Mobile payment is a method of money payment that is made for a product or service through a portable electronic device such as a tablet or smartphone. This technology can also be used to send money to friends or family members, by using applications such as PayPal, Google Pay, Paytm and many more. The companies are thoroughly investing in mobile payment technology, owing to significant growth in the industry. For instance, in the Indian market, Mobile payments mechanize payment systems instead of paying with cash, cheque, or credit cards. Moreover, it is observed that the digital payments market in India is currently fastened at USD 200 billion and expected to reach USD 1 trillion by 2023 and has made the market grow at its fullest speed.
- The quickly cumulative global economy, particularly mobile phones (smartphones) have become an essential product for an individual or personnel. Similarly, the rising consumption of the internet has also become part and parcel of life for many people. Of late this has increased the penetration of smartphones and internet users all over the world driving the growth of the mobile payment market.
- One of the Major Trend in this market is E-commerce which Drives the Mobile Payments Market
- Increasing Adoption of Person to Person transaction (P2P)
- Growth in M-commerce Industry Globally
- Concern Related Towards the Security Related to Mobile Payments
- Improper Network Coverage in some parts of Developing Nations
- Lack of Global Standards for Cross-Border Payments
An increasing number of omnichannel vendors present all over the world and majorly in Asia-Pacific countries, such as India and China, the scenario is expected to more boost to the mobile payments market.
Players Covered in the Study are:
Google (United State), Orange (France), Apple (United State), Paypal (United State), Mastercard (United State), One97 Communications (Paytm) (India), Bharti Airtel (India), VISA (United State), Amazon (United State), FIS (United State), PayOne ( Germany), PayU (The Netherland), Fiserve (United State), Airtel (India), Gemalto (Netherlands), Vodafone (United Kingdom), Alipay (China) and Samsung (South Korea)
The Global Mobile Payment market is gaining huge competition due to involvement of North America and Asia Pacific companies that constantly invest in research & development to meet market expectation with new innovation.
In October 2019, Airtel Africa collaborated with Mastercard to offer mobile money services across 14 African countries. The Mastercard virtual card enables Airtel Money customers without a bank account, to make payments local and global online merchants accepting Mastercard cards.
List of players that can be included in the study on immediate basis are Global Payments (United State), Square (United State), Western Union Holdings (United State), Comviva (India) and Tencent (China).