Tag: india mobile payments

Amazon aims to establish a foothold in India’s mobile payments space through new acquisition

Amazon has successfully acquired Emvantage Payments

Amazon is looking to compete for the favor of India’s mobile shoppers and has announced the acquisition of Emvantage Payments. The company specializes in payments, allowing online merchants to accept credit and debit card transactions. The company also supports mobile payments, something that Amazon has become very interested in over the past few years. India is one of the world’s fastest growing mobile commerce markets and merchants throughout the world are looking to establish a strong foothold in the country.

Emvantage will continue to help merchants connect with mobile shoppers

Emvantage allows merchants to connect with consumers more easily. Amazon believes that its acquisition of Emvatage will allow the company to accelerate the development of new e-commerce services in India. Emvantage employees will be incorporated into Amazon’s payments team, which will develop products and solutions that are specific to the needs of Indian mobile shoppers. Demand among these shoppers for convenient and secure services has been growing, especially due to the advent of mobile commerce.

The e-commerce space is slated to see strong growth through 2020

amazon - India Mobile PaymentsAccording to Amazon, India will be the world’s largest market after the United States within the next 10 years. This represents trillions of dollars of opportunity for Amazon and other e-commerce companies. The e-commerce space is expected to reach $137 billion in revenue by 2020, considerably higher than the $11 billion in revenue that was reported in 2013. One of the factors that will influence this growth is the availability of mobile payment services, which will allow more consumers to shop online and in physical stores efficiently.

Amazon may face significant competition in the mobile sector

Amazon is working to compete with some of the largest e-commerce companies in India, which have begun to focus on the mobile sector. Mobile consumers have proven to be quite enthusiastic when it comes to online shopping and smartphone penetration is growing quickly throughout the country. As this trend continues, more consumers are likely to take advantage of mobile payments services that allow them to purchase products online.

Sound-based mobile payments are coming to India

ToneTag will make sound-based mobile transactions possible for Indian consumers

Consumers in India will soon be able to take advantage of the convenience of sound-based mobile payments. ToneTag, a sound-based technology startup, has been tapped by MoboMoney, a payment platform that was launched in December 2015 by Tech Mahindra, to introduce a new feature into the MoboMoney ecosystem. ToneTag has developed technology that can facilitate mobile transactions with a simple sound or through the use of NFC technology, which most modern payment platforms are based on.

MoboMoney aims to expand the accessibility of mobile commerce

MoboMoney notes that the ToneTag sound-based technology is capable of facilitating transaction even on devices that are not equipped with NFC technology. This technology is still relatively rare in India, though more NFC-enabled devices are becoming available in the country. Sound-based technology could allow more consumers to participate in the mobile commerce space, allowing them to use a wide range of devices to make purchases in physical stores. A growing number of physical stores are beginning to support mobile commerce and more consumers participating in this space may lead to success for retailers.

India continues to be a favored mobile market

mobile Payments via Sound - IndiaIndia is one of the fastest growing mobile payments markets in the world. The country is home to more than 1 billion mobile consumers, with many of these people living in rural areas. Those living in rural areas have shown particular interest in mobile commerce because it allows them to shop whenever they want and from wherever they are. MoboMoney aims to expand mobile commerce services to the full gamut of these consumers, hoping that more people will opt to make transactions via their mobile devices.

Innovative technology could help bring more people into the mobile commerce space

ToneTag has been finding success with its innovative technology. In August of last year, ToneTag rose a total of $1 million in funding. This money allowed the company to expand and perfect its services. Sound-based mobile payments have not yet become mainstream, but ToneTag’s ability to make mobile commerce more accessible to a wide range of people may change this in the coming years.