Fintech Giants Are Gearing Up for Global Expansion
2018-12-27 10:54 Thursday
According to the latest market data, the global mobile payment technology market was valued at USD123.5 billion in 2017, and is expected to reach USD 3,371.6 billion by 2024, a CAGR of 60%. The extraordinary potential in the mobile payment sector has attracted a number of leading technology companies.
Apple recently launched its mobile payment system Apple Pay in Belgium, marking the twentieth market in Europe that will support the service. To date, Apple has expanded its payment reach to most of the populous countries in Europe, with Germany and the Netherlands soon to join the list. Mobile payment services were already present in Belgium prior to Apple Pay's entry: Google launched Android Pay in Belgium in March, 2017 and a number of banks offer contactless payment services. In the Asia Pacific region, Apple Pay can be used in Australia, Kazakhstan, New Zealand, China and Japan.
Retail and leisure company Majid Al Futtaim acquired the parent company of Beam, one of the UAE's largest mobile payment providers, vowing to rapidly expand the app's profile and accessibility.
Majid Al Futtaim owns some of the largest stores, shopping centers and leisure facilities in the UAE, in addition to assets across the Middle East, Africa and Asia. Majid Al Futtaim said the purchase of the e-wallet's parent company Beam Portal represents a "significant milestone in the company's digital transformation".
Beam provides standard mobile payment services, but also offers the software and tracking services. It is already accepted in 2,000 retail stores in the UAE, and is expected to grow rapidly in the wake of the acquisition.
Majid Al Futtaim acting Chief Corporate Development Officer, Joe Abi Akl, believes that the acquisition will support Beam's mission to "become the leading omni-payment platform in the region, by introducing new seamless payment experiences for our customers".
"As the line between the physical and digital worlds continues to fade we are investing in our digital transformation to ensure we are providing customers with experiences they want and need." he added.
In addition, PayPal recently purchased UK-based mobile payment terminal provider iZettle for $2.2 billion, which marks a drastic expansion of Paypal's Europe strategy.