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Diverse Competitors Enter the Mobile Payment Market

2018-11-15 10:25 Thursday

Increasing smartphone penetration and the growing influence of e-commerce in emerging economies has set off high-growth in the mobile payment market, providing users with added convenience and an improved shopping experience. A latest market report has indicated that the global mobile payment market already exceeded 600 billion USD in 2016 and is projected to reach 4,574 billion USD by 2023. The report also revealed that the mobile paymentsin the Asia-Pacific Region are projected to grow at a robust rate of 33.5% over the next decade.

Mobile Payment Market

Many traditional payment enterprises have entered into the mobile payment market, intrigued by the rapid growth in recent years. Financial services giant Visa has partnered with the International Olympic Committee and the International Paralympic Committee, aiming to provide more convenient payment channels for fans at the games and those watching at home.

Visa is also updating its global transaction and retail network to improve the payment experience in mobile ticket purchasing, by investing heavily.  in improvements to biometric authentication for stadium entry, and smart retail shopping.

"There has been no better payment technology partner historically and there is no better payment technology partner for the future we are building together. As we introduce innovations that help improve fan experiences both on-site and at-home, we know that no matter where in the world the Olympics take us, Visa is the right partner to help us deliver them." said Thomas Bach, president of the International Olympic Committee.

Payment provider SmartPesa is launching an Android POS solution in Southeast Asia. The terminal can provides a secure payment experience and periodically updates the user interface system. It supports card payment schemes including Visa, MasterCard, and UnionPay, as well as other credit cards and mobile wallets.

Wirecard, a mobile payment app developed by Europe's biggest furniture retailer Möbel Inhofer, now supports credit cards, meaning that customers in France, Austria and Switzerland can now connect their credit cards with the app to complete payments.

"Our customers throughout Europe are increasingly demanding customized shopping experiences. Since this of course also affects payment methods, we are pleased that we can now offer an additional option. With our payment app, customers can conveniently pay for their furniture purchases," said Mobel Inhofer executive Edgar Inhofer.

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