Biometric Technologies to Enhance Mobile Payments Security | Globaldata Plc – GlobeNewswire

Science & Technology

| Source: GlobalData Plc GlobalData Plc
London, UNITED KINGDOM
LONDON, June 22, 2022 (GLOBE NEWSWIRE) — The mobile payments market is expected to grow at a CAGR of more than 21% during the forecast period. Mobile payments encompass several types of payments, including mobile proximity payment, m-commerce, mobile P2P, and mobile POS. The most successful mobile payment systems in the future will be those that utilize the versatility of a mobile P2P or m-commerce system to achieve omnichannel reach, as services in Asia have already done such as the Indian services Paytm and PhonePe that utilize the national real-time payment system, as well as WeChat Pay and Alipay in China.

The Mobile Payments – Thematic Research report offered by GlobalData Plc helps us understand the impact of mobile payments on the broader payments sector and gain insight into coming regulatory changes that will affect mobile payments. It also sheds light on what the leaders and disruptors in the mobile payments segment are doing in their areas of expertise.

For more information on the global mobile payments market forecast, download a free report sample
Key Technology Trends Impacting the Mobile Payments Theme
Biometric technologies represent a set of solutions that can help improve mobile payment security while reducing friction layers during the payment process. Biometric identifiers such as fingerprints, facial recognition, and voice recognition are difficult to replicate by criminals, which should help reduce the amount of fraud in the case of device theft compared with password-based security.
For more insights on technology trends impacting the mobile payments market, download a free report sample
Key Macroeconomic Trends Impacting the Mobile Payments Theme
The current landscape of online cross-border payments is still dominated by MoneyGram and Western Union. But new challengers such as WorldRemit and Wise are challenging the long-established players. Both Wise and WorldRemit can offer international cross-border transactions at a lower rate than MoneyGram and Western Union. And to increase their customer reach, both of these challengers are establishing regional partnerships.
For more insights on macroeconomic trends impacting the mobile payments market, download a free report sample
Key Regulatory Trends Impacting the Mobile Payments Theme
The payments industry in general has historically pushed for cashless societies in the interest of maximizing the proportion of transactions that generate revenue. Regulatory efforts to reduce cash use, such as those seen in Italy and India (usually with the aims of reducing the size of the black economy and bolstering tax revenues from easily tracked electronic payments), tend to have the full support of the payments industry. COVID-19 has accelerated this push, with mobile payment services launching
For more insights on regulatory trends impacting the mobile payments market, download a free report sample
Value Chains of Mobile Payments Market
Due to the proliferation of mobile devices, such as smartphones and wearables, consumers have become accustomed to doing almost everything on these devices, whether it is connecting with people, looking for restaurants or shops, checking subway and bus timetables, or listening to music and taking photos.
For more insights on mobile payments value chains, download a free report sample
Leading Companies Associated with the Mobile Payments Theme
To know more about leading companies in the mobile payments market, download a free report sample
Mobile Payments Market Overview
Mobile Payments Market Report Scope
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FAQs
What was the mobile payments market size in 2021?
The global mobile payments market size was worth $55.7 trillion in 2021.
What is the mobile payments market growth rate?
The global mobile payments market is expected to grow at a CAGR of more than 21% during the forecast period.
What are the key technology trends impacting the mobile payments market?
The key technology trends impacting the mobile payments market are biometrics, blockchain, CBDCs, cryptocurrency, data analytics, digital wallets, machine learning, RTP, tokenization, and 5G.
What are the key macroeconomic trends impacting the mobile payments market?
The key macroeconomic trends impacting the mobile payments market are COVID-19, cross-border payments, emerging economies, environmental, social, and governance (ESG), geopolitics – China, geopolitics – Russia, increasingly cashless societies, the rise of millennials & gen Z, and super apps.
What are the key regulatory trends impacting the mobile payments market?
The key regulatory trends impacting the mobile payments market are electronic payments push, open banking/PSD2 regulation, pressure on card fees, regulation: blockchain, regulation: BNPL, regulation: fintech, and SCA.
What are the key value chains of mobile payments?
The key value chains in the mobile payments market are consumer, merchant acceptance, and payment processing.
Which are the leading companies in the mobile payments market?
Some of the leading companies associated with the mobile payments market are ACI Worldwide, Adyen, Affirm, Afterpay, Ant Group, American Express, Apple, Barclays, China UnionPay, Danske Bank, Discover Financial Services, and EMPSA.
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GlobalData is a leading provider of data, analytics, and insights on the world’s largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision makers to predict and navigate the future. This is why GlobalData’s mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on GlobalData for trusted, timely, and actionable intelligence. Our solutions are designed to provide a daily edge to professionals within corporations, financial institutions, professional services, and government agencies.
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