Mobile money market expected to reach USD 12.0 billion by 2024

The report, "Mobile Money Market by Transaction mode (Point of Sale, Mobile Apps, QR codes, Internet Payments, SMS, STK/USSD Payments, Direct Carrier Billing, Mobile Banking), Nature of Payment, Application, Type of Payments, Region - Global Forecast to 2024″, includes major factors expected to drive the growth of the mobile money market include the rise in the number of mobile subscribers, government initiatives to promote cashless economies, and growth of businesses with digital payment-based business models.

With the proliferation of strong internet coverage in developed and some developing countries, the adoption of mobile money application has increased significantly. Mobile-based payment app interfaces are designed to facilitate easy payment using mobile phones. It is a software intended mainly for smartphones and tablet computers. All the functions of mobile money, such as sending, receiving, and withdrawing money along with other such options can easily be accessed through these apps.

Key and emerging market players in mobile money market 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). These players have adopted various strategies to grow in the mobile money market.