Timetric’s 'Insight Report: Competition in Mobile Payments – Apple Pay, Samsung Pay, Android Pay, Alipay and PayPal' analyzes the competitive landscape of the mobile payments industry. The report also discusses in detail the key success factors for a mobile payment solution to gain market traction, and where the current solutions stand.
Developments such as integration of payments into products offered by consumer technology companies, and expansion of contactless technology are encouraging growth in in-store proximity mobile payments. At the same time, the emergence of one-touch checkout buttons, peer-to-peer payments and the rise of sharing economies have created new opportunities for remote mobile payments.
Apple Pay, followed by the launch of Samsung Pay and Android Pay, has received overwhelming media attention due to its brand recognition. Industry pundits see these events as major milestone in mobile payments. Domestic banks are also expected to become serious contenders in their home markets due to the availability of cost-effective and secure technology such as tokenization and cloud-based host card emulation.
- Provides comparative analysis of various business models in the mobile payments industry
- Analyzes key drivers for creating a successful product
- Analyzes key competitors in remote and proximity mobile payments
- Provides the outlook for major competitors
- Discusses the future of the mobile payments industry
Although mobile payments are still small compared to well-established payment methods, they have reached a new milestone with the entry of Apple and Samsung to the payments market.
- Since the launch of Apple Pay in October 2014, Apple has driven consumer awareness of not only its own mobile payment solution, but also the industry as a whole.
- Alipay and PayPal will continue to lead remote payments for the foreseeable future, and are also expected to become serious contenders for in-store payments.
- While mobile payments are expected to grow considerably over the next five years, they are unlikely to challenge card payments, which currently dominate cashless retail payments.
- The scope for global expansion of NFC-based payment solutions is still relatively low, due to the limited penetration of NFC-enabled devices. Consequently, payment service providers (PSPs) are using alternative technology such as quick response (QR) codes and barcodes to enable mobile proximity payments.
- Domestic banks are likely to play key roles in mobile payments in their home markets. They benefit from strong financial links with broad customer bases, brand strength, and links with large merchants.
- Partnerships between major participants in the payments industry will largely impact the direction in which the global mobile payments market will evolve.
Reasons to buy
- Understand the current market dynamics of the mobile payments industry.
- Analyze changing business models and explore future possibilities of partnerships.
- Understand the competitive threats from new market entrants, and emerging opportunities.
- Gain insights into key success factors, and examine whether products and services are aligned accordingly.
- Learn about the prospects for the mobile payments industry.