Mobile money is the new inventive payment type that’s bind the space by rendering financial services through mobile phone. The Mobile money market are estimate to grow approximately at CAGR 40% and expected to gain the largest market share with during the forecast period 2018-2023. Mobile money services are accessed through NFC, SMS, Direct mobile billing, Mobile web payment unstructured supplementary service data (USSD) these are widely adopted. Due to the trending technology and major telecom companies in the regions of North America and Western Europe that clinch the major market shares and are estimated to dominate the mobile money market in the forecast period. Followed by Asia Pacific, Japan, Middle East and Africa and also the India which one of the emerging region of mobile money market during the forecast period.
What is Mobile Money Market?
Mobile money is technology that allow the people to receive, store and send money using the mobile phone. The use of mobile phone in order to transfer money, make payment and receive the payment from anywhere at any time. Services whereby customers use their mobile device to send and receive monetary value or more simply put, to transfer money electronically from one person to another using a mobile phone. Both domestic transfers as well as international, or cross-border, remittances are money transfer services. There are different types of mobile money transactions mode such as NFC, mobile web payment, UPI, wallets, banks cards etc.
What are the major applications for Mobile Money Market?
Mobile based money transfer is used in agriculture sector to make or receive the payment in an easy mode and it also assist the farmers by providing information regarding latest farmer’s financial schemes and agricultural related information through mobile phone.
Mobile money transfer enabled person-to-person payment settlement, bill payment and amount transfers, settling the transaction international and domestic, making payments at the point of sale or purchase goods and services.
The major end-users for cloud integration market include banking, Finance, Insurance, services (BFIS) IT, supply chain & logistics , Education, retails & vendors, Oil & gas industry, Health-care, Manufacturing, media & Entertainment, Telecommunication and others.
Market Research and Market Trends of Mobile Money Market
- Banks are adopting the fintech space to regulate and tackle the all the financial services. Fintech companies help the banks to raise the economic growth by discovering maximum financial involvement, huge liquidity of capital flow within and rendering customers targeted, related goods and services.
- Mobile payment platforms play an important role in financial formation across the countries and as the customer’s access to a variety of financial transactions & remittances services.
- Mobile money transaction offers users or the customer an instrument board to trace the payment & amount received and to keep the saving habit these brings more transparency and accountability in the transactions process. The users can handle transactions from anywhere & at any time which more convenience and privacy through mobile money.
- Most of the banks and other financial institution have launch to collaborate, invest and acquire startups in the fintech companies with different goal of generating, supporting & control over financial inclusive that contributes greatly in economic development.
Who are the Major Players in Mobile Money Market?
The companies referred in the market research report includes Alipay, Amazon, Android Pay, Apple Pay, Master Card, PayPass Visa Pay Wave, Google Wallet, Smart Pay, PayPal, Bpay, paytm, FreeCharge, MobiKwik.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.
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