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The increasing number of government initiatives to promote a cashless economy, growing number of mobile subscribers, and the rising usage of digital payment-based business models are the significant factors contributing to the growth of the mobile money market share in terms of revenue.
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This report researches and evaluates the impact of COVID-19 outbreak on the market, including potential opportunities and challenges, drivers, and risks associated with the market. We present a detailed assessment of market growth based on numerous scenarios.
Market Overview The market report offers a detailed analysis of the market size, regional and country-level market size, segmentation, market growth, market share, competitive landscape, and the impact of domestic and global leading players.
Market Drivers The increasing number of government initiatives to promote a cashless economy, growing number of mobile subscribers, and the rising usage of digital payment-based business models are the significant factors contributing to the growth of the mobile money market share in terms of revenue. The digital revolution has disrupted the banking and financial sector. Organizations around the world are introducing unique business models that are impacting existing banking revenue. There are various factors, such as regulatory compliance, customer need, and continuous technological advancements, that are surging the demand for digital payment. Numerous global giants, such as Google LLC, Amazon.com Inc, and Apple Inc., have gone beyond the initial stage and are now focusing on expanding their territories. For instance, Alipay, a digital payment gateway created by Alibaba.com, facilitates payment between sellers and buyers by minimizing barriers such as low credit card penetration and lack of trust. In addition to this, the digital platform approach helps the mobile money providers to secure their services and is encouraging partnerships between mobile money companies to build a diverse and engaged user base. Thus, the accelerating demand for digital platforms is further surging the demand for the global mobile money market.
Various cashback discounts offered during payment is gaining traction among consumers. Currently, most of the mobile wallets provide the option to store all information, such as debit and credit card information, discount offers, and reward information, which helps in making the transaction easier. The combination of these remarkable advantages offered by mobile money will attract many consumers to opt for mobile money applications and mobile wallet apps. On the other hand, the increasing concerns related to data security will hamper the growth of the global mobile money market.
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