Although the global remote mobile payment market is currently in nascent stage, a fresh study by Transparency Market Research (TMR) assures that the future is highly prosperous, with the demand estimated to increment at an incredible CAGR of 44.9% during the forecast period of 2017 to 2024. As per the projections of the TMR report, the global remote mobile payment market will be worth US$7,526,127.9 mn by 2024, exponentially up from its evaluated valuation of merely US$1,176,712.6 mn in 2017. The report identifies ACI Worldwide, Inc., Samsung Electronics Co Ltd., Alphabet Inc., DH Corporation, Apple Inc., Visa Inc., Square, Inc., PayPal Holdings, Inc., Mastercard Incorporated., Fidelity National Information Services, Inc., and Fiserv, Inc. as some of the key companies currently operating in the global remote mobile payment market.
Competition Intensifying With Increasing Number of Participants
As far as the competitive landscape is concerned, the TMR report has detected that an increasing number of companies are venturing into the global remote mobile payment market and intensifying the zest to hold the pole position. This is primarily a result of a new revenue avenue opening for the hardware, electronic, and technology companies, giving them a bite out of the banking sector. That being said, security is at the backbone of this emerging technology and hence, new entrants are not finding it easy to impart their authenticity and challenge the market leaders. In the near future, more and more prominent names are expected to make a foray into the remote mobile payment market, but only those who can remain vigilant and immune from escalating data security concerns will be able to hold themselves ahead of the curve.
M-commerce is the most profitable segment of the global remote mobile payment market, in terms of mode of payment. This segment represented 89.9% of the market in 2017, a worth of US$105,836.1 mn, and is estimated to reach a valuation of US$707,081.1 mn by 2024, representing 94.0% of the overall demand. This segment is expanding at a CAGR of 46.2% and generating a revenue of US$12,024.8 mn annually. Geographically, North America is most lucrative region, with the valuation projected to reach US$264,646.3 mn by 2024, expanding at a CAGR of 48.3% during the said forecast period.
Ease of Purchasing Promoting Paradigm Shift Away from Cash
Ubiquity of smartphones is the primary driver of the remote mobile payment market, and the consumer base is rapidly increasing too, with the number of mobile users across the world estimated to breach half-a-dozen billion mark by 2024. Remote payment includes payment transactions that take place with mobile phones as the mode for personal authentication. The remote mobile payments market is gaining traction from the fact that consumers can now make payments both locally such as retail shop, person-to-person, parking, and vending machines, and remotely such as bill payments, fund transfer, mobile shopping, and prepaid account top-ups.
Technological advancements has now led to devices and applications that can instantly and specifically detect both payee and beneficiary. The possibilities of content purchases is another driver of the global remote mobile payment market. For long, piracy has been a glaring issue for the entertainment industry, who are now resorting to selling their products via remote mobile payment methods at slashed margins. The advent of the Internet of Things (IoT) and Big Data is also expected to revolutionize the global remote mobile payment market, providing a mode for consumers to research their purchases before making the payment as well as helping the companies to analyze the interests of each customer individually and cater to him accordingly.
Data Security Remains Primary Concern Before the Market Flourishes
Interconnectivity is irresistible for its unlimited possibilities but technology companies will have to find a mechanism to guard against hackers. Awareness regarding the benefits offered by remote mobile payment is spreading but at the same time, the number of cyber-attacks such as ransomware is increasing too. The prosperity of the remote mobile payment market heavily depends on this factor.
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