The global mobile payment market was valued at over $600 billion in 2016, but is expected to surpass $4,574 billion by 2023, according to findings published by Allied Market Research.
That is a compounded annual growth rate of 33.8%.
The Asia-Pacific region accounted for the most revenue in the mobile payment market in 2016, a trend that is likely to continue in coming years. In that same year, the retail industry accounted for nearly one-third of mobile market transactions, but the hospitality and transportation industry exhibited the fastest growth rate. Other industries listed in the report as also benefiting from the rise of mobile payments include healthcare, energy, and utilities.
The term “mobile payments” refers to any transaction for a product or service that is made through an app, website, or mobile payment processing system on a smartphone, tablet, or other mobile electronic devices. In most cases, payment information is encrypted for security purposes.
This technology isn’t just driving revenue for the business sector; it’s helping streamline donations and operations for non profits as well. With a non profit payment processing system, organizations can streamline donations through a centralized merchant account, regardless of whether donors are online, on-site, or using a mobile platform.
Non profits can also use mobile payment systems to help achieve greater efficiencies. Using PCI-compliant, web-based donation forms, non profits can reach out to volunteers and manage recurring donations securely and effectively.
There are several factors driving growth in the mobile payment market:
- With the rise of smartphones, almost everyone has access to the mobile payment market, whether or not they use it.
- Though many consumers still have concerns over privacy breaches and data security, the ease and convenience of mobile payments often supersede those security concerns.
- The widespread adoption of smartphones in emerging economies like China is propelling the growth of mobile payments. As the middle class in countries like China and India continue to grow, so too will mobile payments.
While some companies utilize what is known as frictionless payments, where transactions are submitted through an app without swiping a debit or credit card, not all mobile payments need to be truly frictionless.
Businesses that do not yet have access to a frictionless environment can easily access the mobile payment market with a mobile card reader attachment. This allows vendors to process customer credit or debit card payments on-site, making them perfect for mobile retail sites like farmer’s markets, trade shows, or fundraisers—or a brick-and-mortar business that wants to streamline the checkout process.
A mobile payment processing system is a safe and easy way to complete sales quickly and send customer e-mail receipts, all through a smartphone. Select a system that is compatible with Apple and Android mobile platforms and supports a range of devices, including multiple generations of iPhones and iPads.
When deciding between payment processing systems, look for companies that offer full compatibility with Apple and Android and do not charge a fee for set up, early termination, or cancellation. If possible, find a payment processing company that will provide a mobile card reader for free, as well as 24/7 technical support.
Payscout connects merchants and consumers via credit, debit, ATM, and alternative payment networks across six continents. With Payscout, it’s easy to manage payments on-site and across online and mobile platforms. With customized services for healthcare payment processing and utility payment processing, Payscout offers customized API connections and integrates with over a dozen software applications.
Discover how to grow your business at www.payscout.com