“The mobile money market size is estimated to grow from USD 21.15 Billion in 2016 to USD 112.29 Billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 39.64% from 2016 to 2021” published by MarketsandMarkets.
Technological advancement in mobile devices, indispensable requirement to have ubiquitous access to financial solutions, rising use of non-cash payments, creation of new business avenues for stakeholders, evolving demographic needs across regions, rising use of mobile money services across businesses are some of the driving forces in the mobile money market.
Smartphone apps are expected to have the largest market share in the Mobile Money Market during the forecast period. Mobile apps market share is expected to rise because these are built on software which are compatible for use in smartphones and can be easily operated. Functions such as send, receive, and withdraw money as well as view account information and manage contacts can be done with these simple apps. In the nature of payment segment, the person to business sub-segment is expected to grow at the highest rate followed by business to business. This nature of payment is most prominently observed in case of e-commerce dealings, online shopping, bill payments, and air time transfers done over mobile devices. It is expected to grow at fast rate because the rate of transactions is high considering the high user base of the mobile-based ecommerce market.
Asia-Pacific is expected to account for the largest market share in the Mobile Money Market in the forecast period 2016-2021. This is because of large-scale acceptance of mobile money services by the users along with the escalating advancements in regulations and technologies benefitting all the stakeholders present in the mobile money ecosystem in this region with a vast number of mobile subscribers present in this region.
The major vendors in the Mobile Money Market are PayPal, Vodafone Group Plc, Gemalto, FIS, Google Inc., Mastercard Incorporated, Bharti Airtel Limited, Orange S.A., Monitise Plc and Mahindra Comviva.