Mobile payments refer to payments or transactions made under financial supervision by regulatory bodies using a mobile device. This service does away with traditional alternatives such as credit cards, checks and cash, providing a high degree of ease to end users. Payments can be made by using apps such as Square Wallet which need to be installed on the customer’s phone, and which needs to be linked to their financial credentials. Alternatively, near field communication or NFC technology can be used, wherein the user’s phone needs to be tapped against the NFC enabled point-of-sale (POS) terminal. In order to use this method, apps such as Isis or Google Wallet need to be used, and the user’s phone needs to be NFC enabled. Besides financial cards, loyalty cards and other coupons can be integrated into the device, making for an enriched user experience.
Growing propensity to use smartphones and increasing penetration of mobility and smartphones, especially in emerging nations, is expected to fuel market growth. The advent of budget mobile phones that are capable of supporting mobile payments has also spurred overall demand. Since users do not need to rely on traditional modes of payment and can conduct payment as well as remittance services using a consolidated device, this technology has helped bridge the gap between the banked and underbanked population to a large extent. As a result, it has received favorable initiatives by organizations and regulatory bodies, since it is particularly useful in regions with low bank penetration. Security concerns among users are expected to restrain the market. Furthermore, loss of the mobile device configured with financial details is a credible concern. However, service providers are equipped for dealing with such issues, and can remotely suspend the user’s account, thus safeguarding the mobile wallet.
The EMEA region accounted for the largest market share in 2012 on account of technological advancements in Europe along with presence of underbanked population in Africa. Asia Pacific is expected to be a fast growing market segment over the forecast period. Key market participants are divided in their offering; they include Google, Apple Inc., Samsung, American Express, Visa, Amazon, PayPal, etc.
Grand View’s market research report takes a closer look at the mobile payments industry, providing a holistic perspective on market dynamics, trends, supply and demand. The report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key applications including retail, public transportation, vending machines, grocery stores and restaurants. The report also provides the same level of information for key regional markets.
This research report analyzes various factors which have been driving and inhibiting the global mobile payments market in the past. In addition, the report analyzes the impact of each driver and restraint on the market growth, which forms the base for market forecast. The report also showcases the opportunities available in the market which may act as future drivers for the market.
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