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Rise in Mobile Payment Market due to Increasing Consumer Adoption - Key Players Analysis (Apple, Samsung, Android, Alipay and PayPal)

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Published on : Feb 15, 2016

ALBANY, New York, Feb 15, 2016: ResarchMoz.us announces the addition of a new market research report to its online repository. The report, titled ‘Insight Report: Competition in Mobile Payments - Apple, Samsung, Android, Alipay and PayPal,’ examines the global scenario in mobile payment, evaluates the leaders in the market, and offers key strategies that will enable players to make a mark on the global mobile payment market in the coming years.

Mobile payment refers to cashless payment options subject to financial regulation and used through mobile phones. It offers great convenience to smartphone owners, since smartphones are almost always present on the person of the user and can thus be used to make cashless payments in the absence of conventional or plastic money.

The convenience of mobile payment has led major smartphone manufacturers such as Apple and Samsung to design their own integrated mobile payment solutions, and Google has also designed Google Wallet and its successor, Android Pay, for Android users. Availability of mobile payment solutions has emerged as a key USP of smartphones, resulting in heavy demand for mobile payment programs.

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The report examines the mobile payment solutions currently on the market and presents the figures for each. It also provides the key trends expected to direct the global mobile payments market in the coming years. This analysis will help readers figure out the present condition of the market as well as the direction the market is expected to take.

Growing consumer adoption and consequent investment, the implementation of increasingly favorable regulatory scenarios, and ongoing technological development to make mobile payment more efficient and reliable are the major trends expected to drive the demand for mobile payment in the coming years.

The report focuses on the development of inbuilt mobile payment solutions in smartphones, expansion of contactless payment modes such as NFC, increasing implementation of one-touch checkout, peer-to-peer banking, and the increasing prevalence of the sharing economy as the other major factors expected to drive the mobile payments market in the coming years.

Domestic banks in several regions are expected to catch on to the utility of mobile payment and come up with mobile payment solutions in order to increase their user base. The digitization of banking has been a prominent feature of commerce over the past decade and with the rising demand for mobile payment, digital banking is set to become even more easily accessible and prevalent.

In terms of the competitive landscape of the mobile payment market, the report profiles the market activity of Google, Apple, and Samsung as the major players in the proximity payment market. These companies have utilized NFC to enable cashless payment through smartphones. In the field of remote payment, Vodafone/Safaricom, Alibaba, Tencent, and PayPal are the major players operating in the mobile payment market.

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