Mobile Money Market worth $278.9 Billion by 2018

Monday 18 February 2013, Amsterdam

According to a new market research report Mobile Money Market, forecasted with detailed segmentation: based  on the transaction mode ( NFC/ Smart cards, Direct operator billing, Mobile Web / WAP, SMS and others), based on payment location ( Remote payments, Proximity payments), Based on nature of Payments ( Person to Person (P2P), Person to Business (P2B), Business to Person (B2P), Business to Business (B2B) and based on type of purchases (Air time transfers & Top Ups, Money Transfers and Mobile Payments, Merchandise & coupons, Travel Ticketing & Food, Digital products purchases).

The mobile phones, which are seen as the device for the upper crust is changed and the number of mobile phones is expected to surpass the world’s population in the coming years. The Ubiquity of mobile phones and the major chunk of people who have no formal access to banks are the key drivers for the Mobile Money market. Mobile Money will offer a rewarding opportunity in terms of revenue for the people in its ecosystem both in the near future and over the long term. While talking about its ecosystem, it constitutes of many industries such as mobile network operators, banks and financial institutions, payment processors, mobile money platform providers, handset manufacturers, etc. because of its fragmented nature of the market.

The report also discusses the total Mobile Payments in terms of transaction value, total mobile money users and the active mobile money users forecast trends. The mobile transaction value is segmented based on industry verticals such as Banking and Financial Services, Telecommunicaiton, Media and Entertainment, Hospitality, Consumer Goods & Retail and Other verticals. MarketsandMarkets also forecasted the Installed base and unit shipments for NFC enabled devices over the period of 2013 -2018. The global Advancements, Business Models, Drivers, Restraints and Opportunities are also presented in the report.

The market for Mobile Money are expected to grow from $13.8 billion in 2013 to $278.9 billion by 2018, at an estimated CAGR of 82.4% over the same period.