The global mobile market of payment systems will see an increase of over 25% in the coming year according to the analyst firm TrendForce. With Amazon leading the way of this exciting trend, omni-channel commerce is set to completely rearrange the consumer experience in 2017.
Experts agree – the mobile market of payment systems will reach a value of $780 billion this year, more than 25% higher than last year’s value. This increase can be attributed to “continued competition between major smartphone and OS vendors to develop their ecosystems”, and the increased availability of NFC and related security infrastructures at businesses.
Leading the market in mobile payments systems are tech giants like Apple and Samsung who have staked their claim with their mobile wallet applications. According to TrendForce’s senior research manager Kelly Hsieh, Apple and Samsung have the a competitive advantage.
“Since Android has over 50% of the mobile OS market share worldwide, Google also has an opportunity to build up an extensive mobile payment ecosystem. Google has recently accelerated the international expansion of its digital wallet platform Android Pay and made a big step forward this past December by announcing partnership with major Japanese e-commerce and Internet company Rakuten.”
That being said, mobile payment systems are affecting industries beyond retail. As consumer preferences change, engagement and marketing techniques will also change. Marketing teams will need to adapt to the mobile market best practices to reach their target customers.
Furthermore, security capabilities will need to adapt so that business can ensure that financial and confidential consumer information is transmitted securely to increase business trust. Mobile payment systems will not only change how payment is accepted but will change the shape of the entire user experience. Businesses need to prepare now for how this payment method will affect them in the years to come.
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