Showing posts with label Global Mobile Payment Market. Show all posts
Showing posts with label Global Mobile Payment Market. Show all posts

Monday, July 19, 2021

COVID Impact on Global Mobile Payment Market Outlook: Ken Research

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The Mobile payments mean buys or transactions made by the regulatory authorities through the mobile device under financial administration. The service proposes conventional options, comprising credit cards, inspections, and cash, which deliver the end-users with a high level of convenience. It is the approach of digitally paying for a good or service to be acquired. Mobile payments do not demand hard cash, and transactions are made electronically. With the overview of emerging technologies such as blockchain, machine learning, and artificial intelligence (AI), the penetration of mobile payments and technology transformation redefined digital payments. Such innovations can make transactions more seamless and harmless, and the digital payment industry is projected to deliver enormous opportunities. Modernizing traditional domestic payment infrastructure will play a noteworthy role in the future improvement of the digital payment market.


According to the report analysis, ‘Mobile Payment Market Segments: by Industry Size (large enterprises, SMBs); by Transaction Mode (Short Message Service, Near-Field-Communication, and Wireless Application Protocol) and Region – Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030states that more smartphones are projected to fuel the market over the review period, amalgamated with the high Internet penetration. Further growth in the market is projected to augment the better obtainability of mobile wireless payout applications. In addition, several governments worldwide are instigating digital payment initiatives. The Indian Government, for example, has announced the Digital India initiative to reassure the country's digital payment methodologies and cashless dealings.

Whereas, the global Mobile Payment Market is sectored by transaction mode into Short Message Service, Near-Field-Communication, and Wireless application protocol. SMS payment is a manner of paying for goods and services by sending a mobile text message. SMS payment is the most shared and favored form of making mobile pay as consumers only require the usage of a smartphone with text message functionality. Such transaction payment gateway systems have a virtual terminal. Such systems underwrite the authentication and authorization of payment proof amongst the vendor and the consumer. The cost of the transaction is added to a client bill monthly or subtracted from the prepaid balance by the telephone operator. In Europe, SMS transfers are utilized for parking and to buy buses and trams in comparison to the United States. Provided the fact that SMS payments are dominant in the mobile payment market, people buy food, drink, and taxi services with this app.

Throughout the projected timeline, North America ought to have the greatest share in the total market for Mobile Payment. North America controlled the largest industry during 2019. There are a great number of mobile payment solution providers in the area as an outcome of the growth in the industry. Possible aspects driving the demand are the growth of the mobile trading industry and the increasingly digital economy in North America. Different aspects such as trustworthy broadband and network infrastructure, shopper readiness, and cashless payment requests and the banking system in Canada subsidize widely to the country's developed cashless transactions. Therefore, in the near years, it is predicted that mobile payment will increase around the globe more effectively over the upcoming years.

For More Information on the Research Report, refer to the below links: -

Global Mobile Payment Market Outlook

Related Report:-

Egypt Remittance Market Outlook to 2023 - By Inbound and Outbound Remittance, By Transfer Mode (Bank Transfer, Through Friends or Relatives, Through Agent or Courier, Carried Money on Their Visits, and Others), By Banking and Non-Banking Transfer, By Bill Payment Type (Mobile Services, Internet Services, Utilities, and Others), By Bill Payment Mode (Cash Payments, Card Payments, and Fund Transfers)

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Thursday, August 11, 2016

Promising Faction of Mobile Wallet Companies

There is a massive change from cash to electronic payments for financial and banking purposes. People are more inclined towards this automated mode of payment rather than the traditional way of paying by cash. Payment market in India will increase by USD500 billion in next 5 years. Micro-transactions will structure a substantial portion of the industry with over 50 % of person-to-merchant transactions expected to be under Rs 100. The value of remittances and money transfer that will pass through alternative digital payment instruments will double by 2020.
Global Mobile payment market is appearing as a boon as it lowers the cost, easily accessible to consumers and consumers are becoming more progressive towards online methods of payment. The various key vendors in the "Mobile Money Market" are Vodafone Group Plc, Gemalto, FIS, Google Inc., Mastercard Incorporated, Bharti Airtel Limited, Orange S.A., Monitise Plc, Mahindra Comviva and PayPal. Asia Pacific in future expected to continue to showcase one of the largest platforms for Mobile Money market. Technological advancement in mobile devices, inclining use of non-cash payments are the driving forces in the mobile money market.  Additionally, creation of new business avenues for stakeholders, evolving demographic needs across regions, rising use of mobile money services across businesses are aiding in the growth of mobile money market.
Due to perforation of smartphones, consumer’s willingness for using digital payments changes the ways of paying bills. The benefaction of non-cash modes of payments, such as demand drafts, cheques, credit/debit cards, net banking, mobile wallets is expected to increase to 40% by next 5 years. As far as Indian users are concerned, they make digital payments basically for utility bill payments, online shopping and movie ticket purchases. Bill payments industry trend is very popular in emerging economies such as India. Several e-commerce organizations are coming into place for making digital transactions facile, namely: Flipkart, Snapdeal, Amazon, Myntra, Jabong and many more. Similarly, mobile wallet companies are also emerging tremendously such as: Paytm (One97 Communications Ltd), Mobikwik (One Mobikwik Systems Pvt Ltd), Oxigen Services (India) Pvt. Ltd, Citrus Payment Solutions Pvt. Ltd, Freecharge and others. Digital payments demonstrated as fanatic across the users.