Press release
Global Mobile Payment Market Benefits From Ceaseless Use Of Mobile Devices, Says New Report
The report examines the key growth opportunities and enumerates the factors that will be favorable for the market’s growth during the forecast period. Detailed insights into the current competitive stance of this market are presented; an overview of market positioning of leading players is included as well.
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The report delves into factors that are driving the mobile payment market globally. First and foremost, the ceaseless demand for smartphones for everyday functioning is driving this market to great heights. At present, smartphones are used for varied needs such as e-commerce, financial transactions, traffic news, and locating destinations.
The increasing shipments of near field communication (NFC) enabled smartphones enhanced with fingerprint technology capabilities is also driving the growth of this market. The rising volumes of money transfer, which is usually carried out using mobile devices, is bolstering this market. With the emergence of FinTech (financial technology) companies, the market is seeing greater demand for efficient financial services using mobile devices.
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However, information theft and data breach are factors that are restraining growth of the mobile payment market. Moreover, mobile payment is still at the nascent stage; thus, the regulatory stipulations are not well laid out for service providers to abide by. In emerging countries, the lack of regulatory mandates for mobile payments and the preference for conventional means of payment such as checks and bank transfer is holding back the market’s development.
Nevertheless, the mobile payment market is poised for positive growth due to certain marked trends. Public sector banks, private banks, and national co-operative banks are strengthening their mobile payment capabilities with the consistent development of mobile technology for a spectrum of services. Today, financial institutions are looking upon mobile payments for a know-how of untapped areas in the market and planning strategies for business growth in the future. Multinational organizations and local banks are working in cohesion to streamline mobile payment services in emerging economies.
The report mentions the top players in the global mobile payment market, which are Apple, Google, and Samsung. Details such as a business overview, financial standing, and product portfolio are presented for each of the companies.
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