According to the latest market study released by Technavio, the global mobile payment market is expected to grow at a CAGR of almost 36% during the forecast period.
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Technavio has published a new report on the global mobile payment market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Mobile Payment Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The high penetration of smartphones and other mobile devices has led to the easy adoption of mobile payments by various regional markets. Customers are increasingly being attracted toward the convenient use of mobile apps and mobile wallets. Customers in the developed nations, as well as the developing nations, are increasingly adopting the advanced technologies of mobile payments. Mobile payments bridge the gap between the financial institutions and customers through mobile devices while offering simple end-to-end transactions.
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Technavio's media and entertainmentresearch analysts categorize the global mobile payment market into the following segments by mode of transaction. They are:
- WAP
- Direct carrier billing
- SMS
- NFC
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The top three revenue-generating segments of the global mobile payment market are discussed below:
WAP
Mobile web payment, popularly known as wireless application protocol (WAP), is gaining traction in the mobile payment industry. Customers need to download an application and install it on their smartphones. WAP bridges the gap between the mobile world and the Internet while offering the ability to deliver an unlimited range of added mobile services to the subscribers.
According to Ujjwal Doshi, a lead internet and e-commerce research analyst from Technavio, "By using WAP, customers can bookmark specific pages so that they can easily revisit the pages and share them. This process is quick and increases customer satisfaction. Currently, mobile payment methods are made mandatory by all the mobile network operators as they can provide the customers with a separate payment system that is linked to the details of the credit or debit card of the customers."
Direct carrier billing
The rise in the use of smartphones has increased the demand for direct carrier billing. It is very useful for the people who lack basic financial services such as bank or credit accounts. Direct carrier billing enables wireless subscribers to include the cost of digital goods in their monthly phone bill. This system is supported by the providers that facilitate the billing systems of the carriers around the world while connecting billions of people to make quick and easy mobile payments.
"Direct carrier billing offers secure payments as there is no worry about identity theft. In the emerging markets, direct carrier billing is a popular method to purchase online content and services. Also, since there are more cell phone users than the bank card users in the emerging countries, the demand for it is increasing in those countries," adds Ujjwal.
SMS
The use of cell phones as a wallet or a payment device is rapidly increasing as many companies, customers, and financial institutions are increasingly adopting the mobile payment technology. Mobile transactions work like the standard short messaging service (SMS). The SMS payment system is used to send a text message to pay for an item or service.
The SMS payment system is easy and quick to use by the customer. The system does not need any entry of financial details such as credit card or bank details. Customers do not need to remember any passwords or user names, and this payment method is more secure and safe to use as it does not hold account details. Businesses, charity organizations, and service providers have immediate access to millions of smartphones equipped with SMS facilities across the world.
The top vendors highlighted by Technavio's research analysts in this report are:
- FIS
- Gemalto
- MasterCard
- PayPal
- Alibaba Group
- Apple
- Samsung Electronics
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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