Tag: mobile payment

Mobile Payment market in China 2015 to grow at a CAGR of 108.36 percent and 113.41% By 2019: Market Research Store

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

Mobile Payment market in China to grow at a CAGR of 108.36 percent and 113.41 percent in terms of volume and value, respectively, during the period 2013-2018.

Mobile payment is a popular form of financial transaction that transforms the payment experience by seamlessly merging online and offline shopping. It simplifies the transaction process and enhances payment security.

The report highlights increasing third party payment (TPP) providers that are preferred over traditional financial service providers like China UnionPay and China Mobile. Most of the TPP providers are focusing on remote payment and delivering services through three models: Wallet, Gateway and Quick Payment.

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“TPP providers are increasingly becoming the preferred mobile payment options. They are the strongest promoters of mobile payment services in China and rely on a network of partnerships with banks, merchants and mobile operators. They provide a wide variety of payment services that support a huge variety of application scenarios,”

Covered in this Report

This report covers the present scenario and the growth prospects of the Mobile Payment market in China for the period 2014-2018. In terms of application, the Mobile Payment market in China can be segmented into the following: Mobile at the point of sale (POS), Mobile as the POS, Mobile Payment Platform, Direct Carrier Billing, and Closed Loop Mobile Payments.

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Mobile Payment Market in China 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the landscape of the Mobile Payment market in China and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.

Starbucks becoming a ruler in mobile payments market

1 in 6 of purchases made at the coffee company is via mobile phones.

According to Howard Schultz, Starbucks CEO, during the company’s third quarter earnings, 16% of the nearly 7 million transactions occurring each week at its shops are via mobile payments and this success is due to the early launch of its mobile version of its payment card, which has lead to Starbucks transacting over 90% of purchases made via mobile devices in the US, last year.

Shultz says that “the real growth is yet to come”.

The company’s upcoming mobile order and pay app will be its most significant technological innovation released in 2014. The CEO said that “Starbucks Coffee has cracked the code to tying mobile payment to loyalty.”

He explained that the success Starbucks has achieved has to do with leveraging “the intersection of three powerful mobile trends.” According to Shultz, these trends include a change in consumer behavior as people are spending more time online and less time in physical stores. There is also the trend of people eating out and less at home and the growing trend of people engaging in online activity via their mobile devices.

Mobile Payments - StarbucksShultz explained that Starbucks mobile order and pay” seamlessly integrates mobile ordering and our proprietary mobile program with point of sale and store operations.” He said that this enables Starbucks to enhances the experience of its customers, exceed their expectations and extend their loyalty.

Starbucks is seeing a growth of 50% in mobile payments every year.

The new mobile order and pay app is set to be launched in the Portland market in December and throughout the nation in 2015. The new app will enable consumers to place their order before heading to select stores, so they can pick up their order without having to wait in line.

The number of Starbucks cafés continues to expand in 2014, with more drive-up options being added to stores. Shultz said that even though the company does not have the software or the hardware expertise of its competitors it has managed to alter consumer behavior, which is something its competition has not done. The CEO stated that Starbucks has achieved this by integrating mobile payments convenience into an enjoyable and compelling program that gives customers rewards.