According to The Business Research Company’s research report on the mobile money market, the increasing adoption of mobile POS (point of sale) is driving the growth of the mobile money market. The increased expectation for quick fulfillment and the growing popularity of the digital marketplace, coupled with the need for improving customer experience, ease of use, and payment efficiency, has led to the increased adoption of mobile POS. This increasing adoption of mobile POS will result in significant demand for mobile money as it is a convenient and efficient solution for point of sale.
Technological advancement is a key trend gaining popularity in the mobile money market. The market is witnessing the implementation of advanced technologies such as NFC technology in mobile money for contactless payments. NFC (near-field communication) is a short-range wireless connectivity mechanism to enable communication between devices during their proximity using magnetic field induction, enabling quick payment and removing contact-based payments. Major companies operating in the mobile money market are focused on providing technologically advanced mobile money solutions to strengthen their market position. For instance, in March 2021, Paytm, an Indian digital payments and financial services company, introduced Smart POS for Android devices that accepts contactless payments using NFC technology. This smart POS converts an Android smartphone into a point-of-service (POS) terminal using NFC technology that allows card payments via NFC-enabled Android phones.
The global mobile money market segmentation is categorized by transaction type into person to person (P2P), person to business (P2B), business to person (B2P), business to business (B2B); by payment into remote payments, proximity payments; by application into bill payments, money transfers, recharge and top-up, ticket payment, others.
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