Benefits of Mobile Merchant Account

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Despite all the uncertainties about human behavior, you can always count on one certain fact- they like convenience.

The transition from cash to card to mobile payments is a fine example of this urge to break free from the hassle of payments.

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This was inefficient on two levels:

• Cash is hard to carry around or one can simply forget their wallet at home

• Carrying large sums of cash isn’t exactly secure

All one needs now is a smartphone to transfer or receive money quickly.

What wins it accolades is the transparency and accessibility with which it can operate.

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).

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.

Mobile payments are slowly replacing the traditional alternatives like credit cards, debit cards, cash etc.

• Number of mobile proximity payment users is expected to cross 1 billion in 2020

• About $60 billion worth of mobile payments is expected by the year 2020

• Average transaction per user on the mobile devices will reach $1303 in 2021

• Around 90% of smartphone users will use their devices to make payments by 2020

Personal finance app development is about money management.

Apps like MoneyLion, GoodBudget, Mint, and Wally are examples of top personal finance apps.

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Payments Market AnalysisThe global Mobile Payments Market size is predicted to touch USD 3,300 billion at a 32% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis.

Mobile payment, simply put, is the payment of services or goods or transfer of money with smartphones/mobiles.

This form of payment is used in different operations such as buying movie tickets, smartphone game upgrades, ordering takeaway food, and others.Various factors are propelling the global mobile payments market share.

Of these, the mobile wallet/bank cards segment will lead the market over the forecast period.By mode of transaction, the global mobile payments market is segmented into near field communication (NFC), short message service (SMS), and wireless application protocol (WAP).

Of these, the retail segment will have a major share in the market over the forecast period.Regional AnalysisBased on the region, the global mobile payments market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW).Of these, the APAC region will dominate the market over the forecast period.

The rise in smartphone users, growing awareness about mobile banking, rising internet penetration, favorable government approaches to promote the digital economy, and heavy investments to promote mobile solutions and mobile payments are adding to the global mobile payment technologies market growth in the region.The global mobile payment technologies market in Europe is predicted to hold the second-largest share over the forecast period.

Mobile Payments MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Mobile Payments Market.

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.

Mode of transaction includes three modes, short message service, wireless application protocol and near field communication.

Among the end use applications, retails is observed to have a high market share due to increasing in-store payments through smartphones.According to Market Research Future Analysis, Mobile Payments Market has been valued at approx.

USD 3,300 Billion by the end of forecast period with 32% of CAGR during forecast period 2017 to 2023Market Research Future (MRFR) recognizes the following companies as the key players in the mobile payments market - Alipay.com (China), Amazon.com, Inc. (U.S.), Apple (U.S.), Starbucks Corporation (U.S.), PayPal holdings, Inc. (U.S.), General Motors Company (U.S.), MasterCard Incorporated (U.S.), Samsung Group (South Korea), Paytm (India), Square, Inc. (U.S.) among others.Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:The Mobile Payments Market has been segmented on the basis of mode of payment, mode of transaction and end use application.