The final report will add the analysis of the Impact of Covid-19 in this report Mobile Payments Market.

Transactions via mobile gadgets, such as smartphones or tablets are termed as mobile payments. In this mode of payment, exchanged is digital money. Over traditional modes of payment, such as cheque, cash, and credit cards, the mobile payment offers several benefits. The digital exchange of money is easily accessible and maintains transparency in transaction. These are responsible for the rise in popularity of mobile payment. Pulling off credit cards, writing checks, and issues with cash changes are difficult in a fast-paced life. The growing need for convenience is encouraging the adoption of mobile payments. The disruptive beacon technology is noted to simplify mobile payments.

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Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:

The Mobile Payments Market has been segmented on the basis of mode of payment, mode of transaction and end use application. The mode of payment typically comprises of mobile wallets/bank cards and mobile money. The mode of transaction includes short message service (SMS), wireless application protocol (WAP) and near field communication (NFC). The end use applications typically comprises of retail, education, healthcare, entertainment and hospitality. The study indicates that Mobile payments market has a high growth potential in today’s market as it is a cashless medium and also quite feasible. Even though the mobile payments are so quick and easy but many users are being hesitant about using it. It’s the lack of awareness that is causing the people to be reluctant about accepting this new trend.

The study indicates that the major driving factor for the mobile payments market is the technological advancements taking place in today’s world. Moreover, the other driving factors include the convenience of use, secured approach, speed and offers attached to it.

Marketers are invested in innovations as effective and smart product line can gain considerable traction. This is expected to favor the mobile payments global market. Amazon.com, Inc. (U.S.), Alipay.com (China), Starbucks Corporation (U.S.), Apple (U.S.), General Motors Company (U.S.), PayPal holdings, Inc. (U.S.), Samsung Group (South Korea), MasterCard Incorporated (U.S.), Square, Inc. (U.S.), and Paytm (India) are some reputed players in the global mobile payment market. Startups and expansion of existing dealers trading in mobile payment services are deploying advanced technologies to launch effective products. This can result in expansion of customer base, subsequently causing intensification of competition among players. These are likely to favor the market.

The choice of payment mode are mobile wallet or bank cards, mobile money. Types of mobile transactions are wireless application protocol (WAP), short message service (SMS), and near field communication (NFC) among others. Flexibility offered by SMS and better convenience offered by WAP are factors that can spur the mobile payments global market. The cellphone users count those considering mobile payment as an excellent aid for transaction is significantly high. Thus, mobile payment, instead of gaining popularity a payment alternative, is gaining popularity as the first choice as payment mode. This, indeed is a powerful booster for the global mobile payment market. Education, retail, healthcare, entertainment, and hospitality among others are sectors those are high end-users of mobile payment. To make money transfer seamless and quick for customers, cash-rich companies are deploying mobile payment services. This can provide thrust to the market.

Market Research Future (MRFR) recognizes the following companies as the key players in the mobile payments market - Alipay.com (China), Amazon.com, Inc. (U.S.), Apple (U.S.), Starbucks Corporation (U.S.), PayPal holdings, Inc. (U.S.), General Motors Company (U.S.), MasterCard Incorporated (U.S.), Samsung Group (South Korea), Paytm (India), Square, Inc. (U.S.) among others.

More Information : https://www.marketresearchfuture.com/reports/mobile-payments-market-2922

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