An Incisive, In-depth Analysis on the Mobile Money Market
This study offers a comprehensive, 360 degree analysis on the Mobile Money market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Mobile Money market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Mobile Money Market Outlook & Key Findings
- Mobile money market likely to grow at over 24% in 2020 with adoption of digital payments offering safety during a pandemic
- Growing smart phone penetration remains instrumental to all pervasiveness of digital payments
- Mobile banking and intuitive mobile payment applications create opportunities for mobile money provider
- Mobile wallet gains popularity in rural areas of economies as cashless economies become a norm
- Use of mobile money in BFSI vertical to witness approximately 30% Y-o-Y growth from 2020 to 2021
Not a Face off but a Symbiotic Relation Between Banks and Mobile Money Companies
The relationship of e-commerce and mobile payments are intricately woven together with each of their growth directly proportional to the other. Buyer’s online purchase journey wouldn’t be possible without active role of banks. Mobile money was considered a challenge for conventional banks, but both the systems moved in a symbiotic relation. Growing number of users are opting for mobile payments with each passing purchase, which has given the market a definitive boost.
The market has been thriving with entry of nonbanking and unconventional players, who are making a show-stopping move. For instance, launch of Google Pay with a simple policy “Add a card. It’s not hard”, the company took the mobile money market by the storm. It gave away instant cashbacks to users, making it a winning strategy for luring new users even today.
Adoption of regional languages, discounts on using mobile payments for monthly bill payments, and option of clubbing multiple transactions under one roof has won mobile money a new tech-savvy clientele. The rise of mobile money, surpassing electronic banking, is also attributable the digitization of economy, especially in India. It became a defining moment in the birth of mobile money, making it indispensable to transactions thereafter. Research indicates that mobile banking is expected to witness a 13-14% growth Y-o-Y from 2020-2021.
Mobile Wallets Gaining Traction as Digitally Native Users Increase
Exemplary mimicry by mobile wallets of actual, physical wallets has won them an incredible space in daily financial transactions. From grocery purchases to money transfers, mobile wallets have been critical in expanding the role of mobile money today’s world. Future Market Insights suggests that adoption of mobile wallets will grow by 1.3X from 2020 to 2021.
Mobile wallets have given millions of end user more power and flexibility with easy transfer systems, banking systems, and e-commerce. An excellent alternative to cash, mobile wallets offer a broad usage ranging from bill payments, ticket bookings, mobile banking, and e-commerce checkout. Engaging with sellers for quick purchases with e-tailing platforms have upped the game for mobile wallets.
Winners of mobile wallet segment have been quick to adapt to the industry changes with valuable insights using data analytics that have constantly tried to understand consumer behavior. For instance, Google Pay’s referral programs for rewards, scratch cards, and show of non-Google Pay users from users phonebook to prompt a referrals have been three key instance where this wallet has truly used data for design.
Mobile wallets have also introduced the option of storing multiple card details, making it easier for selecting the card for better money management. Digitally native generations have been quick to adopt these wallets as they are safer than actual wallets as OTPs, biometrics, and tokenization, and passwords make it exceptionally personal and safe from random thefts.
QR Codes Tip the Odds in Favor of Mobile Money
QR codes or quick response codes is a unique 2-dimenstional barcode systems that only seek a scan to initiate a mobile payment. These codes have played an unforgettable role in the expansion of mobile money. The adoption of QR codes is has been the most technologically-advanced version of contactless payments.
Their affordability as compared to NFC have also made them a popular choice amongst most merchants. These do not require any additional devices other than a smartphone with a functional camera to make the payment. These codes have made it exceptionally easy to use mobile wallets. With no requirement of any additional infrastructure and backed by the deals and offers, regularly provided by the payment service providers, paying with QR codes has definitely overtaken NFC payments and has become a great means for in-store contactless payments.
Increasing Adoption for Mobile Point of Sale Driving Market Growth
Mobile point of sale or mPOS have truly harnessed the power of smartphone to accept payment on the spot. mPOS is the technology that frees all businesses from their brick-and-mortar and in-store transactions.
mPOS device restricts the liability because transactions are encrypted and card information is not stored on the mPOS device, which minimizes the risk of security breach and makes it quicker and easier to comply with regulations. Biometrics such as fingerprint and facial recognition can also be used with mPOS to confirm identities of customers during the payment, which adds another level of security to payments using mobile money.
With mPOS, staff can see past transactions, online browsing history, loyalty rewards, and other things that help staff to understand about the need of the customer. These features have not only added to customer satisfaction but also improvement in staff performance.
South Asia & Pacific Sees an Unprecedented Adoption of Mobile Money with Digitized Economies : Region Analysis:
According to Future Market Insights, North America and the Middle East & Africa dominated the mobile money market in 2019. Report suggests that the incremental $ opportunity for North America mobile money market US$ 4.7 Bn for 2020-2030.
The regional dominance will be dictated by rise in adoption of NFC mobile payments in major retail outlets in the U.S. The paradigm behind the payment volume and operational efficiency with NFC point-of-sales readers will be able to offset the investments on setting the infrastructure.
As for South Asia & Pacific the incremental $ opportunity is estimated at US$ 2.7 Bn for 2020-2030. The regional market is projected to register a CAGR of 25% during the forecast period with increasing sales of smartphones, digitization of economies, and government initiatives to support cashless transactions. Surge in e-commerce will also up the usage of mobile money.
Money transfer among the application is estimated to hold higher market share of 43.2% in the forecast period, money transfer application includes cash in/cash out, off-net transfer, and international remittance. Money transfer is used by many people for securely paying the payments and transferring the money using mobile devices can be done in few minutes due to which helps to save time.
BFSI industry is estimated to witness high growth in the forecast period due to increasing adoption of mobile banking by customer. Banks and financial institutions are providing mobile banking services to their customers to conduct the financial transaction remotely using the smartphone or tablets. Customers are able to send and receive the money and also do remote check deposit, person to person payment, electronic bill payment.
Adoption of mobile banking is increase as it is easy to use, also provide flexibility and provide security for transactions. The BFSI segment is witnessing 29.1% Y-o-Y from 2019 to 2020 due to COVID-19 pandemic.
Mobile Money Market: COVID-19 Impact
COVID-19 pandemic has had a remarkable impact on the mobile money market as consumers and businesses are forced to change their purchasing habits. As contactless payments have become vital for purchases, there has been an incredible spike in the adoption of mobile wallets. Avoiding cash and card transactions to prevent the spread of COVID-19 has prompted many subscribers to try mobile wallets.
The increasing adoption of mobile wallets estimated to grow by 1.2X from 2019-2020 and would see a surge in demand in Q2-Q4 2020. The market for mobile money grew around 18% Y-o-Y in the past two years. However, as COVID-19 crisis complicates each day it will lead consumers to be habituated to digital payments, making mobile money important to each transaction.
Mobile Money: Mobile Money Solution Providers
Collaboration, partnership with key players and acquisition of niche players is key strategies followed by the leading mobile money solution providers in the market. The global mobile money market is fragmented in size, which remains a key factor for its dynamic competitive nature.
Some of the key players in the mobile money market are,
- Google LLC
- MasterCard Incorporated
- Visa Inc.,
- Western Union
- One97 Communications Ltd
- Mahindra Comviva
- Novatti Group Pty Ltd.
- Panamax Inc.,
- Telepin Software Services Inc.,
*The list is not exhaustive, and only for representational purposes. Full competitive analysis available in the report
Encashing Technology : Glance into the Future
Mobile Money has proved to be a viable alternative to cash. In the coming years, it will create an opportunity to extend formal financial services to people who lack access to traditional banks. Mobile money services were initially designed for individuals, not businesses.
The growing needs of small and medium enterprise (SME) has given mobile money providers a chance to strengthen their value proposition with payment-as-a platform, which involves large number of financial institutions providing a variety of third party services to mobile money users.
Payments-as-a platform providers will enable plug-and-play access to mobile money services through API and flexible IT solutions. This platform will rely on data and analytics to monitor security of mobile payments such as fraudulent behavior. The transition to platform-based approach in order to make money transfer more sustainable, will make SMEs shift to mobile money applications.
Mobile Money Market: Global Industry Analysis 2015-2019 and Opportunity Assessment 2020-2030
A recent market study published by Future Market Insights (FMI) on the mobile money market includes a global industry analysis for 2015-2019 and opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical as well as current growth parameters, growth prospects of the market are obtained with maximum precision.
Mobile Money Market: Segmentation
The global mobile money market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
Chapter 01 – Executive Summary
The report begins with the executive summary of the mobile money market, which includes a summary of key findings and statistics of the market. It also includes the demand and supply-side trends pertaining to the market.
Chapter 02 – Market Overview
Readers can find the definition and detailed taxonomy of the mobile money market in this chapter, which will help them understand the basic information about the market. Along with this, comprehensive information pertaining to mobile money and its properties are provided in this section. This section also highlights the inclusions and exclusions, which help readers understand the scope of the mobile money market report.
Chapter 03 – Key Market Trends
The mobile money market report provides key market trends that are expected to significantly impact market growth during the forecast period. Detailed end user trends are also provided in this section.
Chapter 04 – Global Mobile Money Market Pricing Analysis
The mobile money market report provides pricing analysis of mobile money platform.
Chapter 05– Pandemic Crisis Impact Analysis
The section provides information regarding the impact of COVID-19 pandemic on mobile money market
Chapter 06 – Market Structure Analysis
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the Mobile Money market, along with their market presence analysis by region and product portfolio.
Chapter 07 -Global Mobile Money Market Demand Analysis 2015-2019 and Opportunity Assessment 2020-2030
This section explains the global market value analysis and forecast for the mobile money market during the forecast period of 2020-2030. It includes a detailed analysis of the historical mobile money market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2020), and an incremental $ opportunity for the forecast period (2020–2030).
Chapter 08 – Market Background
This chapter explains the key macroeconomic factors that are expected to influence the growth of the mobile money market over the forecast period. Along with macroeconomic factors, this section also highlights the supply chain, forecast factors, and value chain analysis of the mobile money market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
Chapter 09 – Global Mobile Money Market Analysis 2015-2019 and Opportunity Assessment 2020-2030, by Solution
Based on component, the mobile money market is segmented into devices mobile money platform, services. In this chapter, readers can find information about key trends and developments in the mobile money market and market attractiveness analysis based on component.
Chapter 10 – Global Mobile Money Market Analysis 2015-2019 and Opportunity Assessment 2020-2030, by Transaction Type
Based on transaction, the mobile money market is segmented into person-to-person, person to business, business to person, business-to-business. In this chapter, readers can find information about key trends and developments in the mobile money market and market attractiveness analysis based on transaction type.
Chapter 11 – Global Mobile Money Market Analysis 2015-2019 and Opportunity Assessment 2020-2030, by Application
This chapter provides various details about the mobile money market based on application, and has been classified into bill payments, money transfer, ticket payments, recharge and top-ups and others. In this chapter, readers can understand the market attractiveness analysis based on application.
Chapter 12 – Global Mobile Money Market Analysis 2015-2019 and Opportunity Assessment 2020-2030, by Payment Type
This chapter provides various details about the mobile money market based on payment type, and has been classified into remote mobile payment and proximity mobile payment. In this chapter, readers can understand the market attractiveness analysis based on payment type.
Chapter 13 – Global Mobile Money Market Analysis 2015-2019 and Opportunity Assessment 2020-2030, by Vertical
This chapter provides various details about the mobile money market based on vertical, and has been classified into telecommunication, BFSI, government, retail & consumer goods, energy & utilities, travel & hospitality and others. In this chapter, readers can understand the market attractiveness analysis based on industry.
Chapter 14 – Global Mobile Money Market Analysis 2015-2019 and Opportunity Assessment 2020-2030, by Region
This chapter explains how the mobile money market is anticipated to grow across various geographic regions such as North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa.
Chapter 15 – North America Mobile Money Market Analysis 2015-2019 and Opportunity Assessment 2020-2030
This chapter includes a detailed analysis on the growth of the North America mobile money market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the regional trends, and market growth based on vertical, and countries in North America.
Chapter 16– Latin America Mobile Money Market Analysis 2015-2019 and Opportunity Assessment 2020-2030
This chapter provides the growth scenario of the mobile money market in Latin American countries such as Brazil, Mexico, and the rest of Latin America. Along with this, assessment of the market across target segments has also been provided.
Chapter 17 – Europe Mobile Money Market Analysis 2015-2019 and Opportunity Assessment 2020-2030
Important growth prospects of the mobile money market in several countries such as Germany, the UK, France, Spain, Italy, BENELUX, Russia and the rest of Europe are included in this chapter.
Chapter 18 – South Asia & Pacific Mobile Money Market Analysis 2015-2019 and Opportunity Assessment 2020-2030
This chapter highlights the growth of the mobile money market in the South Asia & Pacific region by focusing on India, ASEAN, Australia, New Zealand, and the rest of South Asia & Pacific. This section also help readers understand key factors that are responsible for the growth of the mobile money market in the South Asia & Pacific region.
Chapter 19 – East Asia Mobile Money Market Analysis 2015-2019 and Opportunity Assessment 2020-2030
This chapter provides the growth scenario of the mobile money market in East Asian countries such as China, Japan, and South Korea.
Chapter 20 – MEA Mobile Money Market Analysis 2015-2019 and Opportunity Assessment 2020-2030
This chapter provides information about how the mobile money market is anticipated to grow in major countries in the MEA region, such as GCC countries, South Africa, Turkey, and the rest of MEA, during the forecast period of 2020-2030.
Chapter 21 –Key Countries Analysis
This chapter provides information about key countries analysis on mobile money market. The chapter provides information regarding incremental opportunity share.
Chapter 22 – Competition Analysis
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the mobile money market, along with the detailed information about each company. This includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Bosch, SAP SE, IBM Corporation, Intel Corporation, Infosys Ltd, Cisco among others.
Chapter 23 – Assumptions and Acronyms
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the mobile money market report.
Chapter 24-Research Methodology
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the mobile money market.
Sources and Primary Research Splits (%)