Mobile Payment Technologies Market - Increasing Adoption of Immediate Payment Practicetechnologies market. This is mainly because of ease of communication and growing demand for convenient mode of transaction. The ceaseless adoption of mobile devices and digitization wave has been instrumental for the mounting use of mobile transaction especially among new-age consumers. For example, according to statistics of the Groupe Speciale Mobile Association (GSMA) Mobile Economy Report 2016, smartphone penetration globally is predicted to increase from 63% in 2015 to 72% by 2020.
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For instance, in emerging economies of Asia Pacific, large swaths of consumers have skipped the credit card culture switching straight from cash to mobile payment apps such as We Chat and LINE.
Increasing adoption of immediate payment practices is a key factor boosting the mobile payment technologies market. The proliferation of digital payment solutions has been a welcome move among new-age consumers. With Internet-enable smart devices increasingly becoming common among the middle-class population, the adoption of immediate payment technologies via mobile applications and mobile wallets is rising at an unprecedented pace. This is attracting cashless technology corporations to serve the digital payment space. Mobile payment technologies are increasingly becoming de facto among B2B and C2B to complete transactions.
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Lastly, rapid development in payment technology has radically changed expectations of consumers and businesses for completing transactions. The adoption of wireless technology such as near-field communication (NFC) and mobile point of sale (mPOS) are expected to lift the demand for mobile payment technologies in the coming years.
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However, factors such as unwillingness of consumers to adopt new technology is slowing the growth of this market. Security concerns and risk of loss of critical data using mobile wallets is limiting adoption of mobile payment solutions. Therefore, traditional payment systems continue to remain popular predominantly among senior citizens.
Lack of awareness among consumers regarding specific mobile payment solutions available for particular smartphones is also a bottleneck to the growth of this market.
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