DUBLIN, February 18, 2016 /PRNewswire/ --
The global mobile payments market is expected to grow at a CAGR of 36.26% over the period 2015-2019, according to a report available on Research and Markets. Near Field Communication (NFC) is one of the most effective means of carrying out mobile transactions and the increasing awareness among consumers about its convenience is predicted to increase the adoption of m-commerce, leading to market growth.
Electronic payments are already widely used in China, with reports suggesting more than 358 million Chinese conduct their payments online. Tech giant Apple will make their first attempt at cracking the Asian payment market today with the introduction of Apple Pay in mainland China. The American multinational has reached an agreement with China's UnionPay, the state-owned bankcard association, to allow cardholders to use Apple Pay.
Another report projected the mobile money market to reach a value of $78.02 billion by 2019, establishing itself as one of the fastest growing markets globally. With mobile phone usage becoming a consistent communication and content access medium, mobile money services are becoming highly popular among the people.
Apple confirmed the expansion on its website. Chinese customers will now be able to pay for their purchases using Apple devices like the iPhone, iPad or Apple Watch. Apple launched Apple Pay in 2014, and has since expanded into Canada, Australia and the United Kingdom. It does face competition in China from established payment services Alipay and WeChat Payment.
A report on the Global Mobile Wallet had identified challenges in the market. It said hindrances in communication systems and lack of accessibility and interoperability are some of the fallouts of infrastructural inadequacies, especially in the APAC region. It still forecast growth at a rate of 36.8% for the period 2015-2019, and this will now be boosted by the arrival of Apple Pay in the region.
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SOURCE Research and Markets