The growing requirements of SME have offered mobile money providers an opportunity to fortify their value proposal with the payment-as-a platform, which incorporates several financial institutions offering various third party services to the users. Intuitive mobile payment and mobile banking applications generate prospects for the mobile money market. The global mobile money market is projected to expand at more than 24% in 2020 with the implementation of digital payments providing safety amid a pandemic
Key Developments and Trends
Several users are opting for mobile payments with each buy, which has contributed to market expansion. The market has been more lucrative with the entry of unconventional and nonbanking players, such as the launch of Google Pay with an easy policy “Add a card”. It brought out instant cashback to users, making it a victorious scheme for luring new users every day.
The growth of mobile money, exceeding electronic banking, is additionally ascribed to the digitization of the economy, particularly in India. Research shows that mobile banking will see a 13-14% expansion Y-o-Y during 2020-2021.
The implementation of QR codes is the most technologically-progressed side of contactless payments. Rising acceptance for mobile point of sale (mPOS) is boosting the market growth. With mPOS, staff could see loyalty rewards, online browsing history, past transactions, and other things that assist staff to understand the customer’s need. These attributes have not only increased customer satisfaction but additionally assisted in the improvement of staff performance. Moreover, the growth of mobile wallets has been critical in boosting the mobile money market, whether it is grocery buys or money transfers.
Key Takeaways of Market Study
- In terms of vertical, the BFSI industry is projected to foresee higher growth during the assessment period because of the growing acceptance of mobile banking by consumers.
- The BFSI category is foreseeing 29.1% Y-o-Y from 2019 to 2020 caused by COVID-19 pandemic.
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Mobile Money Market: COVID-19 Impact Analysis
COVID-19 pandemic has had a noteworthy influence on the mobile money market as businesses and consumers are impelled to alter their buying habits. Since contactless payments have become important for buys, there has been a remarkable growth in the implementation of mobile wallets. Avoiding card and cash transactions to avert the COVID-19 spread have prompted many subscribers to try mobile wallets. COVID-19 crisis creates uncertainty each day it would lead users to be accustomed to digital payments, making mobile money imperative to each transaction.
North America and the MEA regions prevailed in the mobile money market during 2019. The North America mobile money market is slated for incremental $ opportunity of around US$ 4.7 Bn during 2020-2030. The South Asia & Pacific market will be foreseeing an incremental $ opportunity at US$ 2.7 Bn during the forecast period. The regional market is anticipated to record a CAGR of 25% over the assessment period with growing sales of smartphones, government initiatives to backup cashless transactions, and digitization of economies. Growth in e-commerce would also boost mobile money usage.
Partnership and collaboration with top players and acquirement of niche players are strategies adopted by the prominent mobile money solution providers. Some of the prominent companies operating in the market are Google LLC, Visa Inc., MasterCard Incorporated, One97 Communications Ltd, Western Union, Novatti Group Pty Ltd., Mahindra Comviva, Panamax Inc., Obopay, Telepin Software Services Inc., and Alepo.
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