Global Mobile Payment Market 2017-2021
About Mobile Payment
Mobile payments are the payments made using mobile devices such as cell phones or tablets, using mobile money or mobile wallets. Technological innovations and rapid technological advances are changing the way people connect with each other and manage their finances. With the advent of mobile banks, users are able to conduct monetary transactions with ease. Mobile banking is an affordable alternative to the traditional banking ways.
Technavio’s analysts forecast the global mobile payment market to grow at a CAGR of 35.55% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global mobile payment market for 2017-2021. To calculate the market size, the report considers mobile payment transaction values.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Mobile Payment Market 2017-2021
Technavio recognizes the following companies as the key players in the global mobile payment market: FIS, Gemalto, MasterCard, PayPal, Alibaba Group, Apple, Google, and Samsung Electronics.
Other Prominent Vendors in the market are: Bharti Airtel, American Express, Bank of America, Citrus Payment Solutions, LevelUp, MobiKwik, One97 Communication, Orange, Oxigen, Square, Venmo, Visa, and ZipCash Card Services.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is cloud-based mobile payment solutions. Cloud-based mobile payment solutions are gaining momentum worldwide, owing to the rise in the technological innovations that provide customers with the capabilities to use digital wallets. Technological convenience is also increasing at a faster pace. Cloud-based mobile payment solutions offer new levels of convenience.”
According to the report, one driver in the market is increasing use of mobile devices. The use of mobile devices has increased significantly over the years. This is mainly because of the increase in the number of applications offered by smartphones and the safety offered by these applications while handling financial transactions. Smartphones were used by more than 2 billion people in 2016. With the growing digitization and the rise in the number of smartphones, the demand for mobile payment services is increasing. Mobile payments are quickly evolving and gaining popularity, with more number of recognizable brands stepping into the mobile payment industry.
Further, the report states that one challenge in the market is security of mobile payment apps. Security is the major concern when it comes to one-touch mobile payments. As mobile payment apps store the financial details of the users, many customers still are afraid and concerned about the security of their details. The details stored on the cell phones can be easily intercepted by anyone, which results in the loss of important financial information. Therefore, to prevent the loss of the financial data of the customers, merchants and service providers are implementing extremely stringent procedures, abiding by the standards set by the Payment Card Industry Data Security Standard (PCI DSS).
FIS, Gemalto, MasterCard, PayPal, Alibaba Group, Apple, Google, Samsung Electronics, Bharti Airtel, American Express, Bank of America, Citrus Payment Solutions, LevelUp, MobiKwik, One97 Communication, Orange, Oxigen, Square, Venmo, Visa, and ZipCash Card Services.