Mobile Payments Market 2019 —
Mobile payments are referred to the transactions that is performed through mobile device instead of paying through cash, checks, or physical credit cards.
The mobile payment market is in its maturity phase and is expected to grow at a CAGR of 33.8% during the forecast period.
Increase is penetration of smartphones, growth in m-commerce industry, and rise in adoption of mobile payment in emerging economies drive the growth of the mobile payment market.
Adoption of advanced technologies like near field communications (NFC) is making it more popular. NFC enables users to establish a connection between two electronic devices like smartphones by just bring them close to each other.
Mobile payments market in Asia Pacific region is expected to show a positive growth over the forecast period owing to factors such as improved technologies like NFC, wearable devices etc.
This report focuses on the global Mobile Payments status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Mobile Payments development in United States, Europe and China.
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The key players covered in this study
Market segment by Type, the product can be split into
Mobile wallet/Bank cards
Market segment by Application, split into
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The financial services sector, encompassing banking, insurance, and other financial services, is the lifeblood of the modern world. Financial services comprise one of the most important – probably the most important - pillars of the modern economic structure, with the movement of money never having been as important as today.
Major trends in the financial services sector at present are focused on the incorporation of web and mobile connectivity into the sector and the consequent risk of attacks from online attackers. While conventional banking relied on brick and mortar buildings to facilitate transactions, the increasing competition in the sector has brought about a raft of banking and financial services mobile apps, which have brought financial services to the customer, rather than the customer having to go and visit the bank personally. This has been a major revolution in the BFSI sector in recent years, and is likely to continue to develop at a rapid pace over the coming years due to the growing popularity of online and mobile services and its now-indispensable position in the global economic pyramid.
However, with the benefits of online and mobile accessibility come the perils. A new study from mobile security provider Zimperium, published in June 2019, showed that most banking apps in the U.S. have flaws concerning the security of the data contained therein. These include the use of subpar coding practices, which are prone to malfunctioning and are easier to break into, as well as the use of older versions of open-source libraries, which are not updated as frequently as they should and thus present a security risk against the ever-evolving, dynamic threat of online attacks.
Because banking apps contain data about the user’s net worth as well as direct access to the user’s finances, they have become a favorite target for hackers looking to score significant sums off errors and faults in the app’s coding. Once the identity and credentials of the user are hacked, the hackers can then use this information to play almost limitlessly with the user’s finances, opening up new accounts that only they are aware of, running up high credit limits without the user being aware of it, and basically having the time of their life with the user’s money, all without the risk of detection. Even more catastrophic is the risk of corporate accounts being hacked, as this exposes an even larger network of individuals and finances to online attackers.
The growing use of data-driven decision making has also enabled attackers to hack into corporations and alter their operating strategies without them being any the wiser. As data-driven decision making is likely to remain popular in the financial services sector, the demand for security mechanisms is likely to grow, providing significant scope for leading players in the
online security business.
The use of blockchain technology is likely to increase in the financial services sector in the coming years due to the benefits it provides in terms of operating costs and security. Making financial services more accessible to consumers and providing most if not all banking services online, all without compromising the security of the individual or the entire operation, is the major challenge facing leading players in the financial services sector in the coming years.
The crucial role of the financial services sector in facilitating sustainable structures in the global economy is likely to drive significant investment in the coming years.
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