Mobile payment technologies are used for the payment of goods, products and other things using smartphones. There are several modes of technologies such as NFC, SMS, Bluetooth and so on. These modes of transaction use multiple payment methods that include proximity and remote payment. Early on, payment was sent by text message, later the advancement in technology allowed for the picture of the check to be taken and it eventually morphed into mobile check deposit capabilities for banking apps. Moreover, it works by bringing together two electronic devices, typically a mobile device such as a smartphone and reader of some kind. According to the Federal Reserve report, 39% of all mobile users in the United States had made a mobile payment in 2015. It is expected to see the growth in the mobile payments industry and startups in the space evolve to meet the growing demands of users.This growth is primarily driven by Increasing Demand for Ease in Transaction of Money from Retail & other Sectors Is Driving the Demand for the Mobile Payment Technologies, Rapid Adoption of Mobile Payment Technologies in the Emerging Economies Such As India, China and So On and The Increasing Smartphones Adoption Is Further Fueling The Use Of Mobile Payment Technologies.
Globally, a noticeable market trend is evident The Trend for the Cloud-Based Payment Technologies That Doesn’t Require a Physical Device. Major Players, such as Visa (United States), American Express (United States), Boku, Inc. (United States), , Fortumo (Estonia), Microsoft Corporation (United States), Google (United States), Apple (United States), MasterCard Incorporated (United States), MTN Group Limited (South Africa) and Safaricom Limited (Kenya) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
For Instance In July 2019 According To The Analytics Magazine Vision Of Reserve Bank Of India Has Push Towards Digital Payments Which Make India Cashless Economy By 2021 To Reduce The Cash Dependency, Thus Boosting The Mobile Payment Technologies Use Of It Can Make Cent Percent Growth Rate. Thus The Use Of Mobile Payment Technologies In Emerging Economies Is Gaining Popularity And Increasing Demand In The Market.
- Increasing Demand for Ease in Transaction of Money from Retail & other Sectors Is Driving the Demand for the Mobile Payment Technologies
- Rapid Adoption of Mobile Payment Technologies in the Emerging Economies Such As India, China and So On
- The Increasing Smartphones Adoption Is Further Fueling The Use Of Mobile Payment Technologies
- The Trend for the Cloud-Based Payment Technologies That Doesn’t Require a Physical Device
- Issue Related To the Security While Processing Mobile Payments with Financial Details
The Use of IoT & Cloud-Based Technologies With Payment Applications Is Anticipated To Provide Several Opportunities Of Growth
Lack in Network Connectivity Is Major Issue for All Mobile Payment Technologies
AdvanceMarketAnalytics follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization of the Report:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be informed prior purchase