The global mobile money market is projected to grow from $12.34 billion in 2014 to $78.02 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 44.6%. In the year 2007 mobile money has evolved from providing payment transactions though Short Messaging Services (SMS) and Direct Mobile Billing to the more contemporary Near Field Communication (NFC)/ Smart Card transactions.
GLOBAL MONEY MARKET
2015: $17.84 billion
2016: $25.80 billion
2017: $37.31 billion
2018: $53.95 billion
2019: $78.02 billion
SOURCE: Research and Markets
The mobile money market has competently established itself as one of the fastest growing markets globally and still exhibits growth of 44.6% between 2014 and 2019.
The Person To Person nature of payment continues to be the most widely used payment method in mobile money services, while both remote payments and proximity payments remain as the broadly used location-based payments. In addition, with the widespread acceptance of mobile money services across various regions, this market is gradually gaining traction among the industrial verticals of retail, travel and hospitality, healthcare, and transportation and logistics, whereby, BFSI and telecom prevail as the leading users of mobile money services.
This has primarily been augmented with the widespread acceptance by the mobile users to leverage mobile money services and to increase their convenience obtained through faster monetary transactions over their mobile phones.
The emergence of mobile money services has also opened new business potentials for the chief stakeholders present in the mobile money ecosystem which include the Mobile Network Operators (MNOs), financial institutes such as banks, payment processing agents, and payment platform providers among various others. These services have broadly expanded the product portfolios for these stakeholders and have also been influential in boosting their revenues and market foothold to different markets.
With the mounting usage of mobile money services by both banked and unbanked customers, these solutions have been chiefly responsible for diversifying and expanding their customer base across different regions and industrial verticals. Hence, the mobile money service in turn has been highly influential in empowering the business value and success rate for these stakeholders.
Further, the major vendors involved in the mobile money market are Vodafone Group PLC, Gemalto, FIS, Google, Inc., MasterCard Incorporated, Bharti Airtel Limited, Orange S.A., Monitise, Mahindra Comviva, and PayPal (eBay, Inc.). Key strategies used by these vendors include partnerships and acquisition so as to increase their market share and global reach in the mobile money market.
For data, background and forecasts on Mobile Money: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).