Mobile
money is an emerging concept in the global market
which represents a profitable opportunity with a massive social impact by
allowing customers to access services which can help them to effectively manage
their day to day routines. It also presents crucial commercial prospects for
the companies to pursue this strategy as the prospective channel for
establishing direct connection with the customers and achieve future growth.
 |
| Global Mobile Money Market |
The prime
benefits of usage of mobile money include lower costs, faster speeds and ease
of accessibility. This is of crucial importance in the third world countries,
where technology sublimation has fostered a rather well-built mobile
infrastructure and services have witnessed immense traction in the number of
users. The development of various mobile financial services including mobile
insurance, mobile credit and savings has enabled service providers to extend
their reach of the product offerings through alternate channels. The mobile
insurance industry has been gaining foothold in the recent years, supported by
the involvement of specialist intermediaries, which have created commercial and
partnership models which have been accelerating product launches.
In 2009, Asia
Pacific accounted for the highest number of mobile payment users worldwide,
followed by Europe and North America. Consequently, the region also noted the
highest share in the transactions being operated through mobile devices, which
was registered at 71.2% in 2009.
The value of the
mobile money transactions in North America has expanded at a CAGR of 35.8%.
North America mobile payment market is extremely fragmented and cumbersome,
featured with technological splits and battling business models.
Europe
registered a share of 6.7% in global mobile money transitions, as observed in
2009, which has fell down to only 1.1%. The estimated value of transactions
processed via mobiles in Europe was registered at USD 51.2 billion.
The Latin American mobile payments industry has increased at a decent pace over the
period of 2009-2013, however it is expected to witness brisk growth in the
coming years, with increasing efforts of operators and banks to extend their
offerings, banking upon the technology of mobile payments. The mobile payment
market has gained the support of the government in various economies, with the
region witnessing increasing number of collaboration of MNOs and financial institutions
to roll out services across different countries.
Middle East has
witnessed a steady growth in the adoption of mobile payment services over the
course of 2009-2014. However, the user base is still very low as compared to
other regions with only 2,140.0 thousand people using mobile payment services
in 2013. However, factors such as large number of migrants, transient workers
and swiftly growing mobile user base have been paving the way for growth of
mobile payments market in the Middle East region. The total value of
transactions processed in this region in 2014 has grown at cumulative annual
growth rate of 57.9% over the period of 2009-2014.
For more
information on the market research report please refer to the below mentioned
link:
Source: https://www.kenresearch.com/banking-financial-service-insurance/financial-services/global-mobile-money-market-research-report/630-93.html
Contact:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
