Mobile Money Market Revenue, Opportunity, Segment and Key Trends 2017-2027
Population in the emerging economies are getting adaptive to the advanced technology. The usage of smart devices is getting traction in the developing regions with better communication facilities. Majority of the low-income group population in the emerging countries make transactions using informal mode of networks that are prone to theft and have high transactional costs. Mobile money is the innovative payment type that is bridging the gap by providing financial services through mobile devices, offering from simple person-to-person transfers to complex banking transactions. Mobile money is easy, secure, fast, and affordable way of making payment, transferring money, and performing other transactions using mobile phone. Person-to-person nature of payment is expected to experience growth in the mobile money market in the forecast period owing to the banks offering highlighted convenience of immediate transfers including withdrawals and deposits through mobile devices. Mobile money services are accessed through SMS, and multiple transaction modes such as direct mobile billing, SIM toolkit (STK) or unstructured supplementary service data (USSD), mobile web/wireless application protocol systems are also widely adopted.
Population in the emerging economies are getting adaptive to the advanced technology. The usage of smart devices is getting traction in the developing regions with better communication facilities. Majority of the low-income group population in the emerging countries make transactions using informal mode of networks that are prone to theft and have high transactional costs.
Mobile money is the innovative payment type that is bridging the gap by providing financial services through mobile devices, offering from simple person-to-person transfers to complex banking transactions. Mobile money is easy, secure, fast, and affordable way of making payment, transferring money, and performing other transactions using mobile phone.
Person-to-person nature of payment is expected to experience growth in the mobile money market in the forecast period owing to the banks offering highlighted convenience of immediate transfers including withdrawals and deposits through mobile devices. Mobile money services are accessed through SMS, and multiple transaction modes such as direct mobile billing, SIM toolkit (STK) or unstructured supplementary service data (USSD), mobile web/wireless application protocol systems are also widely adopted.
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<strong>Mobile</strong> <strong>Money</strong> <strong>Market</strong><br />
payments, travel <strong>and</strong> ticketing, airtime transfer <strong>and</strong> top-ups, merch<strong>and</strong>ise <strong>and</strong> coupons, digital products, <strong>and</strong><br />
others.<br />
On the basis of vertical, mobile money market can be segmented into banking, financial services <strong>and</strong><br />
insurance (BFSI), travel <strong>and</strong> logistics, retail, IT <strong>and</strong> telecommunication, energy <strong>and</strong> utility, government offices<br />
<strong>and</strong> education, healthcare, <strong>and</strong> others.<br />
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<strong>Mobile</strong> <strong>Money</strong> <strong>Market</strong>: Regional Overview<br />
Regionally, mobile money market can be segmented into North America, Latin America, Western Europe,<br />
Eastern Europe, Asia Pacific excluding Japan, Japan, <strong>and</strong> Middle East <strong>and</strong> Africa<br />
North America <strong>and</strong> Western Europe hold the major market shares presently <strong>and</strong> are expected to dominate<br />
in the forecast period owing to the increased adoption <strong>and</strong> usage of latest technologies among the<br />
population <strong>and</strong> major telecom companies headquartered in the regions also aids the mobile money market<br />
in the regions. Asia Pacific excluding Japan, Middle East <strong>and</strong> Africa are among the emerging regions <strong>and</strong> are<br />
expected to experience maximum growth in the forecast period. Countries such as India in the region Asia<br />
Pacific excluding Japan is experiencing huge adoption of mobile money services in the recent time due to<br />
digitization <strong>and</strong> urbanization initiatives taken by the government of the country.<br />
<strong>Mobile</strong> <strong>Money</strong> <strong>Market</strong>: Competition L<strong>and</strong>scape<br />
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