Mobile payments are the transactions that are enabled with mobile telecommunications network that is done with a monetary value with diverse mobile user’s devices, such as mobile terminals, cellular telephones and smartphones. Mobile payment enables transferring of funds in return for goods or services that requires mobile device for confirming and executing payment. Furthermore, mobile payment systems enable consumers to make an immediate payment by using a smartphone. Moreover, increasing number of smartphone users across the globe that is pertaining towards the growth of the mobile payment technologies market.
Insight by Type
There are two types of mobile payment types that include remote and proximity payments. Among these segments, proximity payment is anticipated to witness fastest growth during the forecast period since retailers are extensively looking for alternative that helps them in improving shopping experience of their customers and thereby enhance their satisfaction level. Proximity payment enables the providers to develop a new channel of communication that helps in engaging large consumer base effectively that is further strengthening the growth of mobile payments market across the globe.
Insight by Industry
On the basis of industry, the mobile payment technologies market is segmented into IT & telecommunications, government services, travel and hospitality, BFSI, healthcare, retail, media & entertainment, transportation and logistics and others. Among all these segments, retail segment is anticipated to generate largest revenue by 2024 since providers are constantly searching for alternatives that help them in engaging more customers and enhancing their satisfaction level.
Moreover, apart from paying with card or cash there are several mobile payment options that are availed to the customers by the retail service providers such as Samsung Pay and Apple Pay. These applications enable customers to make quicker payments via an NFC equipped platform. Furthermore, increasing domain of mobile payment in retail domain is thereby bolstering the growth of mobile payment technologies market worldwide.
Introduction of mobile payment technology and e-commerce market for smartphones is the key trend observed in the growth of mobile payment technologies market. With the help of mobile payment technology, purchasing of goods and service have become quiet easy and hassle-free. In the present scenario, there are ample of products and services that are available through online channels and require cashless transactions that further emphasize upon increasing adoption of mobile payment technology.
Furthermore, introduction of barcode scanning, faster networks and promotional offers, cashless transactions is gaining extensive popularity that is not confined to mere business to consumer but also between business to business transactions thereby significantly impacting the growth of mobile payment technologies market positively across the globe.
Increase in adoption of cashless transactions, increasing demand for easy and hassle-free purchase of goods and services, improved communication networks, increasing adoption of smartphone technology and increasing acknowledgment for the need of clean transactions are some of the key factors that are driving the growth of mobile payment technologies market exponentially. With the acknowledgment of the significance of cashless transactions among people, mobile payment technology has widened its reach in almost every segment of the business. May it be consumer to business or business-to-business transaction, mobile payment technology is available for all kinds of transactions, which further makes the technology more popular.
Furthermore, all people involved in exchange transactions require clean transactions, which is the key feature of the mobile payment technology that removes the hurdle of window dressing and presents the details of all the transactions with all the required information. Moreover, the improvisation in communication networks and the adoption of smartphones has made all kinds of transactions quiet simple and hassle-free for both the consumers and the business-oriented transactions, that drive the mobile payment technologies market growth globally.
Cybercrime like hacking into the accounts is the major challenge faced by the mobile payment technology market. With the introduction of Internet of Things in online payment segment, the personal accounts of the users are stored for making the transaction possible. This enables the unethical hackers to reach for the personal details of the consumers more easily. These transactions are not extremely secure that can stop the hackers from getting into it, further hampering the growth of mobile payment technologies market globally.
Globally industry players are bolstering the growth of mobile payment technologies market by launching new advancements in the technology on day-to-day basis. Key players are introducing the technology of scan and pay which has made it even simpler for users to use the technology and the transactions have become even quick. Furthermore, it has been observed that there has been immense research for the security of the transactions across the globe.
Geographically, Asia-Pacific dominates the mobile payment technologies market followed by North America. The increasing revenue of mobile payment technology in Asia-Pacific is attributed towards large population in the region. Furthermore, Asia-Pacific has the highest numbers in the adoption rate of smartphones due to the large population of young generation. Furthermore, increasing initiatives undertaken by the government authorities in China and India towards promotion of cashless transactions has expounded the demand for the mobile payment technologies market in this region.
Key players in the mobile payment technologies market are taking major steps to improve the security for the online payment platforms. These steps include the companies to collaborate with security providers to form a different department to focus specifically on the security issue. Such steps taken by the prominent players give them a competitive edge in the global market. The key players in the mobile payment technologies market are Alipay.com, General Motors Company, MasterCard Incorporated, Samsung Group, Amazon.com, Inc., Apple Inc., Starbucks Corporation, PayPal holdings, Inc., Paytm and Square, Inc.