Mobile Money Market Research Future Scope and Potential of Industry by 2027 by marketresearchfuture5107

Mobile Money Market Research Report- Forecast 2023

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Mobile Money Market Research Report- Forecast 2023

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Mobile Money Market Research Report- Forecast 2023

1. Market Synopsis Mobile money refers to the payment of money without the use of hard cash through your mobile devices. Airtime payments, bill payments, and remittances are the leading contributors to mobile financial services. Mobile money systems serve a dual purpose of providing an engine for financial inclusion as well as an opportunity for service providers. More than two billion people in 2012 lacked a formal credit or a saving account. Mobile money systems can play a part in reaching such individuals and provide them the ability to manage their wealth with the help of financial inclusion.

For online financial service providers, mobile money systems can provide gateway to tap large unexplored market avenues as most of the population is yet to adopt this technology. By developing digital financial capabilities, companies can open themselves up to other submarkets like micropayments, data-based financial services, and potential digital markets. The growing pervasiveness of mobile phones is a driving factor in increasing the number of mobile money users and changing the dynamic of digital financial solutions. Out of the 2.3 billion people who did not have access to formal financial services in 2015, 1.7 billion owned mobile phones. This can be an opportunity for financial institutions to increase their customer base by providing mobile money solutions. Efficiency in money exchange is one of the major deciding factors in the development of mobile money technology. Increase in efficiency of mobile money transactions can lead to an increase in the overall spending which can encourage companies to work towards developing this technology. Use of transaction modes like NFC/smart cards have sped up the process of transactions. People all over the world are increasingly adopting mobile banking services which ensure high transactional security. Development of e-commerce websites has also led to an increase in the number of online transactions which can be considered as an attraction for mobile money market.

However, lack of accessibility to the financial institutions providing mobile money systems along with reliability issues can be a few factors restraining the growth of the market. Getting people to get used to this technology is also an important task which defines the degree of adoption of mobile money services. Recently blockchain technology has entered the mobile money system which has advocated the decentralization in financial institutions and has led to various governments imposing regulations on mobile money systems. Government regulations on mobile money can both drive the mobile money systems market as well as restrain it depending on the nature of the mobile money system. Issues with security in such systems can be a restraining factor in the development of mobile money system market..

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Mobile Money Market Research Report- Forecast 2023

2. Regional Analysis Mobile Money Global Market - Regional Analysis Currently, Asia-Pacific region is dominating the market of mobile money and holds immense potential. Increasing population and growing the amount of mobile users are few of the major factor which is driving the market of mobile money in Asia Pacific region. Also, increasing awareness about the benefits of mobile payment is also supporting the market growth. On the other hand, various approaches of local bodies and government towards the promotion of digital economy is also helping the market growth. North America money market is growing with sustainable growth rate and holds second position in the global market. Presence of global players and rich technology and advance banking system is one of the major factor which is supporting the market of mobile money in North America. Europe on the other hand stands as third largest market for the mobile money. Presence of developed countries and growing BFIS industry in European countries are some of the factors which is supporting the market. About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions. In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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Mobile Money Market Research Report- Forecast 2023

3. Key Players: Google, Inc. (U.S.), MasterCard (U.S.), American Express (U.S.), Paycom (U.S.), Apple Inc. (U.S.), Gemalto (Netherlands), FIS (U.S.), Mahindra Comviva (India), Paypal (U.S.) Vodafone Group PLC (U.S.) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global mobile money market. Mobile money offers several benefits to their consumers including easy receive and payment and more access to their account details

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Mobile Money Market Research Report- Forecast 2023

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