Published By : 22 Aug 2016 | Published By : QYRESEARCH
With rise in investment into real time marketing and content based marketing by leading companies, the demand for mobile money services is likely to increase in the upcoming years. Emerging countries are likely to provide potential growth opportunities to vendors of mobile money services owing to the rising adoption of personal smart devices. As a result of this, the need for inclusive banking is also increasing. Considering the rising consumer base for mobile banking, companies operating in the global mobile money market are aiming at reaching out to the large consumer base through cost effective options.
Burgeoning Demand for Quick Pay Services in Developing Countries to Increase Adoption of Mobile Money
The robust growth in developing countries such as India and China along with countries in the Middle East and Latin America has propelled the demand for smart devices. As a result of this increased penetration, consumers are shifting their focus towards easy and time saving money transaction services. According to a report, mobile penetration soars around 50% providing service providers, connected device producers, and telecom operators with lucrative opportunities to capitalize on. To meet the unmet need of 1.5 billion mobile phone users in developing regions, companies are aiming at enhancing the banking services by increasing the reach of the services.
Apprehensions about Data Security to Inhibit Growth Mobile Money Market
Though online data transfers and mobile banking provide quick and easy services, the risk of data theft is also significantly high while doing transactions. Consumers are very vigilant about risks pertaining to manipulation of online data, data breach, and phishing. As mobile money transfers involve collection of data through e-touch points, these concerns are likely to impede the adoption of mobile transfer among consumers. In countries where strict financial policies exist, the growth of mobile money market is likely to face hindrance.
The global mobile money market is expected to expand at a CAGR of 22.0% between 2016 and 2024. In terms of revenue, in 2014 the global mobile money market was worth US$17.25 bn. Europe is expected to emerge as the key region in terms of adoption of mobile money until 2024.