In an increasingly smartphone-based world, providers are deliberately promoting primarily over-the-counter (OTC) services, running against an increasingly challenging dynamic. Although the OTC is appealing to some mobile payment providers, today, due to its easier implementation than accounts, they are going to be at especially high risk of getting squeezed out of the value chain as the industry develops.

The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.

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Segmentation

The MRFR analysis is segmented into five key dynamics for enhanced understanding.

By Transaction Type: P2P, P2B, B2P, and B2B.

By Mode: Mobile Applications, Smartcard/NFC, and SMS & Web among others.

By Financial Services: Mobile money, Mobile savings, Mobile insurance and Mobile credit among others.

By Verticals: BFSI, Media & Entertainment, Travel & Hospitality, Web Services, Retail, and Healthcare among others.

By Regions: North America, Europe, APAC, and the Rest-of-the-world (RoW).

Regional Analysis

The Asia Pacific region, heading with the high demand for smart cards and smartphones, dominates Covid 19 Mobile Money Market. Moreover, the presence of leading market players like WeChat Pay (China) and Alipay (China) positively impacts the growth of the regional market.

Whereas, the Indian mobile payment market, backed by the recent government regulations, significantly contributes to the growth of the regional market. The proliferation of smartphones and e-commerce alongside the increasing adoption of mobile app-based payments are some of the significant driving forces fostering the mobile money market in this region. India, backed by the

North America is another lucrative market for mobile money. The market in this region is growing due to the exceeding sale of smartphones and need of portability in the payment gateway market. Besides, technological advancement is also a key factor, driving the market in North America.

The European region, on the other hand, accounts for a significant market share, valuing greatly. Factors such as recent technology developments and a high level of financial inclusion are driving the growth of the mobile money market in the region.

Mobile money has changed the financial inclusion landscape significantly, particularly in Sub-Saharan Africa, where over 19 markets have more mobile money accounts than bank accounts.

Key players

Players leading the global mobile money market include Alipay (China), WeChat Pay (China), PayPal (US), Samsung Pay (South Korea), Apple Pay (US), Amazon Pay (US), Google pay (US), Chase Pay (US), Vodafone Group PLC (US), and MasterCard (US) among others.

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