The presence of billions of smartphone users across the world, combined with the lack of an equally proliferated banking networking to match, will lead more consumers worldwide to opt for mobile-money-based transactions. According to a report featured on Market Research Reports Search Engine (MRRSE), the global mobile money market will log a robust CAGR of 22.0% from 2016-2024. The growing volume of online transactions will enable the growth of the global mobile money market as will mounting internet accessibility in densely populated regions. Currently, India stands as the fastest-growing mobile money market in the world thanks to the presence of a young and rapidly expanding workforce.
Mobile Money Capturing Consumer Attention in Emerging Economies
Although, currently, countries in Europe and North America account of a sizeable share of the revenues of the global mobile money market, the future growth of the market will be pivoted on densely populated countries in Asia, MEA, and Latin America. Even so, Europe will continue to stand as the leading revenue generator in the global mobile money market. However, North America will post faster growth than Europe despite lagging behind the market leader in terms of annual revenue.
The spurt in mobile money deployments is being facilitated by business enterprises investing heavily in real-time and context-based marketing initiatives. Market movements also suggest that the growing internet penetration will encourage more consumers to look toward mobile money to fulfill transactions. However, the forward march of companies in the mobile money market will face a roadblock on the form of disparate platforms that compel consumers to use different mobile money wallets for the lack of a single integrated solution.
Popularity of SMS Payments Could be Rivaled by NFC and Other Modes in Long Term
The biggest chunk of revenues in the global mobile money market currently comes from the SMS payments segment. With SMS being a popular mode of communication worldwide already, using the mode to conduct a transaction is likely to be an appealing option for consumers. This preference will be supplemented by the fact that SMS is an ubiquitous feature in both featurephones and smartphones.
While the leading status of the SMS payments segment within the mobile money market will not change anytime in the short term, consumer preference is expected to shift toward NFC and STK/UUSD modes in the long term as these technologies are rolled out across wider geographical areas. Even as this change brews, medium and high-value opportunities are projected to be created in payment clients, WAP-based payments, and mobile billing.
Browse the full Global Mobile Money Market report at http://www.mrrse.com/mobile-money-market
How Different Entities Across the Mobile Money Value Chain can Leverage Opportunities
New entrants in the mobile money market are consistently endeavoring to boost interoperability while creating a more insights- and analytics-driven experience for end users. Consumers are still not sold on the idea of conducting large-scale transactions via mobile money, which represents an unmet need. Companies stand to monetize this white space by offering highly secure and multi-layer authentication mobile money services. Likewise, banks and telecom operators can leverage mobile money channels to gain more data and insight into consumer behavior.