Mobile Money Market: Burgeoning Mobile Penetration in Emerging Economies to Accentuate Growth

Some of the players that hold dominance in the global mobile money market are PayPal Holdings, Inc., Square, Inc., WePay, Inc., Boku, Inc., and Fortumo OÜ. The entry of new players is intensifying the competitive landscape. As competition heats up, there is emergence of companies such Judo payments, Bango.net Ltd., and Dwolla, Inc. rising to the forefront, observes Transparency Market Research. The leading players account for a share of 40% in the global market in 2015.

Prominent players are consolidating their positions by opting for acquisitions. Several key players are focused on develop advanced products with innovative features and advanced functionalities, in a move to gain a competitive edge over others. A number of emerging and established players are targeting small- and medium-sized enterprises and offering user-friendly and secure mobile payment features in order to fortify their presence in the global market. As a part of short-term strategy, these players are tapping lucrative opportunities in the economies of Middle East and Europe.

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The global mobile money market is projected to rise at an impressive CAGR of 22.0% from 2016 to 2024. The market was valued at US$17.25 bn in 2014, vis-à-vis revenue.

The various modes of payment for mobile money broadly comprise SMS, NFC, mobile billing, and USSD/STK. Of all the modes, the SMS mobile payment segment held the dominant position in 2015 and is anticipated to hold its sway throughout the forecast period.  The market is projected to rise at a leading pace through 2024. The growth of the segment is driven by their vast uptake attributed to significant convenience and marked ease of SMS payments.

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Regionally, the market is segmented into the Middle East & Africa (MEA), Latin America, Asia Pacific (APAC), Europe, and North America. Of these, Europe held the leading share of the global market and is predicted to retain its top position throughout the assessment period. However, the MEA is projected to rise at major CAGR during 2016 – 2024. The stellar growth of this regional market is attributed to the rising Internet and tablet penetration and substantial advancements in the telecommunication technology sector.

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Burgeoning Mobile Penetration in Emerging Economies to Accentuate Growth

The burgeoning penetration of smartphones and mobile telephony in numerous emerging economies is a key factor driving the demand for mobile payments. The extensive demand for SMS-based payment operations is attributed to the marked convenience of these operations.