The research report offers an in-depth comprehension of the mobile payments market structure, assesses its different aspects, and enunciates both qualitative and quantitative analysis patterns. It divides the market on the basis of various parameters and assesses each sector and sub-sector in overall mobile payments industry. The factors that drive as well as restrain the growth of the industry have been elaborated, helping professionals take important steps in their business. The report also investigates regions with a potential for emerging and profitable markets, and stagnant or mature markets along with possible advantages for growth.
Using Porter’s five forces analysis, a SWOT assessment, and analyzing the market value chain, this research report describes the competitive scenario and helps obtain forecasts for the same. The key areas that the report focuses on with regards to each firm are key player descriptions, financial and accounting details, business concepts and strategies, and current and recent developments.
The global mobile payments market, also known as mobile money, is concerned with the payment of bills using mobile mediums. This includes Short Messaging Services (SMSes), smartphone apps, Near Field Communication (NFC) and financial service providers such as Google and Ericsson. The idea of using the mobile payment market comes from avoiding the use of coin, currency, paper, and plastic media, such as cash, checks, credit/debit cards, and bank transactions. Micropayments form the majority bulk of the mobile payments market.
A key market driver for the mobile payments market is the technology progress in developing countries within underbanked communities. The use of mobile payments in developing and disaster-stricken countries like Haiti has influenced both private and public funding organizations alike, such as the Bill and Melinda Gates Foundation and MercyCorps. Key restraints in the mobile payments market include the non-availability of suitable technology to propagate the concept in underdeveloped countries, and low income families that cannot acquire an appropriate mobile payments medium. Inconveniences such as a constant need to verify and register over multiple networks might also prove to be a restraining factor for the market.
The mobile payments market can be segmented into four categories based on the models of payment used; the primary models are premium SMS transactions, Direct Mobile Billing, Contactless NFCs, and Mobile web payments (WAP). Online wallet services like PayPal, Amazon Payments, and Google Wallet are also included in the mobile payments market. Most of these payment methods require a user to be registered on to the payment company’s roster, after which they can use the account as a cashless transaction account.
Key players mentioned in the mobile payments market mentioned in the research report include MokiMobility, txtNation, Mahindra Comviva, and Auriga.
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