Published on : Jul 20, 2016
Mobile banking, mobile payments, mobile commerce, and mobile wallets all fall under the roof of the mobile money market. The amalgamation of all these elements will create growth opportunities in the global mobile money market in the near future. At present, the global mobile money market is one of the fastest growing markets in the global technology and media industry. Leading companies such as Fortune OU, Judo Payments, and Paypal, Inc. are currently enjoying the many opportunities presented in the global market.
Mobile money has gained momentum because of the increasing sales of smartphones and other personal smart devices. The introduction of smartphones has transformed the global market for the mobile market. At present, service providers of mobile money are concentrating on offering affordable services to gain more customers.
How has SMS payments benefited mobile money transactions?
Thanks to the advancements in the technology, SMS payments have now become simple. SMS payments offer efficiency and convenience. SMS-based mobile money is easily compatible with smart connected devices including smartphones and tablets. This is the major role played by SMS payment services in shaping-up the global mobile money market.
In nations across Europe, the Middle East and Africa, and Asia Pacific, the popularity of payment of transactions via SMS is consistently increasing. The growing adoption of similar payment methods such as payment clients, mobile billing, and WAP-based payments has also boosted the global mobile money market.
Mobile money finds application in industries such as BFSI, hospitality, and energy. Going forward, the use of mobile money in airtime transfers is expected to grow, benefiting the global market.
Security of personal information has always been an issue faced by many people. Considering the growing online theft issues, leading players are concentrating on introducing secure mobile money applications. The adoption of new technology will assist leading companies to design and build safe and secure mobile money applications.
Currently, the global mobile money market is highly competitive as new entrants are launching their services. The entry of many start-ups has intensified the level of competition in the global market. It is expected that when more service providers and telecoms will join the mobile money trend, more advanced features will be added onto the mobile money services, thus making the market further competitive.