Recent technological developments have led to a rise in online and mobile payment solutions. They provide fast, convenient and secured transactions by removing the complexity, risk and processing time involved in manual payments which use methods like cash or cheque.
Online payment uses internet to process economic transactions and allows vendors to accept payments over the internet connection. Online payment can be done through several methods like credit cards, debit cards, online bank transfer, net banking, and digital wallets such as PayPal, Paytm, Apple Pay and Google Wallet. Digital wallets can be categorized into two types: Preloaded digital wallet, which has e-money preloaded into it and pass-through digital wallet, which authenticates the user and then the transaction is done through a linked payment system, which can be bank account or credit/debit card.
Demand for mobile POS terminals increasing across small- and medium sized businesses
While online payment is mostly used for e-commerce, mobile payment has opened new doors for retail transactions through mobile POS (mobile point of sale), which will eradicate the need of carrying cash, cheque or credit card. Mobile POS (mPOS) are dedicated wireless devices acting as electronic point of sale terminals. mPOS are in high demand from small and medium sized businesses and they are used in multiple applications such as card payments, inventory management and bill printing.
Competition has intensified after launching of online payment solutions by e-commerce and smartphone manufacturers
Competition in global online and mobile payments has grown intensely as many large e-commerce and smartphone manufacturing companies have entered into the online payment marketplace. Amazon, Alibaba, Google, Apple and Samsung have already launched their own digital wallets, and in addition, Facebook has introduced peer to peer payment feature into its messenger app.
Though, online and mobile payment usage has been growing at a faster rate, concerns of consumers regarding data privacy and security still remains a challenge. Technical integration, fraud and chargebacks, multi-currency and payment methods and cross border transactions are some of the other issues, which still need to be overcome.
ASDReport.com’s reports can meet your market research requirements pertaining to online and mobile payments and covers technologies and topics like, mobile money, electronic bill presentment and payment, among others.