Payvision, a payment solutions provider specialised in global card processing for the e-commerce market, has recently explored the mobile payments industry from a variety of angles.
It is clear that smartphones are becoming trending payment devices in a world in which 87% of the population owns a mobile phone. The fact that mobile penetration and access to financial services play a major role in this process has been extensively surveyed, but there are other factors which contribute to a future in which cash is mobile.
The mobile payment revolution has been initiated by giant telecom operators and hardware providers, in partnership with major stakeholders who are engaged in exciting joint ventures. Security concerns form an obstacle for massive customer acceptance, concerns which may be solved when mobile payment solutions are driven by financial institutions, banks and / or credit card companies.
Although all eyes are on the giants, Payvision expects that heavily funded innovative start-ups will drive this mobile payments revolution into the next phase, in alliance with financial institutions and global acquirers.
Whether industry giants or small innovative startup, key players will have to understand the great differences in regional consumer needs, concerns and user expectations, subjects which Payvision has researched and is happy to share with all those interested in this shifting mobile payments landscape.
In this report we explored the different m-payment methods, the great challenges stakeholders face to mitigate risk and to overcome regional differences in order to gain consumer acceptance. We also highlight hot innovative agile startups in a payment industry with great promises in a bright future without boundaries.
