Table of Contents
Cross-Industry Collaboration Needed to Drive Growth
Mobile payment services have been available in Asia-Pacific for over 10 years. They have been successful in the Philippines, as they offer accessibility to the unbanked segment. They have also been successful in Japan for using public transport and for the micropayment of miscellaneous items. Although the market potential remains enormous, industry participants continue to face challenges in expanding the use case of mobile commerce to reap mass-market adoption and active usage on the mobile platform.
-Mobile payment services have existed in Asia-Pacific markets for over years. Different markets have progressed at difference paces of development.
-In the less-developed markets, mobile payment has been well received due to less-developed banking facilities and infrastructure. This mode of payment offers accessibility to people in rural areas, so that they can transfer money through their mobile phones instead of making a trip to a bank.
-In the more-developed markets, mobile payment is used mainly to pay for public transport and micropayment to replace payment through coins.
-The industry is undergoing a transition from mobile payment to mobile commerce, which incorporates two additional components—prior sales marketing activities and after-purchase activities—which offer incentives for consumers to change their payment mode from cash to mobile payment.
-The declining cost of sensors is an important factor in the development of mobile commerce. Sensors have evolved to become smaller and economical enough to be embedded in low-cost smartphones.
-The ability to capture consumers’ real-time information* would enable service providers to push the relevant offerings at the right time and place that could result in an instant transaction through their smartphones.
-The market potential is enormous, as mobile commerce has yet to achieve mass market adoption.
-Mobile commerce (“mCommerce”) is an overarching service in which users are given access to a range of third-party services through the mobile communications network using the interface of a mobile device, which acts as a gateway to support transactions over a secure access system.
-Mobile payment refers to a service involving an electronic transfer of money between two parties, enabled through a mobile device and a compatible machine or device.
-Near field communications (NFC) refers to a short-range wireless technology that enables communication between two connected devices.
-Mobile point of sale (POS) refers to the checkout point when a transaction is carried out through a connection between a mobile device and compatible hardware containing a POS software.
-Technology enablers refer to a group of industry stakeholders comprising of mobile handset manufacturers, software developers, and trusted service managers responsible for facilitating the adoption of a new technology.
-Direct mobile billing refers to a system that enables consumers to make payments using a mobile device at an eCommerce portal.
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