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Growing Ubiquity of Mobile Phones Worldwide to Bode Well for Adoption of Mobile Money Services

Blog Description

The exponential growth of the global mobile money market can be gauged from the fact that there was only one mobile money system in the market in 2001. But currently, there are more than 150 in everyday use and a number of them in the pipeline. Mobile commerce, mobile wallets, carrier billing, mobile payments, and mobile banking all fall under the mobile money market. According to a study by Transparency Market Research (TMR), the global mobile money market was valued at US$17.25 bn in 2014 and is estimated to grow at a CAGR of 22.0% from 2016 to 2024. 

Browse Full Global Mobile Money Market with TOC:http://www.mrrse.com/mobile-money-market

Rising Consumer Interest in E-wallets to Propel Mobile Money Market

The increasing demand by consumers for convenient access to their money through electronic wallets (e-wallets) is driving the technology that enables mobile money services. This trend has proved to be a shot in the arm for companies such as Paypal, Inc. (PayPal Holdings, Inc.), Fortumo OÜ, Bango.net Limited, Judo Payments, and others. Moreover, app stores such as Google Play, Windows store, Mozilla, and Amazon app store offer carrier billing as a way to purchase apps. For instance, Google Play alone lists 65 telecom operators in 32 countries facilitating carrier billing.

Emerging Economies to Present Immense Opportunities for Growth of Mobile Money Transactions

The rising penetration of smartphones in emerging economies is expected to augur well for the growth of the global mobile money market. The ubiquity of cell phones in these economies will play a vital role in the large-scale adoption of mobile money solutions. Moreover, various studies suggest that there are presently about 1.5 billion mobile phone users in emerging markets and a large number of users now prefer phones for banking to conventional banks. The high unmet needs are likely to boost the growth of the market.

Other factors such as the increasing investment in more real-time and context-based marketing techniques are expected to fuel the growth of the global market.

Regulations and Security Issues to Pose a Major Challenge

The growth of the global mobile money market requires a broad agreement of regulatory norms and the implementation of effective tools that solve mobile banking security issues. Mobile money services present a high risk of theft or identity fraud to consumers. Moreover, with these services it becomes more challenging for regulators to identify the sender and recipient of a given transaction. This challenge is more pronounced in economies where financial inclusion policies are not well-defined and duly implemented.

Europe to Maintain Most Prominent Position

On the basis of geography, the global mobile money market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe was the leading segment by revenue in 2015 and is estimated to retain its dominance until 2024. This region along with North America is expected to account for more than 50% of the overall market revenue by 2024.

Browse the full Press Release of Global Mobile Money Market  at http://www.mrrse.com/global-mobile-money-market

Middle East and Africa to Rise at Significant Rate

The Middle East and Africa region is expected to grow at the most promising CAGR from 2016 to 2024. The growth of this region can be attributed to technological advancements in the telecommunication sector and rising number of internet and smart devices users. The rise in the real-time buying will help companies in developing targeted products and services on the basis of mobile usage patterns. This is expected to create abundant growth opportunities for the mobile money market in the MEA.