(MENAFN Editorial) iCrowdNewswire - Dec 12, 2017
Global mobile payment market is expected to witness rapid growth over the forecast period owing to increase in demand for easy financial solution used for money transfer. The ease of financial transaction for mobile users in distant location is presumed to contribute for the growth in this industry. Mobile money is supporting those individuals who do not have bank account thus is expected to become very popular in the coming years. Mobile payment know as mobile money, mobile wallet and some time as mobile money transfer is a payment services portal that operates under financial regulation .The transaction is performed through a mobile device. Instead of payment with credit cards, cheque and cash ,mobile phone is used by consumers as a mode for payment in wide range of hard or digital goods and services,
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Availability of mobile with different types of mobiles available today at affordable price the mobile payment market is expected to witness boost in the coming future. Several individual not having bank account are expected to use this platform as their financial transaction portal. The transfer becomes very easy and fast with the use of this platform thus more and more individuals are expected to utilize this facility in the forecasted years. The payment can be done from anyplace for the purchased goods or services without any usage of cash or credit card. Thus these advantages of using this technology is expected to fuel the overall demand in this market
The progress in the demographical needs across the world has witnessed the increase in demand of this market. The availability of this platform across the globe makes the transaction easier for payment from one country to another which is also expected to drive the demand. With creation of several business avenues for catering stakeholders is presumed to compliment the expansion of this market as money transaction becomes easy with anytime anywhere payment properties. The mobile network market has witnessed tremendous expansion with the network providers making the network available in many places covering maximum areas. This growth in mobile network market is making usage of money transaction smooth thus is believed to support the rise in usage of this technology. Rise in use for mobile money services across the organization for business transaction namely B2B and B2C is also presumed to cater the overall demand in mobile payment market.
Rising data security concerns while use under this platform is presumed to impact the demand negatively. The awareness about benefits related to these services is not yet spread thus due to this lack in awareness is believed to hamper the demand for mobile payment market over the forecasted years. Issues related to handset not having appropriate setting for this service is expected to reduce growth for this market. By enhancing the usage flexibility for this service by updating the service according to the requirement is expected to open more opportunities for this industry. By resolving the security issues and by joining the virtual financial world with reality is presumed to bring ample amount of opportunity over the forecasted period. Diversification in rules and regulation across different regions is presumed to be major challenge for implementing this service throughout the world by crossing geographical boundaries.
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