Mobile Payment Transaction Market Worth US$ 2.89 trillion during, 2014-2020
Verfasser: ShashiiPawar on Tuesday, 11 July 2017Mobile payments are defined as any payment transactions whether in store or remote executed on the mobile phone. In the recent years, increased penetration of smartphones across the globe, comfort in using the applications and busy lifestyle is increasing the usage of mobile payment systems. Owing to its essential nature in today’s fast and busy lifestyle, mobile payments are gaining speed across the globe. The changing attitude of consumers and urge for faster transaction is creating positive impact on the mobile payments market. Declining profits from traditional sources of income is also driving the financial institutions to look out for alternative income options. Telecom providers are also trapped by declining margins from voice segments due to competitive call rates, both these entities play a major role in the value chain mobile payment system market, and all these factors have pushed mobile payments market globally.
Increasing e commerce industry is one of the key factor behind the growth of mobile payments. Hence, amongst all application areas merchandise purchase is anticipated to contribute a significant share followed by ticketing.