Market Size – USD 16.1 billion in 2018, Market Growth – CAGR of 36.4%, Market Trends – Growth in e-commerce.
The Mobile Money Market is expected to grow from USD 16.1 Billion in 2018 to USD 143.2 Billion by 2026, at a CAGR of 36.4% during the forecast period. Increasing usage of smartphones, increase in online transactions and e-banking, rise in advanced mobile applications and technology advancements, rise of e-commerce, Need to connect the virtual financial world with reality and enhanced flexibility provisions among the mobile money services, NFC taking mobile money to a new level and supporting public authorities are some of the driving factors of the market.
The issues faced by enterprises for data security concerns include lack of awareness about the benefits of mobile money services, interoperability issues in switching to new handsets, risks of transaction failures, varying Regulations and Policies by countries and poor network coverage. These may be the major restraining factor for the mobile money market.
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Further key findings from the report suggest
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For this report, the market has been divided into segments on the basis of transaction mode, payment nature, payment location, purchase type, Industry vertical industry vertical and regional analysis.
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