Cellular Cash Market Dimension to Attain USD 142260 Million by 2027 at CAGR 21.2%

Bangalore, India, August 2, 2021 / PRNewswire / – The Mobile money market is segmented by type (P2P, P2B, B2P, B2B), by application (media, entertainment, medicine, retail, tourism, hotel, transport and logistics, energy, utilities, other). The report includes global opportunity analysis and industry projections from 2021 to 2027. It is published in Rated reports among Finances Category.

The global mobile money market size is expected to reach $ 142,260 million until 2027, from $ 35,920 million in 2020 at a CAGR of 21.2% over the forecast period 2021-2027.

The main drivers for the growth of the mobile money market are:

The growing number of mobile subscribers is driving the growth of the mobile money market. The growing number of mobile network subscribers represents an increasing potential for financial transactions with mobile phones.

The rise of advanced mobile applications and technological advances that ensure secure and fast transactions are expected to boost the mobile money market

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TRENDS THAT AFFECT THE GROWTH OF THE MOBILE MONEY MARKET

The increasing adoption of mobile POS is expected to fuel the growth of the mobile money market. The ability of the smartphone to accept payments on site is fully exploited by the mobile point of sale. Because transactions are encrypted and no card information is stored on the mPOS device, liability is limited, reducing the risk of security breaches and making regulatory compliance easier and faster.

Cashback discounts during payment are another important factor that will fuel the mobile money market. Customers are increasingly interested in mobile wallets that offer discounts at the time of payment. Most mobile wallets now allow customers to retain all of their information, including debit and credit card information, discount and reward information, which simplifies transactions. All of these remarkable benefits are enticing a growing number of people to use mobile money and mobile wallet apps.

Consumers and businesses are being forced to adjust their shopping behavior due to the COVID-19 pandemic, which has had a major impact on the mobile money market. As contactless payment for transactions becomes more and more important, the acceptance of mobile wallets has skyrocketed. Many customers have turned to mobile wallets to avoid cash and card transactions to keep the COVID-19 from spreading.

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MOBILE MONEY MARKET SHARE

Depending on the type, the segment is expected to be the most lucrative from person to person. Person-to-person payment (P2P) providers are growing in popularity as they make it possible to carry less cash and do online banking and payments.

Depending on the region, Asia-Pacific is likely to be the most lucrative segment. Due to the increasing smartphone penetration in the region, operators have the opportunity to introduce innovative mobile wallet services, the region is leading in the introduction of mobile money solutions.

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Major Players in the Mobile Money Market

  • Vodafone
  • Gemalto
  • FIS
  • Google
  • MasterCard
  • Bharti Airtel
  • orange
  • Monize
  • Mahindra Comviva
  • PayPal
  • Other

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SIMILAR REPORTS

– The globe Mobile Wallets and Payment Technologies Market Size is expected to reach $ 110,740 million until 2027, from $ 34,470 million in 2020, with a CAGR of 17.6% over 2021-2027.

– The globe Contactless Payments Market Size is expected to reach $ 23,410 million until 2027, from USD 10,260 million in 2020 with a CAGR of 12.0% over the period 2021-2027.

– The globe Payment Processing Solutions Market Size is expected to reach $ 52,060 million until 2026, from $ 33,810 million in 2019 at a CAGR of 5.9% over the forecast period 2021-2026.

– The globe Digital Loan Platform Market Size was rated with $ 5.58 billion in 2019 and is expected to reach $ 20.31 billion by 2027 with an annual growth rate of 16.7% from 2020 to 2027.

– The globe Mobile payments market Size was rated with $ 1.48 trillion in 2019 and is expected to reach $ 12.06 trillion by 2027 with an annual growth rate of 30.1% from 2020 to 2027.

– That Mobile Wallet Market Size was rated with $ 1,043.1 billion in 2019 and is expected to reach $ 7,580.1 billion by 2027 with an annual growth rate of 28.2% from 2020 to 2027.

– The globe Personal Finance Software Market Size was rated with $ 1,024.35 million in 2019 and is expected to reach $ 1,576.86 million by 2027 with an annual growth rate of 5.7% from 2020 to 2027.

– The globe Personal Financial Management Tools Market Size is expected to reach USD 4,339.6 million until 2027, from $ 1879.3 million in 2020 with a CAGR of 12.7% over the period 2021-2027.

– The globe Remittance market Size was rated with $ 682.60 billion in 2018 and is expected to reach $ 930.44 billion by 2026, with a CAGR of 3.9% from 2019 to 2026.

– The globe Digital remittance market Size is expected to reach $ 21,420 million until 2027, from $ 3,889.5 million in 2020, with a CAGR of 27.6% over 2021-2027.

Global Mobile Payment Systems Market Size, Status and Forecast 2021-2027

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Anti-Cash Laundering Answer Market is Rising at 16.2% CAGR of throughout 2019–2027

Pune, India, February 17, 2021 (GLOBE NEWSWIRE) – Loud The Insight partners new research study on “the Anti-Money Laundering Solutions Market was valued at $ 1,503.99 million in 2019 and is expected to reach $ 5,866.51 million by 2027; The increasing focus of FinTech companies on the implementation of automated money laundering systems is driving market growth. However, the increasing focus on controlling the risks associated with digital payment methods is hindering market growth.

Europe dominated the anti-money laundering solutions market, with a share of more than 25% in 2019. In 2018, the European provinces were exposed to several cases of money laundering. For example, research found that up to $ 30 billion in ex-Soviet and Russian money flowed through the Estonian branch of Danske Bank, Denmark’s largest bank. In addition, the Dutch bank ING paid a fine of US $ 948.58 million (EUR 775 million) for allowing money laundering through its accounts as part of the “structural violation” of the Dutch Money Laundering and Terrorist Financing Act. In order to keep an eye on such events, in July 2018 the European Commission enforced the 5th Anti-Money Laundering Directive, which focuses on the establishment of central and publicly registered companies. The disclosure of corporate ownership to corporations seeks to mitigate the use of shell corporations that exist solely on paper to turn the profits of crime into seemingly legitimate assets. In addition, according to the Directive, the data in these registers must undergo a comprehensive review to ensure that the registers cannot be tampered with.

Anti-Money Laundering Solutions Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by component (software and services), deployment type (on-premises and cloud), product (transaction monitoring, compliance management, currency transaction reporting and customer identity management), industry (healthcare, BFSI, retail, IT and telecommunications, government), and others ), “

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(Anti-Money Laundering Solutions Market Segmented By Region / Country: North America, Europe, Asia-Pacific, Middle East and Africa, and Central and South America)

Technological advances lead to an increasing number of cyber criminals. FinTech companies have the potential to help banks around the world stay competitive in the global marketplace. Whether it’s tracking digital currencies, doing machine learning, or connecting data, more robust systems combined with technological advances have proactively led the fight against money laundering. Due to the increasing consumer acceptance of digital transactions and the subsequent volume of transactions in competitive FinTech companies in 2019, many companies opted for automated methods to combat money laundering. The automated money laundering systems offer a negligible amount of false positives compared to conventional data and technologies.

Due to the growing connection between FinTech and AML solutions, the Association of Certified Anti-Money Laundering Specialists announced in December 2020 the start of a new certification program for FinTech companies that want to meet regulatory standards. In collaboration with FINTRAIL, the association developed the Certified AML FinTech Compliance Associate program. The program is designed to expand the compliance toolkit of FinTech employees involved in entry-level financial crime prevention. The increasing focus of FinTech companies on the implementation of AML solutions is therefore driving market growth.

Anti-Money Laundering Solutions Market: Segment Overview
Among the common deployment types, local deployment offers a huge advantage for companies because they can keep all business processes and current internal systems such as authentication and access rights within their physical boundaries. In addition, companies can implement their own data security standards and control all processes included in their restriction. They also have the option to easily leverage existing hardware investments and offer their employees a cloud-like experience. On the other hand, the cloud delivery type is a model where the data is stored in a third party cloud provider. Customers have no control over the location of the infrastructure. This means that if a vendor’s data center is breached, the company has no control over the duration of the outage or the data that may be admitted. All clients in clouds use the same infrastructure pool with tight security, configuration, and accessibility variances.

On the basis of components, the Anti-Money Laundering Solutions market is divided into Software and Services. The software segment is expected to grow by more than 14% in the forecast period. There is a wide variety of Anti-Money Laundering (AML) software available to suit the needs of end users. The majority of companies differentiate their money laundering needs based on their approach. Rule-based approach software, risk-based approach software, behavior-based approach software, and intelligent software are some of the widely used AML software solutions. The rules-based approach software compares transaction data and compares it with certain scenarios in order to imitate malicious activities. While this software is easy to use, the software often raises concerns about false positives. With risk-based approach software, the solution focuses more on identifying risks associated with suspicious activity, including intelligence, rules, behavior, or a combination of these approaches.

Anti-Money Laundering Solutions Market: Competitive Landscape and Key Developments
BAE Systems Applied Intelligence announced a new offering being created on Amazon Web Services (AWS) to provide comprehensive anti-money laundering compliance solutions.
In 2020, BEC and SAS Institute teamed up for a new cloud platform for money laundering and terrorist financing. A. A DKK 1 million investment confirms BEC banks’ access to world-leading crime-fighting technology.

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