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Mobile Payments

Global mobile payments to reach USD 620 bln by the end of 2016 - report

Monday 8 February 2016 | 01:16 PM CET

The total revenue of the worldwide mobile payment market in 2015 has reached USD 450 billion, and by the end of 2016 is estimated to arrive at USD 620 billion, a recent report shows.

According to TrendForce, a global provider of market intelligence on the technology industries, Apple Pay and Samsung Pay have particularly been scrambling to China, which makes up a huge slice of the mobile payment market.

The research company notes that service charges from banks, telecom operators and third-party payment platforms constitute a massive business opportunity in the mobile payment market. However, hardware and software developers also have significant roles in the industry.

For instance, the company adds, the take-off of the mobile payment has led to the rapid market growth of fingerprint sensor chips.

According to the report, since Alibaba's Alipay and Tencent's WeChat Payment incorporated fingerprint recognition into their payment verification processes, the number of smartphones that come with a fingerprint scanner has risen. In fact, this biometric technology is now a standard feature in most mainstream smartphone models. Therefore, we can expect over 40 % of the smartphones worldwide will be able to read fingerprints by the end of 2016.

Also, TrendForce believes the main battlegrounds for competing mobile payment service providers will be the banking and retail sectors.

What`s more, banks will be instrumental in choosing the dominant mobile payment method in this market. Additionally, the related technologies will expand into more applications and sectors if large banks lead the collaboration between financial service providers and retailers.

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