New York, A mobile payment is a money transfer made using a mobile device such as a smartphone. Mobile payments can be made in a number of ways, including text message, mobile app, and contactless payments.
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Key Trends
The key trends in mobile payment technology are the following:
-The use of mobile devices for financial transactions is increasing at a rapid pace.
-There is a growing number of mobile payment platforms and apps available.
-Contactless payments are becoming more popular.
-The mobile payment industry is highly competitive.
-Security is a major concern for both consumers and businesses.
Key Drivers
The mobile payment market is growing rapidly due to the increasing adoption of smartphones and other mobile devices. The key drivers of this market are the convenience and security of mobile payments, the increasing number of mobile users, and the growing number of merchants accepting mobile payments.
Mobile payments are convenient because they allow users to make payments using their mobile devices without having to carry cash or credit cards. They are also secure because they use strong encryption to protect users’ personal and financial information.
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Market Segmentation
The global Mobile Payment market is segmented on the basis of payment type, transaction mode, end user and region. In terms of payment type, the market is bifurcated into proximity and remote. As per transaction mode, the market is segmented into mobile web payments, near field communication, SMS/direct carrier billing, and others. As per end user, the market is bifurcated into personal and business. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and rest of the world.
Key Players
The key players profiled in the mobile payment market analysis are American express company, Apple Inc., Google, LLC, JPMorgan Chase & Co, Mastercard, One97 Communications Limited, PayPal Holdings, Inc., PayU, Samsung and Visa Inc.
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