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Follow on Google News |  Global Mobile Payment Market – Analysis and Applications,Growth And Forecast,2014 - 2020-Bharat BookBharatbook.com announces new report. It's profiles major mobile payment platforms,namely Paypal,Google pay,Apple pay,M-Pesa, Airtel Money,Square,IZettle,Alipay,GCash,WyWallet,MCash,Klarna & Boku,& focuses on current market trends from 2014 up to 2020
By: Bharat Book Bureau Mobile payment is the purchase of a product/service using a Mobile phone or Money transfer from a mobile device to another mobile device. In Mobile payments the goods or services purchased may be physical, or virtual. Mobile payments use mobile phone as a payment method rather than an alternative channel to send payment instructions. A Mobile payment can be made in person, example: at the checkout counter in a retail store, or remotely, using mobile internet or cellular network infrastructure. Mobile payments do not include mobile financial services, such as mobile banking. Mobile payments is different from Mobile banking in which payments has been made by Mobile web browser or Mobile banking App, and is simply an extension of online functionality from the personal computer to a mobile phone. The global mobile payment market is growing at a CAGR of 35%. Evolution of payment system Mobile payments are classified into proximity payments and remote payments Proximity payments Payments made at close distance with contactless Near Field Communication (NFC), by holding NFC based mobile phone near payment terminal. Mobile Wallet A mobile wallet is a form of mobile payment that allows its users to store debit cards, credit cards, loyalty cards, and gift cards among other things, as well as redeeming promotions or coupons on their mobile phone. Some wallets like Google Wallet and Apple Pay use Near Field Communication technology to transmit funds. Other mobile wallets use cloud-based apps that need to be first downloaded from an applications store like Apple iTunes. TIO’s Mobile Pay app is one such cloud based wallet. Once downloaded, the app can be opened with a secure PIN or pass-code to pay a store or service providers from the previously set-up bank account or credit card. Mobile Point of Sale (mPOS) In this payment type the merchant uses their mobile phone along with a credit or debit card reader. mPOS are simple to use and the reader comes free with registration, they are good for small denomination transactions but not for larger ones because of the fees and slower processing times. Square Register is a good example of anmPOS Closed Loop Payments This type of mobile payment is similar to a gift card or loyalty program customers can opt into. Closed loop mobile payments allow users to download brand specific apps like the Starbucks app in which then the app is treated like a loyalty card. Customers can then manage their balances, load funds onto their cards, or redeem coupons directly from their mobile phones. Once a user wants to purchase a coffee in store for example, they will be presented with a unique barcode. It is then scanned and the amount is taken from the associated user’s account. One of the big success stories in closed loop payments has been Starbucks. Remote payments Transfer of funds from mobile from a remote location without physical contact with a reader would classify as a remote payment Mobile Money Transfer (P2P) Mobile Payment transfers of Peer to Peer Transfers (P2P) are used for domestic money transfers, Utility bill payments and international remittance. P2P form the largest section of the market forming nearly 65% of the mobile payment market. It will continue to grow strongly though its share of market will decrease as other areas of the mobile payment market grow stronger. The P2P mobile payments is expected to be 1375.5 billion USD by the year 2020. Some of the examples in remote payments are Paypal, Vodafone M-Pesa, Airtel Money and TigoPesa. Carrier Billing In which amount of purchase made online is added into Mobile Bill of customer. Carrier billing companies include Boku, MoPay and Zong. In App Billing Use for purchasing of online Applications like photos, game levels and for premium services and features for Mobile or Tablets. Transactions are processed through the App stores and App stores works as an intermediary between App developer and App user. In app billing includes players like Google Play, Blackberry World. Global Mobile transaction volume (US $ Billion) South Korea mobile payment market South Korea has over 30 million smartphone subscribers. Because of it the environment of Mobile payments has changed in recent years. South Korea is one of the leaders in mobile payment market in the world. They have attempted new challenges for the decade. The Hana SK Card, which is leading the mobile credit card segment, recorded a 661.7% compound annual growth rate (CAGR) in payments from 2010 to 2012.With respect to the payment and settlement system, South Korea has broad range of laws and regulations governing transactions and the settlement details thereof, issuance and distribution of payment instruments, oversight of payment and settlement systems, and protection for clearing and settlement agreements, etc. For more information kindly visit: https://www.bharatbook.com/ Related Reports: https://www.bharatbook.com/ About Bharat Book Bureau : Bharat Book Bureau is the leading market research information provider for market research reports, company profiles, industry analysis, country reports , business reports, newsletters and online databases Bharat Book Bureau provides over a million reports from more than 400 publishers around the globe. We cover sectors starting from Aeronautics to Zoology. In case the reports don’t match your requirement then we can do a specialized Custom Research for you. Our multifarious capabilities, cross-sector expertise and detailed knowledge of various markets, put us in a unique position to take up Custom Research demands of yourself. OR Contact us at : Bharat Book Bureau Tel: +91 22 27810772 / 27810773 Toll Free No for USA/Canada : 1-866-279-8368 Email: info@bharatbook.com Website: https://www.bharatbook.com/ Follow us on twitter: https:// Our Blog : https:// End
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