What is Remote Mobile Payment Market?
Mobile payment is an alternative to traditional payment systems that use cash, checks, or credit cards as payment methods. Customers can use wireless devices such as smartphones, tablets, and other mobile devices to make purchases of any goods or services. Furthermore, mobile payments make use of various technologies such as NFC (Near Field Communication), SMS-based transactional payments, and direct mobile billing to improve transaction security and convenience
The market study is being classified by Type (M-commerce and Peer-to-peer), by Application (Money transfers, Bill Payments, Airtime Transfer and Top-Ups, Travel and Ticketing and Merchandise and Coupons) and major geographies with country level break-up.
Vodafone (United Kingdom), Google (United States), Orange (France), FIS (United States), Paypal (United States), Mastercard (United States), Fiserve (United States), Airtel (India), Gemalto (Netherlands), Alipay (China), MTN (South Africa), PAYTM (India), Samsung (South Korea), VISA (United States), Tencent (China), Global Payments (United States), Square (United States), Amazon (United States) and Apple (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Western Union Holdings (United States), Comviva (India) and T- Mobile (United States).
The smartphone sector accounts for the largest part of the worldwide market because of innovation and technological developments. Some of the most important major companies are competing to establish their presence in the worldwide industry. The old strategy of competing with breakthrough technology for any feature has evolved to thinking outside the box and offering something unique to customers. Mobile network operators, phone makers, and payment platform providers are all heavily investing in the remote mobile payment industry as a method to attract and keep new consumers across a wide range of industries. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Remote Mobile Payment market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Remote Mobile Payment market by Type, Application and Region.
On the basis of geography, the market of Remote Mobile Payment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- The demand for Contactless Card Payments
- Increasing Use of Mobile App Payment for Retail Shopping
Market Trend
- Advancement of Mobile Wallet Service
- The trend of Near Field Communication Mobile Payment to Reduce Paper-Based Transaction
Restraints
- Weak Internet Connectivity Can Constrain the Remote Mobile Payment Market
Opportunities
- Due to Increase Number of Mobile Subscribers’ Strong Opportunity for the Remote Mobile Payment Market to Grow
- Government Initiatives to Promote Cashless Economics Will Boost the Mobile Payment Market
Challenges
- Lack of Standardization and Security Concern Will Hamper the Remote Mobile Payment Market
Market Leaders and some development strategies
On 01 Aug 2020, Apple Inc. has acquired Mobeewave Inc., a firm that has technology that might turn iPhones into mobile payment terminals. Using Mobeewave's technology, customers may make a payment by tapping their credit card or smartphone on another phone. The method works with an app and doesn't require any additional hardware beyond an NFC chip, which has been present in iPhones.
On 17 Feb 2021, Google announces that Google Maps now allows users to pay for parking places in over 400 locations throughout the United States. Users may enter their parking spot number and car color, as well as how long they expect to remain, by tapping "pay for parking." Google Maps will soon allow users to purchase tickets for 80 different transport lines all over the world without ever leaving the app. Smart parking payment systems are being aggressively promoted by solution suppliers. It's a brand-new service that allows users to purchase tickets using their smartphones.
Key Target Audience
Remote Mobile Payment Manufacture, Remote Mobile Payment Distributors and Suppliers, Remote Mobile Payment International Traders, Research and Development Institutes, Financial Institutes and Investors, Upstream and Downstream Buyer, Regulatory Bodies and Others