Lack of Awareness About the Advantages of Mobile Money Services
Opportunities:
Minimized Gap Between Actual and Virtual Financial and Enhanced Flexibility Provisions Among the Mobile Money Services
The Players having strong hold in the market are Vodafone Group, Gemalto, Fidelity National Information Services(FIS), Google Inc., and Mastercard. Some of the other players that are also part of study are MTN Group Limited (South Africa), Vodacom Group Limited (South Africa), Safaricom Limited (Kenya) and Econet Wireless (South Africa). The Global Mobile Money market is gaining huge competition due to involvement of United States companies that constantly invest in research & development to meet market expectation with new innovation.
Latest Industry Highlights:
On May 22, 2019, two trusted global and domestic payment networks Mastercard and Interac has collaborated to offer Canadians a fast, simple and secure way to send money internationally. By leveraging Mastercard Send, a push-payments service that powers a faster, better, smarter way to send money cross border, the Interac eTransfer platform will allow customers to send money from Canada to bank accounts internationally, starting with Europe. National Bank will be the first bank to pilot the new international remittance solution for its personal banking clients.
On 15 May 2017, Vodafone Group Plc (“Vodafone Group”) and its wholly-owned subsidiary, Vodafone International Holdings B.V. has completed the transfer of a 35% indirect shareholding in Safaricom Limited (“Safaricom”) to Vodacom Group Limited (“Vodacom”), its sub-Saharan African subsidiary. Vodafone has been issued with 233.5 million new shares in Vodacom, increasing Vodafone Group's shareholding in Vodacom from 65.0% to 69.7%. Vodafone retains an indirect stake of 5% in Safaricom.
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Mobile Money market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Mobile Money market.
Identification of total players or companies operating in the global market which is further concentrated to fewer or most impacting players which are considered under the reports scope. In order to make a priority list sorting is done based on revenue generated based on the latest reporting with the help of paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Mobile Money Service Providers, Mobile Money Platform Providers, Financial Industry Associations, Government Agencies, Research and Development Institutes, Venture Capitalists and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases etc.