Information and Communication Technology Mobile Payment Technology and its growing challenge

Mobile Payment Technology and its growing challenge

What is Mobile Payment Technology?

Mobile payment is an alternate medium for conventional payment systems where cash, cheques or credit cards are the medium of payment. Mobile Payment offers customers to purchase any goods or services with the help of wireless devices such as smartphones, tablets, etc. In addition, the mobile payment uses various technologies such as NFC (Near Field Communication), SMS-based transactional payments, and direct mobile billing, for enhancing the security of the transaction and to offer hassle-free transactions.

Types of Business Application

  • BFSI

  • Healthcare

  • IT & Telecom

  • Media & Entertainment

  • Retail & E-commerce

  • Transportation

  • Others

How is Mobile Payment Technology beneficial in various industries?

Mobile payments are allowing users to make cashless transactions at the fingertips without any difficulty, and these features are sufficient for driving the market growth. The need of advanced technologies for making payments cashless and digitized is helping in the progression of the market demand.

The entertainment application segment projected to dominate and will continue to dominate during the forecast period. Digital entertainment is going through a revolution. The penetration of smartphones, swift product innovations, increased consumer connectivity and thus the growth of social media has compelled the digital entertainment revolution. This has extremely changed the way customers purchase and consume games, movies and music.

Moreover, the modern world is highly dependent on advanced devices and technology, which stimulates the potential of the mobile payments market. As per the market research, the market demand is incasing owing to the convenience of use and the user-friendly feature. Currently, everyone has a smartphone; thus, it becomes easy to pay through their mobiles and not through.

For a deeper dive, buy a complete report:

Service Analytics: 30.7% CAGR

Projected Revenue: USD 7781.06 billion from 2020 to 2027

Full Report:

Conclusion: As a result, the mobile payments are becoming very popular among users. Since, it makes convenient for them to transfer money to everyone and increases the financial inclusion. For those without access to bank accounts, the unbanked, new apps and services are offering finance solutions which don’t include having a physical wallet stuffed with cash.

Published Date : August-2021