Global Market Research Reports : Ken Research: Mobile Wallet

Saturday, July 4, 2015

Africa Accounted For Nearly 70% Of The World’s Active Mobile Money Customers In 2013

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

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Wednesday, July 1, 2015

The Payment Industry in India Ranks Fifth Amongst The Asian Countries With Revenues Expected To Grow At 17.0% CAGR

In India, 60.0% of total online payments were made from top metropolitan cities such as Delhi, Mumbai, Kolkata and Chennai in FY’2014. Additionally, cities such as Bangalore, Hyderabad, Ahmedabad and Pune accounted for 25.0% of total online payments made in FY’2014.

Bill Payment Market

The M-Wallet market in India is segmented by open loop, closed loop and semi-closed mobile wallets. Mobile wallets in the country presently can be issued by banks or non-bank entities which have been certified by the RBI. Wallets issued by the banks provide higher benefits such as a higher fund transfer limit and cash withdrawals through ATM. Semi-closed loop is a prepaid wallet offered primarily by the non-bank entities as licensed prepaid instrument issuers. The cash-out or cash withdrawal facility is not allowed in this model.

M-POS system in India has been a relatively new concept originated few years back. The M-POS technology which allows customer transaction to be carried out by a portable mobile device has made a significant impact on the Indian market in a short duration. The impact of M-POS in India has majorly resulted due to the flexibility and high functionality that the system offers.

The bill payment market structure in India is complex and diverse and comprises of a large number of national, regional, private and state owned entities. In the bills paid through the electronic payments infrastructure, bank account funding has the largest share followed by cards and the ECS (Electronic Clearing Service). A large proportion of the bill payments in the country are done at the biller’s location by walk-in customers. As a result, there lies a huge opportunity for an efficient bill payment system which can meet the demand for payments towards various bills such as insurance premium, utility payments, taxes, school fees and others.

A payment gateway tool authenticates online transactions by providing verification steps between various parties and related banks. It is basically an encrypted channel through which transaction must pass from in order to verify the credentials of the user. India has become a rising hub of technology with more and more number of industries moving to internet based processes. Businesses such as ecommerce, fund transfers, loan management and others have been establishing an online presence to reach a wider range of customers. This trend has been aggregated by the rapid advancement in technology in the country increasing business opportunities for entrepreneurs.