Mobile payments are the payment services performed via a mobile device, under certain financial regulations. Instead of paying through cash, credit cards and cheques, users can pay for various goods and services just using their mobile device. Mobile payments provide cost savings to the vendor, as well as rise in business volume. The technology has recently started to grow at a faster pace, and the support for it is widely becoming available now.
Mobile payment is witnessing a high adoption rate in several countries across the world, especially the developing countries. There has been a high growth in the number of mobile wallets suggesting a high growth rate of mobile payments market. In the developing countries, the services are meant to be extended to the people who don’t have access and information of banking services. Innovation across service delivery and interoperability are likely to drive the market in the next 5 years.
Emergence of e-commerce industry, increase in the penetration rate of smart phones, changing lifestyle, and benefits of hassle free and fast transactions are the major drivers for the growth of mobile payments market. The market is segmented by types of mobile payment, transaction mode, verticals, and regions. Some of the key mobile payments market vendors are MasterCard, PayPal, Vodacom Group Limited, Orange SA, Bharti Airtel, MTN, Mahindra, and Safaricom.
The study covers and analyses the “Mobile Payments” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiative, and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.