July 10, 2015- Mumbai, India: Bharatbook.com announces a report on “Global Mobile Payment Market - Analysis and Applications Forecast, 2014 – 2020”. The key components of this market involve first and foremost, the banks. Their increased role in advancing technological accessibility of customers is evident in the form of mobile banking.
Mobile payments refer to payment services (https://www.bharatbook.com/financial-service-market-research-reports-552076/global-mobile-payment1.html) operated under financial regulation and performed from or via a mobile device. Instead using cash, cheque, or credit cards, a consumer for a financial transaction, can use a mobile phone to pay for a wide range of services and digital or hard goods or to transfer money. The key components of this market involve first and foremost, the banks. Their increased role in advancing technological accessibility of customers is evident in the form of mobile banking. Telecom companies are another prominent component of this market. Telecom companies provide mobile payment services in collaboration with banks and payment companies. Mobile payment platform providers are driving the innovations in this field. Regulatory bodies make the third component and are crucial to face the oversight challenges in protecting consumers and the payment system.
There are numerous market drivers involved like the rigidity of banks and other inefficiencies in their services, exponential growth of mobile phone users in the world, increasing share of smartphones in the mobile phone market, micropayments, transfers involving more than one currency, growth of e-commerce and its cost effectiveness, etc. Loyalty programs and coupons/ discounts are big motivators which are usually accessed where mobile payments are concerned.
Financial institutions and payment companies are in the early days of being able to connect with consumers across all parts of their financial life. Technological advancements such as faster...