Mobile payments are referred to the transactions that is performed through mobile device instead of paying through cash, checks, or physical credit cards. It is also known as m-payment, mobile money, mobile money transfer, or mobile wallet, are transactions made or received via mobile devices. Mobile payments can be used as an alternative to credit cards as it is more convenient and secure. The traditional credit cards store consumers’ information on the merchant’s point-of-sale (POS) terminals, while mobile payments don’t. When utilizing a mobile pay, mobile device serves as a security token and creates a random code for the transaction, which makes the transaction more secure.
The adoption rate for mobile payments is growing along with technological advancements due to which the mobile payment market is expected to grow over the forecast period. The advantages of mobile payment include delivering convenience, improving sales, and retain customers. Also, governments initiative to boost financial inclusion and reduce the use of cash is fuelling rapid growth in electronic payment. In order to match up to financial inclusion, rapid expansion of new technologies and innovations are taking place which are helping to make it more feasible for banks to reach the unbanked populations are other factors expected to fuel the growth of the market over the forecast period. However, rising concerns about the security is the major factor expected to restrain market growth over the forecast period. Due to over the air transaction customers’ data can be hacked and misused. Also, increasing transaction volumes causes delay resulting in customer attrition which may hamper the growth of the global mobile payments market. Here, companies are coming up with new convenient solutions in order to meet changing customer expectations.
The global mobile payments market report has been segmented on the basis of purchase, type, and region. On the basis of region, the global mobile payments market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The North America market is dominating the global mobile payments market in terms of revenue due to high mobile adoption rate starting from street vendors to huge organisations. The market in Asia Pacific is projected to have fastest growth with highest CAGR, owing to increasing adoption mobile payments and high internet penetration are expected to boost growth of the global mobile payments market.
Key players in the global mobile payments market include, Apple Inc., Google LLC. PayPal Holdings, Inc., Mastercard Incorporated, One97 Communications Limited, Venmo, Bharti Airtel Limited, Vodafone Group Plc, Orange S.A. and Samsung Electronics.