Mobile payment is a money transfer or payment made for a service or a product by using electronic gadgets such as mobile, tab, and smartphone. In the mobile transaction, a code is generated that can be sent by (over the air) OTA or manually which is done via internet connection. Payment can be done at any time by using it, the account balance can be checked from anywhere, it is cost-effective, and risk-free are some advantages of mobile payment. Privacy issues, not supported in some smartphones, and payment errors are some disadvantages of it.
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MARKET DYNAMICS – MOBILE PAYMENT MARKET
Mobile payment can make it easier and more convenient for the customer to pay for the product as compared with a credit card and cash. The customer does not have to put a card or cash in their pocket every time as all necessary information is saved in the mobile. That is the factor that drives the growth of the market. Due to E-commerce online payments are increasing and online shopping, ordering food are the factors fuelling the growth of the market. Sometimes payment error, risk of phone theft, and difficult to read terms and conditions are the factor that may hamper the growth of the market.
ECONOMIC IMPACT OF COVID 19 ON MOBILE PAYMENT MARKET
The exclusive COVID 19 impact analysis provides an analysis of micro and macro-economic factors on the mobile payment market. Also, complete analysis of changes on healthcare expenditure, economic and international policies on supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. The epidemic has enhanced the adoption of contactless and mobile payments. E-wallets are witnessing increased traction for bill payments, and Customer to Business (C2B) payments for vital services due to the lockdown and repugnance to the exchange of cash.
MOBILE PAYMENT MARKET - SEGMENTAL OVERVIEW
The study analyzed the global mobile payment market based on the mode of transaction, payment type, application and geography
MOBILE PAYMENT MARKET BY MODE OF TRANSACTION
Mobile Web Payments, Near-Field Communication, Short Message Service (SMS)/Direct Carrier Billing, and others are the transection modes of the mobile payment market. SMS exhibits a clear dominance in the market. This can be attributed to the easy and inexpensive setup required. This mode of transaction is widely gaining prominence as its use can facilitate both online and offline purchase options without the requirement of owning a smartphone.
MOBILE PAYMENT MARKET BY APPLICATION
The market finds application in entertainment, energy & utilities, healthcare, retail, hospitality & transportation. Retail accounts for the majority of the total mobile payments market share due to the increasing preference for contactless payments. Since the use of these payments minimizes the hassle related to dealing with cash, they are widely being preferred by retailers on the global level. Consequently, retail players are now providing customers with QR code displays to further reduce the transaction time and offer enhanced convenience to both the parties involved.
MOBILE PAYMENT MARKET BY GEOGRAPHY
Asia pacific lead the global mobile payment market, with lightning CAGR. Countries like China, Japan, and India use most mobile payments. According to Viva Inc. their company has crossed more than 20 billion contactless cards in India, about 40% of the transaction in India is done by using it, and in Australia, 70% of the transaction are done by using QR transaction by visa. In India in 2018, the demonetization act led to the need of other modes of payment.
MOBILE PAYMENT MARKET KEY PLAYERS
The key competitors of the market include Orange S.A., google, LLC, APPLE INC, PayU, Samsung, Visa INC, MasterCard Incorporated, Vodacom Group Limited, MTN Group Limited, Bharti Airtel Limited, PayPal Holdings, Inc., Econet Wireless Zimbabwe Limited, Mahindra Comviva, Millicom International Cellular among others.
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