Transactions via mobile gadgets, such as smartphones or tablets are termed as mobile payments. In this mode of payment, exchanged is digital money. Over traditional modes of payment, such as cheque, cash, and credit cards, the mobile payment offers several benefits. The digital exchange of money is easily accessible and maintains transparency in transaction. These are responsible for the rise in popularity of mobile payment. Pulling off credit cards, writing checks, and issues with cash changes are difficult in a fast-paced life. The growing need for convenience is encouraging the adoption of mobile payments. The disruptive beacon technology is noted to simplify mobile payments.
Likewise, there are different causes that can influence the adoption of mobile payments. Market Research Future (MRFR), a firm excelling in market research, has conducted a thorough study on the mobile payments global market. Modern, failsafe methodologies are used for primary and secondary research for the mobile payments market. MRFR report offers insights that can facilitate venture capitalist to settle on effective strategies to add competitive edge. MRFR findings in its latest “Mobile Payments Global Market” report, reveals different forces that can impact the market. MRFR states that the global mobile payment market can expand at 32% CAGR through 2016 to 2023. By 2023, the worldwide market of mobile payment can value at USD 3,300 Bn.
Marketers are invested in innovations as effective and smart product line can gain considerable traction. This is expected to favor the mobile payments global market. Amazon.com, Inc. (U.S.), Alipay.com (China), Starbucks Corporation (U.S.), Apple (U.S.), General Motors Company (U.S.), PayPal holdings, Inc. (U.S.), Samsung Group (South Korea), MasterCard Incorporated (U.S.), Square, Inc. (U.S.), and Paytm (India) are some reputed players in the global mobile payment market. Startups and expansion of existing dealers trading in mobile payment services are deploying advanced technologies to launch effective products. This can result in expansion of customer base, subsequently causing intensification of competition among players. These are likely to favor the market.
The choice of payment mode are mobile wallet or bank cards, mobile money. Types of mobile transactions are wireless application protocol (WAP), short message service (SMS), and near field communication (NFC) among others. Flexibility offered by SMS and better convenience offered by WAP are factors that can spur the mobile payments global market. The cellphone users count those considering mobile payment as an excellent aid for transaction is significantly high. Thus, mobile payment, instead of gaining popularity a payment alternative, is gaining popularity as the first choice as payment mode. This, indeed is a powerful booster for the global mobile payment market. Education, retail, healthcare, entertainment, and hospitality among others are sectors those are high end-users of mobile payment. To make money transfer seamless and quick for customers, cash-rich companies are deploying mobile payment services. This can provide thrust to the market.
Asia Pacific mobile payment market can secure the forefront of the growth line of the global market. Japan and China are acclaimed as top producers of communication gadgets, which is likely to lay ground work for the regional mobile payment market to surge. The high utility of smart phones and the inclination of people towards mobile payment can add momentum to the market growth. In India, benefits of digitalization, rigorous developments for smart cities, and availability of affordable mobile products are likely to benefit the APAC mobile payment market.
Mobile Payments Market is estimated to grow by 32% of CAGR, Global Mobile Payments Market…
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Market Research Future
+1 646 845 9312