Albany, NY -- (SBWIRE) -- 10/23/2014 -- Transparency Market Research’s report on the mobile money market offers incisive data with regard to the size, growth, and forecast of this market. Mobile money refers to financial transactions performed via a mobile device instead of paying with credit cards, cash or check. With the growth in the mobile phone market and rapid development of the telecommunications sector, the applications of a cell phone have increased. Furthermore, the global internet penetration and introduction of 2G, 3G and 4G networks has given rise to mobile payment or mobile money. This report focuses on the mobile money market as a means of providing opportunities to the various elements that make up the industry such as mobile phone manufacturers, application developers, telecommunication service providers, financial institutions, money transfer agents, and mobile money platform providers.

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The research study analyzes the various factors driving the growth of the mobile money market and the challenges that pose as a risk to its development. In addition to this, the report also lists opportunities that are likely to help the expansion of the industry.

Overview

The report by Transparency Market Research attributes the ever-growing smartphone industry as the main reason for the growth of the mobile money market, accompanied by rising mobile data usage. What drives the industry is mainly that mobile phones and internet connectivity has penetrated even those regions that either do not require or cannot afford to have physical banking branches. The segments that benefit most from the trend of mobile money are cell phone service providers who are looking to venture into newer areas, as well as financial institutions that wish to extend their services and expand their customer base. However, what poses a threat to the growth of the sector is the question of security in a cashless economy.

Presently, Europe and North America hold a majority of the market share and, as per the report, are believed to boost the industry at an annual growth rate of more than 70%. Emerging economies in the BRIC region are expected to play a huge role in the market, thanks to the rapid development of the IT and electronics sector.

Based on sectors that mobile money applications are used, the market is segmented into media and entertainment, banking and financial services, consumer goods and retail, telecommunications and hospitality. The various modes of transactions include SMS, direct mobile billing, smartcards or near field communication (NFC), mobile web or wireless application protocol (WAP), systems tool kit (STK), or unstructured supplementary service data (USSD).

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Companies mentioned in the market research report

The report on mobile money market features leading industry players such as Google, Xius, PayPal, Luup, Vesta, Sybase, Yellow Pepper, Cornviva, Utiba and Obopay. Other important competitors include eServ Global Ltd., Aepona, Gemalto, C-SAM, Don River, MasterCard, Monitise, Visa, and mFoundry.

This market research report analyzes the following geographies:

North America
Asia Pacific
Europe
Rest of the World

This report gives you access to decisive data such as:

Market growth drivers
Factors limiting market growth
Current market trends
Market structure
Market projections for the coming years