Mobile Money Market Growing at 39.64% CAGR to 2021

Jul 28, 2016, 02:00 ET from RnR Market Research

PUNE, India, July 28, 2016 /PRNewswire/ --

The mobile money market is forecast to reach $112.29 billion by 2021 from $21.15 billion in 2016 at a CAGR of 39.64% (2016-2021) driven by technological advancement in mobile devices, indispensable requirement to have ubiquitous access to financial solutions, rising use of non-cash payments and rising use of mobile money services across businesses.

Complete report on mobile money market spread across 180 pages, profiling 10 companies and supported with 67 tables and 60 figures is now available at http://www.rnrmarketresearch.com/mobile-money-mobile-payments-mobile-remittance-mobile-banking-mobile-commerce-market-advanced-technologies-value-chain-worldwide-market-forecasts-analysis-2013-2018-market-report.html .

Person to person nature of payment segment is forecast to gain maximum mobile money market size during the forecast period. Person to person segment, under nature of payments, is expected to account for the largest market share during the forecast period 2016-2021 as this payment service provided by banks offers customers with heightened convenience of immediate withdraws and deposits and facilitate instant money transfers through any mobile device and Mobile Network Operator (MNO).

The various key vendors in the "Mobile Money Market" are Vodafone Group Plc, Gemalto, FIS, Google Inc., Mastercard Incorporated, Bharti Airtel Limited, Orange S.A., Monitise Plc, Mahindra Comviva and PayPal. Asia-Pacific is expected to account for the largest market share in the mobile money market in the forecast period 2016-2021. The creation of new business avenues for stakeholders and evolving demographic needs across regions are some of the driving forces in the mobile money market.

By location, remote payments dominate the mobile money market during the forecast period. By location, remote payments segment dominates the mobile money market and contributes the largest market share. The reason being this type of payment usually makes use of premium SMS, mobile web/WAP, STK/USSD, browser, and mobile applications and can be processed over a subscriber's mobile phone bill, prepaid payments, and debit or credit card payments. These payments are beneficial for consumers as they can be conducted through any type of mobile phone, ranging from a basic handset to smartphones. Make an Inquiry on "Mobile Money Market by Transaction Mode (NFC/Smartcard, SMS, Mobile Apps), Nature of Payment (Person to Person, Person to Business, Business to Person, and Business to Business), Location, Type of Purchase, Industry & Region - Global Forecast to 2021" research report at http://www.rnrmarketresearch.com/contacts/inquire-before-buying?rname=73470 .

In the process of determining and verifying, the mobile money market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (40%), Tier 2 (40%) and Tier 3 (20%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level Executives (30%), Director Level (40%) and others (30%) from various key organizations operating in the mobile money market. The primary interviews were conducted worldwide covering regions such as North America (30%), Europe (35%), and APAC (35%).

On a related note, another research on Contactless Payment Market Global Forecast to 2021 says, the contactless payment market size is estimated to grow from $6.70 billion in 2016 to $17.56 billion by 2021, at a CAGR of 21.2% due to the increasing adoption of contactless payment technology in mobile handsets and wearables. Payment terminal solution to dominate during the forecast period. Asia-Pacific (APAC) to witness highest growth during the forecast period. Companies like Gemalto N.V., Giesecke & Devrient GmbH, Ingenico Group, Verifone Systems Inc., Wirecard AG, Heartland Payment Systems Inc., INSIDE Secure, OTI, Oberthur Technologies SA and Proxama PLC have been profile in this 146 pages research report available at http://www.rnrmarketresearch.com/contactless-payments-market-by-solutions-payment-terminal-business-management-card-issuance-anti-skimming-by-services-consultation-integration-value-added-services-global-advancements-m-market-report.html .

Explore more reports on Information Technology & Telecommunication market at http://www.rnrmarketresearch.com/reports/information-technology-telecommunication .

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