Mobile Money Market: A Snapshot

The mobile money market is a vast fragmented landscape with several regional, and international players playing a key role in shaping its growth. The rising advancements in technology, and lack of uniform standards in the industry continues to drive growth for new players in payment modes, and provides a wide array of opportunities in a wide range of payment options. Despite its fragmented nature, some key players in the mobile money market including: Bango.net Limited, Boku, Inc., Dwolla, Inc., Fortumo OÜ, Judo Payments, Paypal, Inc. (PayPal Holdings, Inc.), Square, Inc., Stripe, and WePay, Inc. continue to engage in innovation and acquisitions to drive growth. The rising opportunities in established sectors like hospitality and tourism, BFSI, Telecommunication, and media and entertainment presents lucrative opportunities for growth for new entrants. Barriers to entry, and potential risks to disruptions remain really high in the market.

According to TMR experts, the mobile money market will register significant growth during 2016-2024, rising at 22% CAGR. The market reached a valuation of US$17.25 bn in 2016, and its growth remains one of the most promising for new entrants.

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mobile-money-market

SMS Payment Remains Most Promising Segment in Growth

The global money market report will feature various segments including SMS payment, NFC, mobile billing, USSD, among others. Among these, the SMS segment is expected to witness largest expansion due to growing preference of millenials to prefer non-human interaction over direct human ones. The trend is apparent in various other industries including customer service, where non-human help modules like IVR, online troubleshooting forms, and chatbots continue to replace human interactions. The SMS service is also expected to make major headways as it remains most cost-effective, and reliable over availing third-party platforms for businesses. The growth of SMS segments will drive incredible growth for mobile money market in near future.

Payment and Money Transfer to Remain in Dominant Position

Payments and money transfer made serious gateway in the market as online transfers provided a convenient option for people to interconnect, and reduce dependence on physical means of banking. The segment remains promising, however airtime transfers, and top-ups are expected to top the charts during the forecast period as growth for these is witnessing growth at the highest CAGR. Among end-sectors, the healthcare sector is expected to lead growth, however, hospitality, and BFSI, and energy also show promising prospects in near future. Increasing initiatives by governments around the world to digitalize energy consumption to drive energy efficiency, and increased use of sustainable energy promises new opportunities for growth for players in the mobile money market. Recently, UK ordered digitalization of all existing meters in the country, which is expected to up digital linking with mobile wallets in near future.

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Asia Pacific and North America to Dominate Growth in Mobile Money Market

Segments like SMS payments are already witnessing a major growth in regions like Asia Pacific. The trend is extremely popular, and continues to make huge headways for enterprises. Additionally, the segment is also expected to witness major growth in North America region. The larges-scale commercial operation in the US, and promising penetration of platforms like PayPal prohibits growth of the growth new channels in North America. However, thanks to large demand in banking, telecommunication, and especially healthcare, the market will witness dominant emergence of North America region during the forecast period.

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Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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