Key Mobile Payments Market Trends
The key trends that will impact the mobile payments market in the coming months can be divided into three categories: technology trends, macroeconomic trends, and regulatory trends.
Technology trends: The main technology trends that will impact the mobile payments market are biometrics, blockchain, CBDCs, cryptocurrency, data analytics, digital wallets, machine learning, RTP, tokenization, and 5G.
Macroeconomic trends: The main macroeconomic trends that will impact the mobile payments market are COVID-19, cross-border payments, emerging economies, environmental, social, and governance (ESG), geopolitics – China, geopolitics – Russia, increasingly cashless societies, the rise of millennials gen Z, and super apps.
Regulatory trends: The main regulatory trends that will impact the mobile payments market are electronic payments push, open banking/PSD2 regulation, pressure on card fees, regulation: blockchain, regulation: BNPL, regulation: fintech, and SCA.
The value chains in the mobile payments market can be divided into three segments: consumer, merchant acceptance, and payment processing.
Consumer: 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 is connecting with people, looking for restaurants or shops, checking subway and bus timetables, or listening to music and taking photos.
Merchant acceptance: The traditional POS terminal used in the acceptance of payment cards is no different from payment transactions paid with a mobile wallet. The POS terminal is the device that will communicate with payers’ mobile phones to retrieve the payment details to be sent for processing.
Payment processing: Payment processors are the next node in the payment process. They are the entities that approve payment transactions once the consumer’s information has been verified and confirmed by the issuing bank. After receiving information about a transaction from the acquiring bank, payment processors approve the transfer of funds from the issuing bank to the merchant’s bank.
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