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Mobile Payments All Set for Takeoff

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Information about Mobile Payments All Set for Takeoff
Technology

Published on June 30, 2013

Author: techahead

Source: slideshare.net

Description

Mobile devices are edging closer to fulfilling their long-delayed promise as digital wallets.
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Mobile Payments All Set for Takeoff

According to a recent Mobile payment report from Business Intelligence, titled “Mobile Payments Forecast And Update,” Mobile payments are poised for takeoff. They used their own global smartphone shipments forecast as a pace-setter for overall growth. Data on mobile payments usage and transaction volume from dozens of sources including Starbucks, Square, PayPal, Gartner, and other research firms were incorporated in the report. The data suggests that Mobile devices are edging closer to fulfilling their long-delayed promise as digital wallets. We discuss details about it in this presentation.

Reasons  Which  Make  Mobile   Payment  a  Success • Increasing  smartphone  penetra1on  in  major  global  economies. • The   large-­‐scale   adop1on   of   tablets   and   smartphones   as   registers   on   the   merchant-­‐side.   Many   mobile   payments   market   es1mates   miss   the   fact   that   small   businesses  and  enterprises  are  adop1ng   mobile  for  point-­‐of-­‐sale  tools.   Merchant-­‐side  adop1on  fuels  transac1on  value  growth. • The  increased  convenience,  for  merchants  and  consumers,  of  mobile  payments   services,  which  are  nearing  "convenience  parity"  with  credit  cards  and  cash.

Forecast  Regarding  Mobile  Payments •By   2017,   the   total   value   of   global   offline   transac1ons   facilitated   by   mobile   devices  will  reach  about  $1.5  trillion,  up  from  $120  billion  in  2012. ‣In  the  U.S.,  transac1on  value  will  rise  to  $244  billion  in  2017,  from  $15  billion   last  year. •The  number  of  mobile  payments  users  globally  is  set  to  explode  as  well.  By  2017,   the  total   consumer  user-­‐base  will  climb  past   the  500   million  mark.   That   will  be   more  than  a  five-­‐fold  increase  from  the  less  than  75  million  consumers  who  used   mobile  payments  at  year-­‐end  2012. ‣In  the  U.S.,  there  will  be  60  million  mobile  payments  users  by  2017.

Forecast  Regarding  Mobile  Payments

Barriers  to  Mobile  Payments

Percep&on  About  Mobile  Payment  is  Changing In September of 2012, the U.S. Federal Reserve Bank surveyed a large sample of U.S. citizens to identify barriers around mobile payments adoption. Security concerns topped the list. Other prominent reasons were difficulty of use, lack of clarity around the benefits, and little trust in the technology. However, the survey was repeated in March 2013, and the results were noticeably different. Negative sentiment declined across every category. In particular, the proportion of consumers listing security concerns as the main reason for not using mobile payments dropped by about five percentage points.

Comparison  of  Mobile  Payment   Solu&ons

Comparison  of  Mobile  Payment   Solu&ons

Important  Points  at  a  Glance •Globally,   mobile   payments   will   power   $1.5   trillion   in   offline   point-­‐   of-­‐sale   transac;ons  by  2017,  and  have  a  global  user  base  of  over  500  million  people. •The   real   growth   in   mobile   payments   transac;on   volume   is   coming   from   merchant-­‐side   solu;ons   and   apps,   not   yet   from   widespread   consumer   adop;on. •The  growth  in  U.S.  mobile  payments  usage  will  outpace  global  growth  rates   as  security  fears  fade  away,  par;cularly  among  younger  demographics. •The   efforts   of  high-­‐level  compe;tors   like   PayPal,   Square,   and  Apple   in   this   space  may  lead  to  the  killer  mobile  payments  app  that  finally  super-­‐charges   consumer  adop;on.

You  can  also  reach  us  on:   Facebook  -­‐  www.facebook.com/TechAhead     TwiSer  -­‐  www.twiSer.com/TechAhead     LinkedIn  -­‐  www.linkedin.com/company/techahead At  TechAhead,  we  have  helped  many  clients  incorporate  mobile  payments,   be  it  through  SMS,  Web/WAP  based,  NFC  etc.  Mobile  payments  and   mCommerce  are  on  a  boom,  and  every  business  should  make  best  out  of  this   opportunity.  If  you  are  a  business,  we  can  help  you  in  this.  For  any  mobile   apps  development  requirement,  get  in  touch  with  us   on  info@techaheadcorp.com  for  FREE  30  minutes  no  obliga;on  consulta;on   with  our  mobile  experts($200  Value). Credits:  hSp://www.businessinsider.com

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