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.
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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.
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.
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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