also known as mobile money, mobile wallet refers to financial transaction and services through mobile phones. The transaction of financials can be international, domestic or peer to peer (P2P) payments. Mobile payments caters huge applications in paying amounts to the electricity board, recharging, landline, education, water, insurance, data card and many more. This technique generates random code for each money transaction which increases the security and convenience to the customers.
The report ‘Mobile Payments Market’
provides exhaustive study about the Transaction Types for the mobile payments that include Near Field Communication (NFC), Direct, WAP, SMS, USSD among others. This is subsequently followed by market segmentation that consists of Application comprising of Travel and Ticketing, Banking, Merchandise, Food and Beverages, Airtime, and Others. The report has also been analyzed based on the geographic regions such as Americas, Europe, Asia-Pacific and Rest of the World that provides broad analysis of the market. These are further segmented into prominent countries having a significant market for Mobile Payment.
The market of Mobile Payments is leading in Americas and is likely to grow in future. Mobile Payments is gaining popularities owing to development of the communication technologies. The increase in usage of smartphones in our daily outfit will drive the mobile payment market. In developed economies like Americas, mobile payments are opted for every aspect including transport, retail, entertainment and others. Developing countries are using mobile payments for peer to peer transactions but are forecast to utilize its usage for purchase of goods and bill payments. Moreover, numerous banks are initiating mobile payments technique that will accelerate the mobile payment market. Sample Companies Profiled in this Report are:
- MasterCard Incorporated (U.S.),
- Google, Inc. (U.S.),
- FIS Mobile Inc. (U.S.),
- Orange S.A.(France),
- Gemalto N.V. (Netherlands),
The research methodology for this report involved collection of data and values related to type of transaction methods and their adaption rate for various applications. This information was obtained at regional and global level. The refined information was validated through associations like Electronic Transactions Association, Mobile Marketing Association, and Smart Payment Association among others. The values for various applications were combined to reach the global value.