Top Rated Report: Global Mobile Payment Transaction Market Analysis and Opportunity Assessment, 2014-2020
The global mobile payment transaction market is segmented on the
basis of applications, technology, and regions. The application segment is
further sub-segmented into bill payment, merchandise purchase, money transfer,
and ticketing.
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The technology segment includes Near Field Communication (NFC),
Wireless Application Protocol (WAP), SMS based payments, and unstructured
supplementary service data (USSD). Geographically, the regions operating in the
mobile payment transaction market are North America, Asia Pacific, Eastern
Europe, Latin America, Africa, Western Europe, and Middle East.
According to industry analysts the global mobile payment
transaction market will be primarily driven by saturation of subscribers due to
high rate for voice call and the plummeting revenue from conventional credit
and loan system.
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The user friendly applications that smartphones have introduced
have also opened several avenues for users for online shopping, which is
driving the market to new highs.
Despite the strong foothold of this market, it faces challenges
such as lack of awareness amongst rural and elderly population and a hesitation
amongst users to make a transition from conventional payment methods.
Some of the key players in the mobile payment transaction market
are Google Wallet, Word pay, PayPal, Visa, and MasterCard. The market
participants are focusing on improving the adoption rate amongst consumers of
the available services, rather than developing more solutions. For instance, a
brand new entrant in the mobile payment transaction market, Apple Pay, is
looking at luring in affluent Apple users to increase their database to compete
with the virtual wallet wars and emerge as a winner in the longer run.
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