Global mobile payment market is anticipated to grow with a significant CAGR of 24.15% during the forecasted year 2016-2022

The advancement of mobile technology has begun to impact financial services (FS) companies, and changing the way of doing payments to the vendors or the service providers. While consumers have still not widely adopted the methods of mobile payments, the existing users have already driven the market at a higher level alone. Currently valued at $620 billion, the global mobile payment market is expected to go beyond $2.27 trillion, owing to new developments in emerging companies for mobile money wallet, entry of financial institutions like banks and NBFC into mobile payments etc. the current scenario of mobile payments is just providing a glimpse of the future.

Mobile payments have been a boon for conflict prone countries in every continent. People aged between 16 years to 30 years are the major consumer of the mobile payment services. The advancement of mobile technology has begun to impact financial services (FS) companies, and changing the way of doing payments to the vendors or the service providers. While consumers have still not widely adopted the methods of mobile payments, the existing users have already driven the market at a higher level alone. Currently valued at $620 billion, the global mobile payment market is expected to go beyond $2.27 trillion, owing to new developments in emerging companies for mobile money wallet, entry of financial institutions like banks and NBFC into mobile payments etc. the current scenario of mobile payments is just providing a glimpse of the future.

Contactless mobile payments are finally gaining momentum

The main stream adoption of NFC (near field communicaton) for performing the payments are now satisfying the financial institutions, marchants, customers and vendors. The main advantage of contactless smartphone transactions is the potential for getting greater security. Payments are made with phones featuring NFC either built-in (via hardware or software) or SIM-based tokenization system. When someone pays by an NFC enable device, the token producing facility genrates a unique code known as a token which goes from the device to the merchant’s NFC-enabled system. The credit card number is not transferred while these transation which means in the event of a breach of fraud, only card information used for transactions would be exposed. The card information of the customer is either saved with the issuing networks like VISA or MASTER, or stored in the cloud network, or in a secure element on the phone. The token is only valid for a single transaction and has no use otherwise. If a fraudster has intercepted the transaction he would only get access to the single-use token, not the card details to miss use.

Added security layers for mobile payments has made the payments safe

To secure the transaction over the mobile phones of via NFC communications it is required to make the transation safe that is why using a fingerprint, an eye scan or using heart rate sensor as an additional form of authentication makes the transation more safe. The combination of biometrics with an embedded secure element and tokenization may provide a dubble layer of safety and robust security than card swipes or using chip and PIN technolgy.

For financial institutions and retailers the smartphone payment system offers an additional way to transact which also helps in maintaining the current ecosystem reducing the wastage of energy and paper at a bit cost of commissions. All the vendors or retailers should consider four major advantages: no need to protect customer data, the higher speed of transactions relative to other payment process, the ability to attract consumers having higher disposable incomes, and the opportunity of providing personalized experiences such as integrated loyalty schemes and offers.


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Company Name: Occams Business Research & Consulting Pvt. Ltd.
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State: M.P
Zip: 452001
Country: India
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Keywords : ICT, Consumer IT, Mobile payment,

by Occams Business Research (last year!)

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