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(MoneyNewsWire.Net, September 15, 2018 ) The Global Mobile Money Market was valued at USD 21.35 billion in 2016 and is projected to reach USD 443.96 billion by 2025, growing at a CAGR of 40.1% from 2017 to 2025.
Mobile money is the usage of mobile phones to pay bills, deposit or withdraw funds, or to transfer money between accounts. It is an alternative to having bank accounts and therefore is a popular substitute. Mobile money has many advantages such as brand building, personalization of corporate banking services and customer education. The feature can be used on both basic phones as well as smartphones and therefore makes it accessible to a larger population of people.
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Mobile Money’s market growth is driven by the need for creation of business avenues for stakeholders and to have ubiquitous access to financial situations, flexible money services, the growing trends of mobile money services and therefore cashless payments. Apart from these, some factors that restrain mobile money’s market growth is the weak network coverage, the concerns for data security and less knowledge about the benefits of mobile money service.
Competitive Landscape:
The major players in the market are as follows:
Mastercard Incorporated
Bharti Airtel Limited
Vodafone Group PLC
Paypal PTE. Ltd.
Orange S.A.
Gemalto
Monitise PLC
Google Inc.
Mahindra Comviva
Fidelity National Information Services, Inc.
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