MarketsandMarkets expects the global Mobile Money market size to grow from USD 3.4 billion in 2019 to USD 12.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 28.7% during the forecast period. Mobile payments is an easy way to carry out transactions and people across the globe are adopting mobile money to reduce their dependence on cash while traveling. A rise in the number of payment transactions, banking values, and mobile penetration rate across the world are factors driving the mobile money market.
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Key and emerging market players include Vodafone (UK), Google (US), Orange (France), FIS (US), Paypal (US), Mastercard (US), Fiserve (US), Airtel (India), Gemalto (Netherlands), Alipay (China), MTN (South Africa), PAYTM (India), Samsung (South Korea), VISA (US), Tencent (China), Global Payments (US), Square (US), Amazon (US), Apple (US), Western Union Holdings (US), Comviva (India), and T- Mobile (US).
Vodafone (UK) caters to a wide customer base in the regions of the Americas, Europe, Middle East and Africa (EMEA), and Asia Pacific (APAC). Vodafone’s M-Pesa mobile money transfer and payment service is one of the leading mobile money products in the world. The company has 37 million M-Pesa customers, and during 2019 the M-Pesa revenue grew by 21% to EUR 750 million, representing 12% of the emerging consumer service revenue in the year. M-Pesa is Africa’s largest payment platform that provides enterprise payments, financial services, and merchant payment services for mobile commerce. It further offers people a safe, secure, and affordable way to send and receive money, top-up airtime, make bill payments, receive salaries, get a loan, and much more.
Google (US) is one of the major players that focuses on the emerging concept of mobile money. Google Pay, formerly known as Google Wallet, is a digital wallet platform and online payment system, which enables users to make payments and transfer money straight from their phones. In January 2018, the company brought together different payment platforms run by Google, including Android Pay and Google Wallet, merging it into a single platform, Google Pay. Google Pay protects an individual’s money with a world class security system that helps the user detect fraud and prevents hacking. It further helps safeguard the individual’s account with screen locking technologies, such as a fingerprint. Currently, in India, Google Pay works with all banks that support BHIM Unified Payments Interface (UPI), India’s real-time payments ecosystem. Google Pay helps small business owners or managers at a corporation to accept payments and connect with customers. Customers on more than 80 BHIM UPI apps can use Quick Response (QR) codes or their phone numbers, to send money from their bank account to other bank accounts without the need of a Point of Sales (POS) system. Since the launch of Google Pay in India (formerly known as Tez), transactions on UPI have increased 43 times, reaching 734 million transactions in May 2019. The company has a presence in North America, Europe, APAC, and Middle East and Africa (MEA). Google caters to a large customer base spread across the globe, through a global network of service providers, distributors, and cloud resellers.
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