M-commerce is growing at a staggering rate - and a lot of its success is linked to mobile apps, which are becoming more and more popular. Apps are convenient, safe, quick, and simple to use. A large portion of shoppers are already using apps in preference to browsers. Telecoms expert BuddeComm sees the development of m-wallet apps, in particular, as a major breakthrough for the m-payment sector.
But what other innovations should we expect to see in the m-payment market? That’s the topic for discussion in today’s blog. Here’s a list of trends we expect to see come to the fore in 2017.
Say goodbye to your debit card. Growing demand for cost effective and convenient payment modes has contributed to the development of new and innovative mobile transaction technologies. To leverage the growing opportunities of the developing markets, the Global Mobile Payments Market report says many market participants have plans to come up with their own mobile wallet technologies.
Analysts believe countries such as Singapore, Australia, and Japan are some of the major markets with a strong inclination to become a cashless market.
There are currently three primary options available for consumers: Android Pay for most Android smartphones, Samsung Pay for Samsung smartphones and Apple Pay for iPhones. In May, Samsung finally launched its contactless mobile payment solution in the UK, almost two years after its chief rival Apple Pay rolled out, and a full year after Android Pay.
BITCOIN & PEER-TO-PEER PAYMENTS
Third-party app developers are working on bringing Blockchain payments to mobile devices, which means all smartphones will soon have the ability to send payments via text message. For example, Circle is an app that lets users send payments in dollars, euro, pound sterling and bitcoin through the text messaging platform.
As Blockchain technology joins the wide range of mobile payment systems, it will help bitcoin garner a larger user base. The technology is at a nascent stage but has gained popularity in a very short period. Leading financial services firms, IT companies, and manufacturing firms are testing the feasibility to implement BT on a real-time basis. The global blockchain technology (BT) market to grow at a CAGR of 55.59% during the period 2017-2021.
RETURN OF BLUETOOTH
Bluetooth chip shipments are expected to double this year, driven by the demand for integrated parts in mobile devices. Major mobile platform developers are also looking at Bluetooth for mPayments.
All mobile handsets support Bluetooth, and it has a much longer range than NFC. Bluetooth can reach up to 50 meters compared to NFC's need to have the two devices centimeters away from each other.
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