2013-12-10 10:42:16 - Fast Market Research recommends "2020 Foresight Report: Best Practices in Implementing Mobile Payments" from Timetric, now available
The increased use of mobile devices to manage day-to-day activities and the rise in the use of social media has encouraged a number of organizations to build business and product strategies around mobile platforms. Banking institutions and non-banking startups are increasingly targeting consumers with new mobile payment solutions, allowing consumers to transfer funds and make payments at any time and in any location. Technological developments, changing consumer preferences and an increase in competition among stakeholders in the payments value chain have been the key drivers in the development of new platforms. To promote mobile payment products and services, financial institutions and payment companies are adopting multiple strategies, focusing on mapping changes in consumer behavior, applying the relevant technology and capitalizing
on new trends.
Full Report Details at
- www.fastmr.com/prod/753005_2020_foresight_report_best_practices_ ..
* Focus has increased on the convenience and speed of payments. As a result, mobile payments have received significant attention in recent years. Mobile payments are basically driven by four types of models: bank oriented, mobile operator driven, new payment companies and collaborative approach. The collaborative model involves co-ordination among two or more lead parties of the other models and displays strongest growth potential over the next five years.
* Regions dominated by emerging economies, such as Asia-Pacific, Africa and Latin America, exhibit high growth potential for mobile payment solutions, although most of the payment solutions currently tend to stem from North America and Europe. Europe, however, is expected to lose some momentum over the next five years, while North America is forecast to continue to impress with new mobile payment solutions, primarily led by developments in the US. Countries such as Turkey are also highly innovative in terms of payment products and services, with consumers showing a readiness to experiment, as are parts of the Middle East, as regulation can be scattered and consumer demand pushes for new payment options.
* Social media has become a mainstream channel to target consumers. Mobile payment solution providers are developing processes to respond to social media-oriented consumers, and are using the channel to promote new schemes and loyalty programs, and to identify customer needs through feedback. Payment solution providers are offering discounts on products purchased through partner merchants. Product giveaways and the use of advertising via social networks have become commonplace.
* Data analytics, powered by cloud and social media, is allowing stakeholders in the mobile payment industry to identify gaps in the payment value chain and increase their probability of revenue generation. It is also being extensively used to address security concerns and limit exposure to fraud risks for card issuers, acquirers, merchants and network operators. Open APIs have emerged as another key enabler of innovation in the mobile payment industry. Open APIs enable the development of payment gateways and solutions at a fraction of the cost of developing a payment system from scratch.
* To remain competitive and gain market share, financial institutions and payment companies across the world have adopted various strategies in line with changing consumer behavior and technology. Companies have entered into agreements with merchants, as well as with each other, to reach a larger customer base, while service providers are also increasingly adopting emerging technology such as NFC, MPOS and mobile apps.
* This report provides a comprehensive analysis of developments in the mobile payment industry with a primary focus on consumer oriented products and services
* Provides forecast data for global mobile payments and country level data for card payments made through mobile devices in selected countries
* It covers key trends expected to reshape the payment landscape over the next five years
* Provides insights into key technology and business drivers responsible for the growth of mobile payment solutions
* It covers key challenges faced by central banks in regulating, commercial banks and non-bank payment companies in introducing and sustaining mobile payment services
* It provides insights into the implementation strategies and best practice adopted by both banks and non-bank organizations to drive revenue generation with the help of detailed case studies
Reasons to Get this Report
* Understand the dynamics of the evolving landscape of the mobile payment industry on the back of changing consumer preferences and technological advancements across the key markets worldwide
* Assess the current and future opportunities in offering mobile payment solutions and learn best practice to strengthen your business strategy and target consumers more efficiently
* Gain insights into guidelines by leading payment companies and regulatory bodies across the key regions of the world
* Gain insights into key consumer trends and technical drivers which are stimulating innovations in the mobile payment domain and information on expected hurdles in sustainability of new products
Companies Mentioned in this Report: Chirpify, Dwolla, The Home Depot Inc., Barclays, La Caixa, Bitcoin, Gemalto, iZettle, VeriFone, Facebook, Twitter, ASB Bank Limited, Foursquare, Citibank, MasterCard, Visa, Square, Intuit, mPowa, PayPal, Google, Amazon, Safaricom, ICICI, HDFC, Royal Bank of Canada (RBC), Telefonica, Starbucks
Timetric is an independent economic and business research firm providing critical intelligence on emerging economies and key global industries. They provide detailed economic and sector intelligence, business insights and authoritative, independent commentary. View more research from Timetric at www.fastmr.com/catalog/publishers.aspx?pubid=1037
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