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Mobile payment technologies allows easy payment for goods or
services over the internet. A good example of this is PayPal. Another example
is Google Wallet, which was acquired by MasterCard. PayPal was recently
purchased by Google and is widely used as a payment processing tool in a
variety of locations. It allows to transfer funds to other Google accounts, or
to send it to another PayPal account. Google Wallet is one of the best examples
of mobile payment technologies. It is an application which allows making online
payments using Android, Blackberry, iPhone, or even laptop.
The increasing penetration of smartphones due to the growing use
of the internet around the globe is driving the market growth of mobile payment
technology. According to the International Telecommunication Union,
at the end of 2019, 53.6 percent of the global population, or 4.1 billion
people, were using the Internet. Increasing adoption of this technology into
banking apps that enable the customer to send money directly from their banking
account is again projected to augment the market growth. Mobile payments are
gaining popularity due to assured flexibility and convenience. Moreover, it
enables payment simply by scanning a barcode on an app at any shop. All these
factors are further anticipated to foster the market growth of mobile
payment technology.
The Asia Pacific is expected to gain significant growth over the
forecast period and this is attributed to increasing internet penetration and
expansion of the e-commerce industry in the region. According to the India
Brand Equity Foundation, the Indian E-commerce market is expected to grow to
US$ 200 billion by 2026 from US$ 38.5 billion in 2017. Much of the growth for
the industry has been triggered by an increase in internet and smartphone
penetration. The ongoing digital transformation in the country is expected to
increase India’s total internet user base to 829 million by 2021 from 636.73
million in 2019.
Key Developments:
In September 2017, Google India has launched a new payment app
called ‘Tez’. The new product, developed ground-up especially for the Indian
market, is aimed at the rapidly growing digital payment market in India which
is expected to touch $500 billion by 2020.
In June 2020, Aschheim a global provider of digital financial
technology has collaborated with Stocard, the provider of mobile wallets, and
one of the B2C European FinTechs, have together launched a new mobile payment
feature in the Stocard app.
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