Mobile Money Market is expected to rise at a remarkable rate of 22% between 2016 and 2024
The global mobile money market is currently witnessing intense competition, which is expected to intensify further with the entry of new players in the coming years. As per a new study by Transparency Market Research (TMR), Square, Inc., PayPal Holdings, Inc., Boku, Inc., WePay, Inc., and Fortumo OÜ are some of the leading market players. These companies held nearly 40% of the global market in 2015.
Leading companies in the market are looking to consolidate market share to gain competitive edge. For instance several companies are engaging in strategic collaborations, while several others are acquiring promising smaller players to have a stronger foothold in the global mobile money market. Furthermore, many emerging and established players are offering small and medium-sized companies user-friendly and secure features in order to gain competitive strength. Also as a part of their strategy, the market players are capitalizing on opportunities available in emerging economies across the world.
According to TMR, the global mobile money market is expected to rise at a remarkable rate of 22% between 2016 and 2024. In 2014, the global market was valued at US$17.25 bn. Among the various modes of payment the market offers, the SMS mobile payment segment held dominance in 2015 and is forecast to continue leading the market through the course of the report’s forecast period.
Regionally, the global mobile money market is segmented into Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. Among these regions, Europe held lead in the global and is forecast to remain dominant in the coming. The rising penetration of internet and latest technologies, besides considerable advancement in telecommunication sector will support the expansion of the mobile money market in Europe.
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Increasing Penetration of Mobile Telephony Boosts Growth
In the coming years, the global mobile money market is likely to gain significantly from the increasing penetration of mobile telephony and smartphones. Also it is likely to gain from the increasing demand for SMS-based payment options. As per TMR, the rising popularity of transactional payments using SMS as a medium in countries across Europe, Asia Pacific, and the Middle East and Africa will enable growth in the market in the coming years. Also, the market is expected to gain from the increasing dependence on mobile money transfers. Against this backdrop, the advent of highly secured payment methods will give significant impetus to the global mobile money market.
The demand for secure payment is expected to rise across diverse sectors. TMR projects the demand for mobile payment is expected to rise in hospitality, BFSI, energy, and other sectors. In addition to this, UUSD/STK and NFC modes of mobile payment technologies are gaining immense traction, which is expected to enable the market gain momentum in the coming years. Furthermore, TMR projects the market to gain from the rising popularity of airline transfers.
Rising Phishing Attacks Bolster Threats
On the downside, concerns pertaining to phishing attacks is expected are on a rise. Besides these, there are other concerns such as financial data manipulation and data breaches, which are hindering the global mobile money market to an extent. Never mind this, rising penetration across emerging nations is likely to open growth avenues for the global mobile money market in the coming years.
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