Mobile payments 2017 pdf

Analyzing transaction data can yield critical customer insights and drive revenue growth and efficiency. Case study 1 the rapid growth of social networks and ecommerce platforms has transformed the way people communicate and transact around the world. This report analyzes customer acceptance of mobile payment in germany. Chin a case study april 2017 social networks, ecommerce platforms, and the growth of digital payment ecosystems in china. Mobile payment also referred to as mobile money, mobile money transfer, and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device. Pci mobile payment acceptance security guidelines for developers september 2017 foreword the pci security standards council pci ssc is an open global forum for the ongoing development, enhancement, storage, dissemination, and implementation of security standards for account data protection. Now processing over a billion dollars a day, the mobile money industry is having a demonstrable impact on the global effort to extend access to financial services and to provide a gateway to the digital economy. Mobile payments industry overview etf managers group. Although the growth rate is expected to remain in double digits, it will slow to 23. In 2017 we excluded mobile payment via tablets to focus on payments with smartphones. The ironyand the dangerfor traditional players is that customer experience is in the spotlight just as they are losing control of customers.

We originally used phones to make calls, send messages, check emails, browse the internet and pay. While mobile money remains a leading payment platform in the developing world, the. The evolution of mobile payments in china ivey fintech. Fiftyfive per cent of surveyed mobile money providers have now partnered with humanitarian organisations, an initiative closely supported by our mobile. In addition, initiatives such as qr code mobile payments are enabling retailers to keep the payment process inhouse and reduce network fees. As mobile payments gain ground throughout the world, asiapacific and notably china, have emerged as clear market leaders. Wpr 2017 also analyzes forwardlooking noncash transaction volume, corporate payments, and the evolution of nextgeneration payments instruments. Chinasaging population reached 230 million by the end of 2016. Epc mobile payments white paper 1st edition european. Mahmoud obaid is with the electronic and computer engineering. By developing this report, the epc aims to enhance the security awareness amongst the various stakeholders in the payment ecosystem. In line with this, the number of mnos reporting that mobile money contributed more than 10 per cent of total mno revenues grew in 2017.

Based on comprehensive sampled data from wechat pay from january to june 2017 in 324. Private transactions mobile payments in asia pacific. Global mobile payment platforms audiences 2017 l statistic. Based on comprehensive sampled data from wechat pay from january to june 2017 in 324 chinese cities, tencent research institute analyzed the development and penetrationof mobile life in china. The penetration rate of mobile payments amounts to as much as 94. Indian consumers have shown tremendous affinity to digital technologies, with growth rates for mobile phones and ecommerce adoption far outstripping rates in developed economies. Mobile network operators pioneered mobile payment services in indonesia about a decade ago. In china, mobile payments have made large inroads thanks to rapid smartphone adoption and the absence of alternative payment methods. Introduction with more than 1 billion smartphones and tablets projected for sale in 201. Alipay and tenpaywechat payment together make up for 92% of the mobile payment market alipay makes up for the majority 61.

This statistic reports the number of users of selected mobile payment platforms as of august 2017. Mobile payments are secure for the most, thanks to tokenization and biometrics, its been found almost half of all mobile payments are not secure. Digital paymentsanalysing the cyber landscape kpmg. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile to pay for a wide range of services and digital or hard goods although the concept of using noncoinbased. When you schedule your payment you will receive immediate confirmation from the irs. To capitalize on those insights, top banks will get their data house in order by developing clear applications for customer data for both internal and customerfacing business. Debit, credit and cash continue to be consumers preferred ways to pay. Global noncash transaction volumes showed the highest growth of the past decade, with volumes growing 11. It offers new opportunities for banks to provide added convenience to their existing customers in developed countries, and reach a large population of unbanked customers in emerging markets. Mobile payment market size, share and growth forecast 2023. The handset interface is the crucial business driver, allowing consumers to use their handsets to pay for everything from groceries and lottery tickets to insurance premiums and tax bills.

Mobile payments over smartphone or tablet 2 sepa direct debit mandate transfer via a nonbanking institution germany austria switzerland belgium the netherlands turkey mobile payment is used much more frequently in turkey, belgium and the netherlands than in germanspeaking countries. Money rendered for a product or service through a portable electronic device such as a cell phone, smartphone or pda. At the end of december 2016, tencentsactive mobile payment accounts and daily payment transaction volume both exceeded 600 million. Telkomsel t cash first launched in 2007, followed by indosat dompetku in 2008 and xl tunai in 2012.

Despite these large numbers, defining alipay and wechat. The goal of the mobile and contactless payments working committee is for all interested parties to work collaboratively to explore the opportunities and challenges associated with implementation of mobile and. Mobile payments lower financial costs and narrow the gap between urban and rural areas. Bearing in mind the g20 20162017 focus on digital finance, a research project in the field. The mobile and contactless payments working committee was formed in november 2016 as part of the expanded u. Technology forecast and advice for startups dan liu, deanna schmidt and joe lee, mars market intelligence for the inaugural, semiannual market insights the brief fintech edition, mars market intelligence will cover one of the hottest topics in the. The increased availability of technologies like nfcenabled phones, contactless pos, mobile phone pos will increase the opportunity. Pymnts and infoscout surveyed mobile phone users each quarter to determine their mobile pay and mobile wallets interestsusage and how it changed over time. Integrating digital payments into these growing networks and platforms has presented vast opportunities to drive economic opportunity, financial inclusion, transparency, security, and growth. Mobile wallet payment provider growth strategies report. Global and china mobile payment industry report 2018.

Activities will include all mobile payments approaches. Some numbers may differ from data published in wpr 2017 due to previous year. Us mobile payments forecast, 20 to 2017, january 16, 20. Consider making your tax payment electronicallyits easy. Mobile payments firms in india are now scrambling to make. Bi intelligence addresses how instore mobile payments volume will grow through 2021, why thats below past expectations, and what successful cases can teach other players in the space looking to. In fact, consumers are increasingly holding two or more credit cards, most likely sparked by their love of rewards programs, and adoption of mobile. So said andreessen horowitzs benedict evans in october 2014. Wechat pay is becoming a part of chinese peopleseveryday life. Pci mobile payment acceptance security guidelines for developers september 2017 transaction processing. Mobile payments today is doing its best to provide news and updates regarding how the coronavirus is affecting the payments industry. The girl scouts actually sold more cookies when they began to take mobile payments.

The document provides an overview of the most important threats in the payments. The previous reports in this series, in 2009 and 2011, focused mainly on emerging technologies and the various types. How the virus is affecting the mobile payments industry. Mpayments can be defined as any payment transactions, whether in close proximity or remote, executed on mobile devices except for internet payments made.

Say see ya to cash and give your credit cards a rest with these toprated apps that let you make contactless payments with your phone, pay your friends, and shop. In effect, according to globalwebindex7, the growth in mobile payments mostly comes from the asiapacific region. Discover all statistics and data on mobile payments in the united states now on. As of q1 2017, weixin and wechat combined have a monthly active user base of 938 million users, with a yoy increase of 23%. Mobile payment report 2017 what customers really want pwc. Mobile payments m payments are increasingly being adopted by organisations as a new way of. The low adoption in the senior demographic towards mobile payments is rooted in their own longseated spending habits and perceptions on consumption. According to the findings, 600 million users had been reported to have used wechat pay. His words certainly came to mind when i read this years mef mobile money report.

Tencent research institute tri is the socialeconomic research. May 20, 2019 on the whole, mobile payment use across europe significantly increased last year, jumping 200% from 2015 18% to 2016 54%. More and more retailers are developing their own payment applications to control the payments process and deliver a unique, tailored experience, and we expect this will continue throughout 2017. Dahlberg, mallat, ondrus and zmijewska 2007 define mobile payments as payments for goods, services, and bills with a mobile device such as a mobile phone, smart. You can make electronic payments online, by phone, or from a mobile device. The benefits and risks of mobile payments for your. On a mobile website through a smartphone app with an integrated payment function one special case of mobile payment is the transfer of money between two individual people.

Mobile payment report 2017 what customers really want. It explores success factors that can help achieve a breakthrough and mass market acceptance. This is up from 14 percent in 2014 and by my estimations will in the 70 percent range by 2017. Just a few years ago, sms payments were one of the most popular methods of using mobile phones to pay for goods or services even for persontoperson payments or donate to charity, and for good reason due to its simplicity all the user needs is a phone with text capability and prepaid sim card or. Factors influencing behavioural intention to use the mobile. Juniper research, digital content business models, 20172022 mobile payments in europe.

A comparative analysis of successful mobile payment. We originally used phones to make calls, send messages, check emails, browse the internet and pay for digital content. Although there are more than 120 mobile money projects deployed in about 70 emerging markets beshouri et al. The distribution of the global market for mobile devices at the end of 2017, portrays that the smartphone, with 77%, concentrates the bulk of internet connections, followed by tablets %. A recent report noted that 39 percent of all mobile users in the u. May 26, 2016 mobile payments technology allows customers to make online and pointofsale purchases, pay bills, and send or receive money from their smartphones via the web browser, an app, or a text message.

With 55% smartphone users and potential users, the market potential for mobile payment. Mobile is the payment technology that will have the greatest growth over the next five years. For the worlds most vulnerable, especially displaced persons and women, the benefits of mobile money are real and far reaching. Key findings 2017 world payments report 5 section 1 2 global noncash transaction volumes grew 11. The views expressed in this presentation are those of the presenters and do not necessarily reflect. Accenture 2017 north america consumer payments pulse survey as the payments universe expands, customer experience is becoming the prime competitive differentiator.

Mobile payment refers to the payment for goods or services or transfer of money through mobilessmartphones. The mobile banking and payment revolution by sunil gupta mobile technology is revolutionizing the global banking and payment industry. It makes perfect senseyou never know when or where youre going to bump into a sidewalk table filled with thin mints and tagalongs. Execute mobile payments in this space, players need to provide, at a minimum, the ability for customers to make mobile payments. Mobile payments world in 2016, mobile payment activity in china was nearly 50 times greater than in the u. Mobile money the next wave of growth 3 mobile money the next wave of growth is the latest in a series of ey reports on developments and opportunities in the market for mobile payments and related services. All in all, we believe the future looks extremely promising for the penetration and acceptance of mobile payment.

The 2017 mobile payment usage in china report, collaboratively produced by market research firm ipsos, tencent research institute, and chongyang institute for financial studies of renmin university of china, noted that the number of transactions taking place through nonbanking mobile apps increased from about 3. Built upon ussd unstructured supplementary service data technology, the mobile payment services were mainly. Using nfc technology, mobile wallets will exceed consumer expectations. In 2017, the penetration rate for mobile payments among smartphone users in china was 46% twice the level of north america and % higher than the global average. With the amount of highprofile data breaches, its understandable why security is a top concern among both business owners and customers. Chinese cities, tencent research institute analyzed the. China mobile payments market trends american express. Nfc mobile payments itut technology watch report may 20 mobile money refers to financial transactions and services that can be carried out using a mobile device such as a mobile phone or tablet. These services may or may not be linked directly to a bank account. Mobile payments in asia pacific carnegie mellon university. The number of chinese mobile payments is expected to multiply by 7. Leading the cashless charge evolution of the digital wallet. According to a recent white paper published by mercator and discover global network, smartphone companies command a great deal of the mobile payments wallet market. The scenario includes the use of an approved hardware accessory in conjunction with a validated p2pe solution.