Biometric technologies to improve the security of mobile payments

LONDON, June 22, 2022 (GLOBE NEWSWIRE) — The mobile payments market is expected to grow at a CAGR of over 21% during the forecast period. Mobile payments encompass several payment types, including mobile proximity payment, m-commerce, mobile P2P and mobile point-of-sale. The most successful mobile payment systems in the future will be those that use the versatility of a mobile P2P or m-commerce system to achieve omnichannel reach, as services in Asia such as Indian services Paytm have already done. and PhonePe which use the national real. -on-time payment system, as well as WeChat Pay and Alipay in China.

The Mobile payments – Thematic Rresearch The report offered by GlobalData Plc helps us understand the impact of mobile payments on the wider payments industry and better understand the upcoming regulatory changes that will affect mobile payments. It also highlights what leaders and disruptors in the mobile payments segment are doing in their areas of expertise.

For more information on the global mobile payments market forecast, download free sample report

Key Technology Tendencies impactful mobile payments Theme

• Biometrics
• blockchain
• CBDC
• Cryptocurrency
• Data analysis
• Digital wallets
• machine learning
• RTP
• Tokenization
• 5G

Biometric technologies represent a set of solutions that can help improve mobile payment security while reducing layers of friction during the payment process. Biometric identifiers such as fingerprints, facial recognition, and voice recognition are difficult for criminals to replicate, which should help reduce fraud in the event of device theft compared to password-based security .

For more information on technology trends impacting the mobile payments market, download free sample report

Macroeconomic Key Tendencies impactful mobile payments Theme

• COVID-19[feminine]
• Cross-border payments
• Emerging economies
• Environment, Social and Governance (ESG)
• Geopolitics – China
• Geopolitics – Russia
• Increasingly cashless societies
• The rise of Millennials and Gen Z
• great apps

Today’s cross-border online payment landscape is still dominated by MoneyGram and Western Union. But new challengers such as WorldRemit and Wise are challenging long-established players. Wise and WorldRemit can offer international cross-border transactions at a lower rate than MoneyGram and Western Union. And to increase their customer base, these two challengers are establishing regional partnerships.

For more information on macroeconomic trends impacting the mobile payments market, download free sample report

Key regulatory Tendencies impactful mobile payments Theme

• Push of electronic payments
• Open Banking/PSD2 regulations
• Pressure on card fees
• Regulation: Blockchain
• Regulation: BNPL
• Regulation: Fintech
• SCA

The payments industry in general has always pushed for cashless companies in the interest of maximizing the proportion of transactions that generate revenue. Regulatory efforts to reduce the use of cash, such as those seen in Italy and India (generally with the aim of reducing the size of the shadow economy and boosting tax revenue from easy-to-track electronic payments), generally have the full support of the payments industry. COVID-19 accelerated this push, with the launch of mobile payment services

For more information on regulatory trends impacting the mobile payments market, download free sample report

Mobile payments value chains Market

• Consumer
• Merchant acceptance
• Payment Processing

Due to the proliferation of mobile devices, such as smartphones and wearables, consumers have become accustomed to doing almost everything on these devices, whether it’s connecting with people, finding restaurants or shopping. shops, check subway and bus schedules, or listen to music and take pictures.

For After knowledge on mobile payments value chains, download free sample report

First Companies Associated to the Mobile payments Theme

• ACI in the world
• Adyen
• To affirm
• After-payment
• group of ants
• American Express
• Apple
• Barclays
• China UnionPay
• Danske Bank
• Discover financial services
• EMPSA

To know more about leading companies in the mobile payment market, download free sample report

Mobile payments Market Insight

Mobile payments Market Report Scope

• Card payment systems such as Visa, Mastercard and UnionPay still enjoy strong positions due to their scale.
• The point-of-sale terminal market has adapted relatively well to mobile payments as they currently exist in the developed world.
• Mobile payments are poised for significant growth over the next few years, being one of the few areas in the entire payments industry to have seen a positive impact from the COVID-19 pandemic.

Reasons to buy

• Understand the impact of mobile payments on the entire payments industry.
• Find out where the medium and long-term growth opportunities lie.
• Learn about upcoming regulatory changes that will affect mobile payments.
• Find out what leaders and disruptors in the mobile payments segment are doing in their areas of expertise.

FAQs

What was the size of the mobile payments market in 2021?
The global mobile payments market size was worth $55.7 trillion in 2021.

What is the growth rate of the mobile payments market?
The global mobile payments market is expected to grow at a CAGR of over 21% during the forecast period.

What are the keys Technology tendencies impacting the mobile payment market?
The major technology trends impacting the mobile payments market are biometrics, blockchain, CBDCs, cryptocurrency, data analytics, digital wallets, machine learning, RTP, tokenization and 5G.

What are the keys macroeconomic tendencies impacting the mobile payment market?
Key macroeconomic trends impacting the mobile payments market are COVID-19, Cross-Border Payments, Emerging Economies, Environment, Social & Governance (ESG), Geopolitics – China, Geopolitics – Russia, increasingly cashless societies, the rise of millennials and generation. Z and great apps.

What are the keys regulatory tendencies impacting the mobile payment market?
The main regulatory trends impacting the mobile payments market are the push of electronic payments, open banking/PSD2 regulation, pressure on card fees, regulation: blockchain, regulation: BNPL, regulation: fintech and SCA.

What are the key mobile payment value chains?
The main value chains of the mobile payments market are consumer acceptance, merchant acceptance and payment processing.

What are the first companies in the mobile payments market?
Some of the major companies associated with the mobile payments market are ACI Worldwide, Adyen, Affirm, Afterpay, Ant Group, American Express, Apple, Barclays, China UnionPay, Danske Bank, Discover Financial Services, and EMPSA.

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