Mobile payment technology has changed the way of purchasing goods at a convenience store and make other payments - Coherent Market Insights (CMI)

Mobile payment technologies allow easy payment for goods or services over the internet. A good example of this is PayPal. Another example is Google Wallet, which was acquired by MasterCard. PayPal was recently purchased by Google and is widely used as a payment processing tool in a variety of locations. It allows to transfer funds to other Google accounts, or to send it to another PayPal account. Google Wallet is one of the best examples of mobile payment technologies. It is an application which allows making online payments using Android, Blackberry, iPhone, or even laptop.
The increasing penetration of smartphones due to the growing use of the internet around the globe is driving the market growth of mobile payment technology. According to the International Telecommunication Union, at the end of 2019, 53.6 percent of the global population, or 4.1 billion people, were using the Internet. Increasing adoption of this technology into banking apps that enable the customer to send money directly from their banking account is again projected to augment the market growth. Mobile payments are gaining popularity due to assured flexibility and convenience. Moreover, it enables payment simply by scanning a barcode on an app at any shop. All these factors are further anticipated to foster the market growth of mobile payment technology.

Buy-Now this Research Report @ https://www.coherentmarketinsights.com/insight/buy-now/3687

The Asia Pacific is expected to gain significant growth over the forecast period and this is attributed to increasing internet penetration and expansion of the e-commerce industry in the region. According to the India Brand Equity Foundation, the Indian E-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion in 2017. Much of the growth for the industry has been triggered by an increase in internet and smartphone penetration. The ongoing digital transformation in the country is expected to increase India’s total internet user base to 829 million by 2021 from 636.73 million in 2019.

Key Developments:
In September 2017, Google India has launched a new payment app called ‘Tez’. The new product, developed ground-up especially for the Indian market, is aimed at the rapidly growing digital payment market in India which is expected to touch $500 billion by 2020.
In June 2020, Aschheim a global provider of digital financial technology has collaborated with Stocard, the provider of mobile wallets, and one of the B2C European FinTechs, have together launched a new mobile payment feature in the Stocard app.

Competitive Section
Key players operating in the global mobile payment technologies market are PayPal, Inc., Microsoft Corporation, MasterCard International Inc., Apple, Inc., American Express, Co., Google, Inc., Boku, Inc., AT & T, Inc., Visa, Inc., Vodafone Ltd., State Bank of India (SBI), Fortumo, and Bharti Airtel Ltd.

Talk to Analyst: https://www.coherentmarketinsights.com/insight/talk-to-analyst/3687

Contacts
Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
Phone:
US: +1-206-701-6702
UK: +44-020-8133-4027
Japan: +81-050-5539-1737
India: +91-848-285-0837
Email: sales@coherentmarketinsights.com
Website: https://www.coherentmarketinsights.com

About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients to achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having a sales office at global financial capital in the U.S. and sales consultants in the United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.

This release was published on openPR.