As cited by the research report titled ‘Global Mobile Money Market Size study, by Transaction mode (Point of Sale, Mobile Apps, QR Codes, Internet Payments, SMS and STK/USSD Payments, Direct Carrier Billing, Mobile Banking), Nature of Payment (Person to Person, Person to Business, Business to Person, Business to Business), Application (Money Transfers, Bill Payments, Airtime Transfers and Top-ups, Travel and Ticketing, Merchandise and Coupons), Type of Payments (Remote Payments and Proximity Payments) and Regional Forecasts 2020-2027’, available with Market Study Report, global mobile money  market was worth USD 3.4 billion in 2019 and is projected to grow with a CAGR 29% over 2020-2027 to account for USD 25.76 billion by the end of forecast period.
 

Government initiatives for promoting cashless economy, increasing number of people using smartphones, availability of internet connectivity in rural areas, and user-friendly interface of applications are driving the growth of global mobile money market.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3611196/
 

Moreover, emphasis among global players to introduce their application in order to serve larger customer base will further add traction of industry share. For instance, Airtel Africa partnered with Mastercard in October 2019, enabling them to extend the mobile money services to 14 countries in Africa. The service will allow customers of Airtel Money to make payments locally & globally using Mastercard virtual card, even if they do not have a bank account.
 

For the record, mobile money, also called as mobile wallet, lets users spend, receive, and store money in a virtual form and is linked to mobile number of the user, and indirectly to the service provider.
 

However, unreliability & absence of internet connectivity in some regions of the developing countries is hampering the growth of global mobile money market.
 

Based on transaction mode, worldwide mobile money market is segmented into internet payments, point of sale, QR codes, mobile apps, mobile banking, direct carrier billing, and SMS & USSD/STK payments. According to nature of payment, the marketplace is classified into person to person, business to person, person to business, and business to business.
 

Various application of mobile money are money transfers, airtime transfers & top-ups, merchandise & coupons, and travel & ticketing among others. Moving on to type of payments, the industry is fragmented into remote payments, and proximity payments.
 

Geographically, Europe and Middle East & Africa are slated to be major growth hubs for global mobile money market over 2020-2027, owing to high underbanked population in Africa, along with technological developments in Europe.
 

Whereas, Asia Pacific market is poised to showcase lucrative growth trends over the forecast period, on account of increasing number of smartphone users getting acquainted with mobile wallet services.
 

The major companies in global mobile money industry include Mastercard Incorporated, Fidelity National Information Services (FIS) Inc, Orange S.A., Google LLC, Vodafone Idea Limited, Fiserv Inc., Paytm, Alipay, Gemalto, and Bharti Airtel Limited.