Global mobile payment market
is expected to witness rapid growth over the forecast period owing to increase
in demand for easy financial solution used for money transfer. The ease of
financial transaction for mobile users in distant location is presumed to
contribute for the growth in this industry. Mobile money is supporting those
individuals who do not have bank account thus is expected to become very
popular in the coming years. Mobile payment know as mobile money, mobile wallet
and some time as mobile money transfer is a payment services portal that
operates under financial regulation .The transaction is performed through a
mobile device. Instead of payment with credit cards, cheque and cash ,mobile
phone is used by consumers as a mode for payment in wide range of hard or
digital goods and services,
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Availability of mobile with
different types of mobiles available today at affordable price the mobile
payment market is expected to witness boost in the coming future. Several
individual not having bank account are expected to use this platform as their
financial transaction portal. The transfer becomes very easy and fast with the
use of this platform thus more and more individuals are expected to utilize
this facility in the forecasted years. The payment can be done from anyplace
for the purchased goods or services without any usage of cash or credit card.
Thus these advantages of using this technology is expected to fuel the overall
demand in this market
The progress in the
demographical needs across the world has witnessed the increase in demand of this
market. The availability of this platform across the globe makes the
transaction easier for payment from one country to another which is also
expected to drive the demand. With creation of several business avenues for
catering stakeholders is presumed to compliment the expansion of this market as
money transaction becomes easy with anytime anywhere payment properties. The
mobile network market has witnessed tremendous expansion with the network
providers making the network available in many places covering maximum areas.
This growth in mobile network market is making usage of money transaction
smooth thus is believed to support the rise in usage of this technology. Rise
in use for mobile money services across the organization for business
transaction namely B2B and B2C is also presumed to cater the overall demand in
mobile payment market.
Rising data security concerns
while use under this platform is presumed to impact the demand negatively. The
awareness about benefits related to these services is not yet spread thus due
to this lack in awareness is believed to hamper the demand for mobile payment
market over the forecasted years. Issues related to handset not having
appropriate setting for this service is expected to reduce growth for this
market. By enhancing the usage flexibility for this service by updating the
service according to the requirement is expected to open more opportunities for
this industry. By resolving the security issues and by joining the virtual
financial world with reality is presumed to bring ample amount of opportunity
over the forecasted period. Diversification in rules and regulation across
different regions is presumed to be major challenge for implementing this
service throughout the world by crossing geographical boundaries.
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