A new research has found that, even though Apple Pay and Android Pay are in a good position to become the market leaders for in-store mobile payments, Alipay and PayPal are likely to remain leaders in remote mobile payments in the very near future.
Timetrics “Insight Report: Competition in Mobile Payments – Apple Pay, Samsung Pay, Android Pay, Alipay and PayPal”, the value of Apple Pay transactions in 2015 was lower than the value of transactions on Kenyan M-Pesa
The research adds that Alipay and Tenpay dominate the global mobile payments market in terms of value of transactions. PayPal is, however, the leader in mobile payments in markets outside China.
Moreover, Barclays’ Pingit and other bank-led solutions continue to compete with the global players at national level.
Timetric points out that emergence of one touch checkout buttons (PayPal, Amazon Pay, Visa Checkout, etc.), peer-to-peer payments such as Pingit and Paym as well as the rise of sharing economies (Uber, Airbnb, etc.) have created new market opportunities for remote mobile payments.
The report claims that mobile payment solutions that manage to provide modularity, interoperability across platforms and backing for multiple smart device manufacturers will most likely grow their market shares.
Also, coordination between major stakeholders in the industry, including card networks, phone manufacturers, card issuers, merchant acquirers, payment processors and mobile carriers, will also play a major role in shaping the future prospects for the industry.
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