Tag: mobile payment industry

About mobile payment

Mobile payment is a form of payment where an end-user can initiate a transaction using a mobile device for goods and services through communication networks or technologies. Mobile payment allows consumers to use a mobile device to pay for goods and services instead of using cash, check, and credit/debit cards. It is also referred to as mobile money, mobile money transfer, and mobile wallet.

Global mobile payment market to grow at a CAGR of 36.26%, in terms of transaction volume, over the period 2014-2019. In terms of number of end-users, the market is expected to grow at a CAGR of 18.10% during the forecast period.

Covered in this report

This report covers the present scenario and the growth prospects of the global mobile payment market for the period 2015-2019. To calculate the market size, the report considers the total transaction volume sourced through mobile devices. In addition, the report discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends that are emerging in the market.

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Global Mobile Payment Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the landscape of the global mobile payment market and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors

Gemalto
Google
Mahindra Comviva
MasterCard
Orange
PayPal
Visa
Vodafone Group

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Other prominent vendors

Airtel Money
Alipay
Amazon.com
American Express
Apple
Bank of America
Citrus Payment Solutions
Dwolla
First Data
LevelUp
LivQuik
MCX
Mobikwik
m-pesa
One97 Communication
Oxigen
Square
Tata Teleservices
Venmo
Y-Cash Software Solutions
ZipCash
ZipPay

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Although you cannot completely do away from your leather billfold, but this new technology called mobile wallet is gradually invading on your leather wallet. Well, one good thing that it is doing is saving paper and conserving environment.

MasterCard is the one of the companies that is doing well in mobile wallet market.

It has a belief which wants the world to look beyond cash. Recently it has upgraded the shopping experience with new innovations to Mobile Wallet Technology. It has added new service called ShopThis! This will help customers to leverage this new market. Well, it is a good option as world is getting more aware and inclined towards digital payment services.

Digital Wallet is all set to for transforming natural way of transaction. Mobile Commerce is claimed to be the largest growing sector by 2020. Mobile ticketing and mobile money transfer will follow. The main reason behind this growth is increasing use of mobile payment services. But still a large chunk of population prefers traditional Cash and Card payment. One major reason according to AMR report is Security concern among them with technological infancy. A recent report published by Allied Market Research projects that the market for Global Mobile Wallet will reach $5,250 billion by 2020 at CAGR of 127.5%.

Mobile Wallet has really transformed shopping experience of many consumers with its enhanced and astounding features.

It has brought the physical and digital market virtually at one place. Looking at its potential, many telecom companies are coming together to innovate and give a better product. This will act as a catalyst for market growth. PayPal has emerged as best player in Mobile Wallet solutions. As per survey by Forrester to 4000 consumers, PayPal got 38% of vote while Amazon followed it with 35% of vote. Google is the biggest player in NFC (Near Field Communication) mobile technology with the launch of mobile wallet technology in 2011.

Application, Mode of Payment and Stakeholders are there segments that form Mobile Wallet market.

Application segment is further divided as Mobile commerce, Mobile ticketing, Mobile money transfer etc while Mode of payment segment is comprised of NFC and remote payment. Stakeholder’s segment includes Service providers, Handset manufacturers, Mobile operators, OSS/BSS solutions etc.

Author: Ashish Gedamkar