Mobile Payments Market - Global forecast, Share, size, growth and industry analysis (2010 - 2017)
Albany, NY -- (SBWIRE) -- 04/04/2016 -- The global mobile payments market is a rather strong one today but it has not become this strong overnight. Thanks to its initial steps from as early as 2001 to the more than 100 different mobile payment services around the world available these days, the global mobile payments market stands to be at the top of its game. Money has moved slowly from paper and metal to the digital means we use today and there's only one factor that could boost it at this rate: consumer demand.
Demand is Key in the Global Mobile Payments Market
The promise of easier and safer methods to carry out transactions involving large sums of money at our disposal is enticing enough to create its own unique demand. It is, in fact, strong enough to compel industries to change their financial service methods to accommodate the new ways. The demand is anticipated to be strong enough to even change the infrastructure of markets and industries that have relied on paper money for centuries. Consumers can soon expect mobile money to be the norm in almost all common venues of financial transactions.
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Most people in developed countries today rely on mobile banking for maintaining regular financial responsibilities. With an increasing number of people being attracted to the fact that they can manage almost all their daily financial transactions on their smartphones, the mobile banking sector can be expected to gain hundreds of millions of customers in the coming years. Their need to make mobile banking part of their daily lives is now driving businesses to look towards it in order to sustain their profits.
Mobile Banking and Crisis Management
One of the greater drivers for the global mobile payments market is the progress its technology is making in emerging economies that contain underbanked communities. The global mobile payments market's services make things a lot easier for people who cannot visit the bank to do so. The other critical circumstance that the global mobile payments market can work wonders in is disaster management. The use of this market's services in crisis-burdened countries such as Haiti has shown the potential that it carries. Organizations such as the MecryCorps and the Bill and Melinda Gates Foundation have made use of the global mobile payments market in order to provide support to these nations. Both public and private funding organizations are now beginning to see the utility of the global mobile payments market.
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Micropayments and Other Leading Market Segments
Micropayments are the key reason for the boom in the global mobile payments market. Simple daily transactions can be performed using mobile payment technology rather than paper. As far as payment models are concerned, the global mobile payments market can be dissected into SMS transactions, mobile web payments, contactless NFC transactions, and direct mobile billing. Leading online wallet services such as PayPal, Amazon Wallet, and Google Wallet are creating their own significant shares in the global mobile payments market. Most of them use a principle similar to creating an account with the service provider and then proceeding to make cashless transactions through them.
Samsung recently acquired LoopPay, a startup mobile wallet service. Apple has its own service in the global mobile payments market. Google, never one to be left behind, is currently working with U.S. telecom companies to create a stronger position for itself in this fiercely competitive market. All of this is laid out among the hundreds of global and regional services that operate in the global mobile payments market. Simply put, all of this means that the global mobile payments market is not only here to stay, but it could well be on its way to becoming one of the greatest modern-day methods of performing financial tasks.
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