The mobile payments market is set to score high as the ease of monetary transaction is taking the world by storm. All one needs now is a smartphone to transfer or receive money quickly. The cashless medium has become quite popular in no time as it keeps the hassles of carrying currency at bay. What wins it accolades is the transparency and accessibility with which it can operate. In addition, the mobile payments market is gaining the favors of governments who are now promoting guidelines to banks asking them to encourage mobile payments. The global mobile payments market is now eyeing for an astonishing USD 3,300 billion valuation with a 32% CAGR during the forecast period (2018-2023). Market Research Future’s (MRFR’s) report on the same market provides a detailed analysis of segments and worthwhile factors. Apart from the benefits enjoyed by consumers, businesses can also benefit as the transaction becomes smoother and hassle-free. The digitalized process also helps in the analysis of customer behavior which can be a great tool for customer retention policies. Small businesses are also gaining much by knowing consumer behaviors from their payment patterns.
Despite such benefits, the mobile payments market has a drawback as it can get breached by online hackers. This would then leave a lot of personal information defenseless making individuals vulnerable to further attacks. However, banks and other organizations are fighting hard to constantly update their apps and secure them for faster transaction procedure.
Market Research Future (MRFR) Announces the Publication of its Half Cooked Research Report – Mobile Payments Market 2017-2023.
The mobile payments market is growing rapidly. It refers to the payments made by portable electronic devices. Mobile payments are slowly replacing the traditional alternatives like credit cards, debit cards, cash etc. As the number of internet users is increasing day by day, mobile payments are gaining immense popularity.
The regional analysis of mobile payments market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. Due to increasing awareness of mobile banking and mobile wallets, the market share of Asia Pacific is gradually increasing. It has been observed that, owing to the technological advancements, Europe would dominate the mobile payments market.
It has been observed that according to market segmentation based on the mode of payment, mobile wallets are proving to be very popular as it is one attractive mode of payment and also an easy option. This type of payments are very popular as it is replacing our traditional cash and wallets. The market can be segmented based on mode of payment, mode of transaction and end use application. Mode of transaction includes three modes, short message service, wireless application protocol and near field communication. SMS falls under the remote payment technology while NFC enables two electronic devices to establish a connection by bringing them close to each other. Further, the end use application includes retail, entertainment, education, healthcare, hospitality among others. Among the end use applications, retails is observed to have a high market share due to increasing in-store payments through smartphones.
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