Mobile Money Market: money on mobile dominated by Africa followed by Asia Pacific by 2021
The money mobile enables the mobile user to make transaction using the mobile device. The cash for mobile can be used for various kinds of transactions and it gaining popularity in many regions across the globe. The money for your phone app needs high security for the banking data transfer and access. There is high scope for the Mobile Money Market with growing E-commerce and cash for mobile applications across the globe during 2016-2021.
Scope and Regional Forecast of the Mobile Money Market:
As per the IndustryARC market research analysis on the Mobile Money Market, the use of mobile on money payment applications is continuously rising due to the growth in BFSI and E-commerce sectors. Companies are investing high capital to provide users with secure money phone services.
Africa is the leading region in the Mobile Money Market with Kenya leading the charge. The mobile users highly use money mobile applications for their transactions. Asia is the second leading region in this market owing to the high number of mobile users who prefer mobile cash as convenient payment system according to IndustryARC analysis report during 2016-2021.
North America, South America and Europe are anticipated to show moderate growth in the Mobile Money Market with growth in use of money mobile app. Asia and Africa together occupies almost 3/4th of the global market during 2016-2021.
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Segmentation of the Mobile Money Market:
The Mobile Money Market is segmented into various categories in the IndustryARC market analysis report by transaction mode, by nature of payments, by location, by type of purchase and by geography as follows:
By transaction mode: Near Field Communication (NFC)/Smart Cards (Contact Cards, Contactless Cards and Combination Cards), Direct Mobile Billing (Limited DCB, Pure DCB, MSISDN Forwarding, MSISDN Forward Window, Pin/MO Base Window and No Direct Operator Billing), Mobile Web/Web Payments (Credit Cards, Electronic Checks, PayPal and Gift Cards), Short Message Services (SMS) (Picture Messaging), Sim Tool Kit (STK)/Unstructured Supplementary Service Data(USSD) and Interactive Voice Response(IVR)
By nature of payments: Person to Person (P2P), Person to Business (P2B), Business to Person (B2P) and Business to Business (B2B)
By location: Remote Payments, Proximity Payments
By type of purchase: Airtime Transfers and Top-Ups, Money Transfers and Payments, Merchandise and Coupons, Travelling /Ticketing and Food, Digital Products and others
By geography: North America, South America, Europe, Asia Pacific, Africa and Middle East
Key Players of the Mobile Money Market:
The key players in the Mobile Money Market according to the IndustryARC market intelligence studies report are as follows:
- Vodafone Group Plc
- Apple Inc.
- Go Cardless Ltd.
- American Express Banking Corp.
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The Mobile Money Market is a rapidly growing market with high use of money on mobile application and MTN money transfer services by people for easy and on the spot transactions in various regions across the globe. This market is projected to witness high growth and demand owing to the increasing use of money network mobile app by people for mobile money services, high capital expenditure for MTN mobile money applications for easy and convenient use and growing influence of money for phones during 2016-2021.
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