Where the mobile money market has hitherto been dominated by
companies such as Fortumo OÜ, Boku, Inc., WePay, Inc., Square, Inc.,
and Paypal, the competition is building up dramatically with the
advent of new players such as Dwolla, Inc., Bango.net, and Judo
payments. According to Transparency Market Research (TMR), the market
leaders controlled by about 40% of the global mobile money market in
2015.
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The way ahead for companies wanting to fortify their presence in the
market, evidently, is via acquisitions and by developing feature-rich
products and services. With more small- and medium-sized enterprises
seeking convenient and secure mobile payment options, companies such
as Fortumo OÜ are expected to strengthen their foothold in the
market. “Companies’ future strategy, in the short term, will
largely be centered on acquiring new customer in Middle East and
Europe,” observes a TMR analyst.
Emerging
Economies to Provide Fertile Ground for Growth of Mobile Money
Transactions
With the explosive growth in emerging economies such as China and
India as well as in other countries in Latin America and the Middle
East, mobile phone penetration has risen dramatically in recent
years. Various reports suggest that in emerging markets, mobile phone
penetration hovers around 50%, creating a bevy of opportunities for
telecom operators, connected device manufacturers, and service
providers to cash in on. Moreover, the report notes that although
well over 1.5 billion people in emerging markets today enjoy mobile
phone access, the same cannot be said about banking services. Thus,
the unmet needs will create a massive opportunity for companies in
the mobile money market, opines TMR.
The report also expects that with companies investing in more
context-based and real-time marketing techniques, mobile money
transactions will receive a boost.
Consumers’
Apprehensions About Security of Data Need to be Allayed by Mobile
Money Services Providers
Consumers today are wary of risks such as phishing, data breach, and
data manipulation of data. Because mobile money essentially involves
the collection of user data from internet touch points, the general
concerns associated with online financial transactions are expected
to seep into the mobile money environment as well.
Moreover, it is clear that mobile money could mitigate the issue of
banking exclusion in emerging markets in the long run. However, in
countries where financial inclusion policies are not well-defined and
duly implemented could pose numerous challenges for companies in the
mobile money market. The situation is further complicated by the fact
that governments are currently focused on improving competition in
the financial sector to make services more customer-friendly. This
approach doesn’t necessarily increase financial inclusion, which
can be achieved by prioritizing mobile payments. Factors such as
these will create impediments for the growth of the global mobile
money market, says TMR.
SMS Payments Hold
High Economic Potential
Based on the mode of payment, the global mobile money market can be
segmented into NFC, SMS, mobile billing, USSD/STK, and others. Of
these, the SMS payment segment emerged in the leading position in
2015 and will continue to retain its standing through 2024 by rising
at the fastest compounded annual growth rate (CAGR), TMR forecasts.
The convenience and ease of SMS payments remain unrivalled, making
this segment one with a myriad of opportunities.
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Based on the type of purchase, money transfers and payments will not
budge from its position as the leading segment in the mobile money
market. However, the fastest growth will be observed in the airtime
transfers and top-up segment between 2016 and 2024. Likewise, the
healthcare industry will emerge as the fastest growing segment in the
global mobile money market by industry vertical. However, it is the
BFSI sector that will lead maintain a lead in terms of revenue.
In 2015, Europe stood as the largest market for mobile money
worldwide – a scenario that will remain unchanged until 2024. The
fastest growing segment, by geography, will be the Middle East and
Africa with a 23.2% CAGR, says TMR.
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company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
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material for business reports.
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