A fresh study by Transparency Market Research (TMR) has detected that the global m-commerce payments market are on the rise and due to be worth $7.55 billion by 2022.
The Sheer ease of usability that m-commerce brings to the users is the most powerful driver of this market, although the slow adoptability has been a little hindrance.
Nevertheless, a number of companies are now offering in-app payments, enhancing security of the transactions and personal details, and promoting sales via “buy button” on social media platforms.
The report by TMR, identifies ACI Worldwide, Inc., Alphabet Inc., Apple Inc., DH Corporation, Fidelity National Information Services, Inc., Fiserv, Inc., Jack Henry & Associates Inc., Mastercard Incorporated, Paypal Holdings, Inc., Square, Inc., Visa, Inc., and Samsung Electronics Company Limited as some of the key companies currently operating in the global m-commerce payments market.
Some of the key factors augmenting the demand in the global m-commerce payments market are: increasing penetration rate of smart devices such as smartphone and tablets, broader reach due to mobility, growing collaboration between online and offline activities, and improved bandwidth, which has helped easing out the transactions.
The report observes that benefits such as enhanced security features, loyalty integration, and faster checkout are promoting the adoption of m-commerce.
In addition to that, m-commerce has the potential to become cheaper than traditional services such as banking, marketing and advertising, and purchasing, which in turn will reflect positively on the global m-commerce payments market.
Various social media platforms have also launched ‘buy’ buttons, which helps the marketers to generate sales leads in an instantaneous manner.
In the near future, the companies operating in the global m-commerce payments market are expected to spend additional focus on customer experience as a large percentage of them are seen to abandon the purchase on e-commerce websites mid-way.
In-app payments such as Apple Pay and Walmart Pay not only helps the end-users to make swift transactions, it also helps the merchants to keep track of their buying habits and in turn offer lucrative discounts in order to increase sales during on and off season.
On the other hand, the dearth of mobile friendly websites, limitations pertaining to internet connections in a number of emerging economies, security concerns, and slow adoptability rate of several retailers regarding credit card chip readers are some of the obstructions holding the global m-commerce payments market from attaining its true potential.