Global Mobile Payment Market - Analysis and Applications, Trends, Opportunities, Growth And Forecast, 2014 - 2020
NEW YORK, Jan. 20, 2015 /PRNewswire/ -- Mobile payments refer to payment services operated under financial regulation and performed from or via a mobile device. Instead using cash, cheque, or credit cards, a consumer for a financial transaction, can use a mobile phone to pay for a wide range of services and digital or hard goods or to transfer money. The key components of this market involve first and foremost, the banks. Their increased role in advancing technological accessibility of customers is evident in the form of mobile banking. Telecom companies are another prominent component of this market. Telecom companies provide mobile payment services in collaboration with banks and payment companies. Mobile payment platform providers are driving the innovations in this field. Regulatory bodies make the third component and are crucial to face the oversight challenges in protecting consumers and the payment system.
There are numerous market drivers involved like the rigidity of banks and other inefficiencies in their services, exponential growth of mobile phone users in the world, increasing share of smartphones in the mobile phone market, micropayments, transfers involving more than one currency, growth of e-commerce and its cost effectiveness, etc. Loyalty programs and coupons/ discounts are big motivators which are usually accessed where mobile payments are concerned.
Financial institutions and payment companies are in the early days of being able to connect with consumers across all parts of their financial life. Technological advancements such as faster internet speeds, increased computing powers and the worldwide spread of smartphones have allowed more aspects of financial services to go mobile. The increased sophistication and fast consumer uptake of mobile banking apps aid the possibility of mobile payments becoming a mainstream payment option.
Challenges faced
Businesses need to be concerned about the cost of developing unique payment solutions for each mobile device. Developing smartphone apps for each mobile-operating system is prohibitively expensive for most companies. At the customer end, it is considered a tedious process, either due to unfamiliarity with mobile technologies or because of the already existing attractive alternatives. Mobile payments also face competition from simple PC/laptop payments which are more attractive for some compared to the small screens of mobile phones. Not all vendors has this technology accessible to them mostly due to the initial expensive investment factor thus again proving as an inconvenient method of payment for some.
Market worldwide
Emerging countries: Africa currently holds the top place for mobile payment usage worldwide, encompassing more than 50 percent of all global mobile money services. Over half of cell phone users regularly make mobile payments in Kenya and Uganda. Mobile is dominantly used as a retail shopping channel in the Asia Pacific region with a higher adoption than North America or Western Europe, the Asian market accounted for about 40% in M-Payments in 2013.
This report profiles the major mobile payment platforms, namely Paypal, Google pay, Apple pay, M-Pesa, Airtel Money, Square, IZettle, Alipay, GCash, WyWallet, MCash, Klarna and Boku, and focuses on the current market trends from 2014 and forecasts market growth and trends stretching up to 2020. This report will be focusing on the components, market structure, drivers of growth and key areas of potential where mobile payments are concerned, highlighting the various challenges, while analyzing the trends of a wide geographical region. The report touches on the various technologies and the analyzes their success and failure. It is a "must have" document for any player interested in the aggressively growing mobile payment market.
Read the full report: http://www.reportlinker.com/p02577547-summary/view-report.html
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