MELBOURNE: The global mobile payments market is expected to reach a market size of USD 4,574 billion by 2023, while growing at a compound annual growth rate of 33.8%, says a study by Allied Market Research.
The increase in penetration of smartphones and the growth in the mobile commerce industry are the main factors that drive the growth of the market. Smartphone penetration rates in Canada, China and India
Increasing use of mobile payments in e-commerce also drives the market. Mobile purchases accounted for 35% of overall e-commerce worldwide in 2016.
From a transaction type perspective, the mobile payment market can be divided into short message service (SMS), near-field communication, and wireless application protocol (WAP).
The SMS payment is the most popular mobile payment method as customers use it to buy food, drinks and for taxi service.
Based on application, the market is divided into entertainment, energy & utilities, healthcare, retail, hospitality & transportation and others. Retail holds the largest shares in the market in 2016, while hospitality & transportation segment is expected to have the highest growth rate during the forecast years.
Major firms in the sector:
Glance Technologies Inc. (OTCQB: GLNNF) is also listed on the Canadian Securities Exchange under the ticker (CSE: GET). On July 5th, the Company announced that it, “has added four new Vancouver locations to the Glance Pay network with the trial signing of Glance Pay at the Steamworks Group of Companies.
Glance Pay users can currently enjoy the app’s convenience, security and rewards at Rogue Kitchen & Wetbar Convention Centre and Gastown locations, with the additional Rogue location on West Broadway and its sister location, Steamworks Brewpub.
Square Inc. (NYSE: SQ) creates tools that help sellers start, run, and grow their businesses. Square enables sellers to accept card payments and also provides reporting and analytics, next-day settlement, and chargeback protection. Square’s point-of-sale software and other business services help sellers manage inventory, locations, and employees; access financing; engage customers, and grow sales.
Fiserv Inc. (NASDAQ: FISV) is a leading global provider of financial services technology solution. Last month, the Company and VyStar Credit Union announced that VyStar has become the first Fiserv client to implement an enhanced mobile banking platform that includes new alerting and card control functionality for its debit card users. The VyStar Mobile Banking App, powered by Fiserv, now includes a companion Card Controls App integrated via a single sign-on (SSO). In the 90 days since VyStar updated its Mobile Banking App, more than 15,000 members have downloaded the new Card Controls App and registered their debit card.
PayPal Holdings Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Recently, the Company announced Uber and Venmo are partnering to deliver a seamless new payment experience available with Uber and Uber Eats.
More than six Million payments on Venmo mentioned “Uber” in their description over the past year, making a seamless connection between the two apps a natural fit. Uber customers in the United States ordering rides and food will soon be able to pay with their Venmo balance, linked bank account, credit card or debit card so they can easily split the cost with friends and family in the Venmo app, for no additional fee. Users can also share their purchases in their Venmo feed with custom emojis that are exclusive to the partnership, with Uber as the first company to have a branded emoji in the app.
Total System Services Inc. (NYSE: TSS) is a leading global payments solutions provider serving issuers, merchants and consumers. Recently, the Company announced that it has acquired iMobile3, a provider of private-labeled, small business solutions within the payments industry. iMobile3 offers unique and customizable payment solutions including award-winning mobile and tablet point-of-sale products, integrated with value-added services. The iMobile3 Marketplace is a fully customizable suite of applications curated specifically for every partner.