While traditional payment systems like cash, debit and credit cards, are still very much in vogue; the most recent trend among customers is mobile payment. Mobile payment primarily referred to the payment services which are performed on mobile devices which are operated under financial regulations across the globe. Most mobile payment methods address a domestic economy or have been developed explicitly for electronic commerce websites.
Each mobile payment method has its unique application and settlement process, language and currency support, and is subject to domestic rules and regulations. The growing concern for digitalization, transparency, monitoring the financial transaction across the globe is rising the concerns for the mobile payment around the world. Most mobile payment apps offer customers practical, pay-as-you-go plans. This requires customers to wage a flat part of the over-all expenses as a processing fee. Many of these apps also allow the customer to keep track of their payment.
Global mobile payment market is growing at a CAGR of 23.26% during the forecast period, which is expected to reach $4368 billion by the end of 2025 from $600 billion in 2016. The growth in the global mobile payment wallet market is mainly driven by the rising smartphone users across the globe. Moreover, the growing technological development, ease of use growing e-commerce industry is creating a huge growth opportunity for the global market. The increasing adoption of smartphone results into increasing adoption of mobile payment services.
A global giant such as Google and Apple entered the global mobile payment market and created massive scope for it. Global big players such as PayPal, master card, level up, brain tree and MCX are already into the mobile payment market and have been doing significant business. PayPal has 117 million active users, and it is operated in more than 200 countries. It is globally used for online money transfer for various online retail shopping and other transfers. Globally the adoption of mobile payment is increasing significantly and expected to grow further in future. The key players in mobile payment market enable the customer for online money transfer for various online retail shopping and other transfers. Mobile payment services are cost-effective and it allows the customer to get safety and security other than monetary benefits, for example, there are significant offers of cash back on various cash transactions.
Progress in mobile technology has transformed it from a simple communication tool to a personal computing device. Currently, mobiles can be used for almost everything from taking photographs to bill payments, from shopping to studies. Mobile phones have improved significantly in size and battery life. This versatility makes mobile a necessary device to use. Mobile devices are now equipped with dedicated payment systems such as Near Field Communication(NFC) which make mobile phones a Digital Wallet.E-commerce sales are strong as web sales totaled $341.7 billion in 2015, a 14.6% increase as compared to $298.3 billion in 2014. Significant growth in e-commerce through online businesses such as online retail shopping, recharges, money transfer, and gas refill and so on is giving rise to mobile payment.
Security threats are considered to be the biggest concern for any mobile payment services. There are various mobile applications available in the market out of which mobile payments are deemed to be vulnerable to security threats. Security is of paramount importance when it comes to money transfer or any online transaction. Security is one of the core foundations of any successful payment system
Lack of security with the fact that mobile devices are being targeted by cybercriminals makes the customer paranoid about mobile payment services. Mobile payments systems are prone to the attacks of spyware and malware which produce the threat of information stealing via identity theft and commercial theft
Globally, the significant players such as Google, PayPal, M-Pesa, and Alipay are among the key players in mobile payment market. These players offer various apps and devices that enable the small merchants and business to transfer money or cash transactions with digital receipts. These products would finally push near-field communication (NFC) and payment technology to the forefront of retail.
4 comments
Write commentsThe 47-year-old - whose films include The Dark Knight trilogy, Memento, Insomnia, The Prestige, Inception and Interstellar - was one of the names mentioned following news that current helmsman Sam Mendes would not be Watch Asian Dramas At Myasiantvse.
ReplyAustralian audiences will hear directly from the man behind his famous makeup-laden personas, as he shares tales of his life and 60-year career.It comes after Humphries' popular status was challenged in 2016, when he claimed transgender women were "mutilated men" despite his cross-dressing Watch Latest Asian Dramas At Myasiantvse.
ReplyVice President Mike Pence, second from bottom right, sits between second lady Karen Pence, third from from bottom left, and Japanese Prime Minister Shinzo Abe at the opening ceremony of the 2018 Winter Olympics in Pyeongchang Watch Latest Asian Dramas At Myasiantvse.
Reply"This could never get old," said Brady, surrounded by a wall of cameras and reporters. "It's amazing it gets bigger every year.I remember when we just use to go out and stand on the field for 45 minutes now look at this, it's a big Watch HD Asian Dramas At Myasiantvse."
Reply