Which mobile payments vendors attract global IT spending – report

According to Technavio, the top starts with Amazon Payments. They offer mobile payment solutions for consumers as well as merchants and enable consumers to use information already stored in Amazon accounts to log in and pay as convenient in online and offline purchases.

In December 2013, Amazon bought GoPago’s (in the meantime acquired by VeriFone) mobile payment tech and product engineering team. This has given Amazon the POS technology used by GoPago. Before this acquisition, the company already had existing mobile payment systems, mainly for in-app payments on apps sold via Amazon’s app store, and APIs. The acquisition has given more expertise to Amazon in mobile payment solutions.

The next company in the report is HP (Hewlett-Packard). HP allows mobile payment service providers to manage their apps by offering integration of cloud-based and traditional applications to multiple mobile devices. HP offers POS devices to brick-and-mortar retailers such as HP MX 10 retail solution which features an EMV/NFC card reader. This card reader can work with Apple Pay, Google Wallet, Visa’s PayWave, and others. Mobile payment service providers are also adopting HP’s Atalla information protection software solutions, which protect 70% of US transactions.

The third company listed in the report is IBM which offers mobile banking and payment solutions; it is a platform that enables banks, and retailers to generate revenue through new sources. The interoperable mobile solutions provided by the company help to reduce operational costs and enable high security which can handle billions of transactions. The company offers interface of the front-end and middleware applications with legacy back-end systems. The platform enables collaboration among financial institutions, mobile carriers, merchants, consumers, and payment service providers. IBM also offers payment gateways which offer a rich shopping experience.

MasterCard is listed next, a technology company in the global payment industry that connects consumers, financial institutions, merchants, governments, and businesses worldwide. It enables them to use electronic forms of payment instead of cash and cheques.

In April 2015, MasterCard acquired APT, a cloud-based analytics and big data company and, thus, expanded its technological reach. The company plans to use APTs test and learn platform and other services in combination with in-house expertise to offer improved customer services with enhanced decision-making capabilities. The report mentioned that the company has allocated USD 20 million to enhance its security solutions. What’s more, in recent news, BMO Financial Group and MasterCard have teamed up for a biometric corporate credit card program in Canada and the US.

Oracle, also considered a top provider by Technavio, offers Oracle Payments, which is a payment and receipt processing solution. The company also sells the MICROS POS solutions that offer integration with several mobile payment solutions to enable the food and retail industry to pay bills using smartphones and other mobile devices. Some of the mobile payment service providers using Oracle MICROS POS are PayPal, Isis SmartTap, TabbedOut, iCard Mobile Wallet and others.

The top ends with PayPal, a technology platform company which offers web payments, mobile payments, business on eBay, and online invoicing. By adding PayPal Checkout, companies are helped to see higher conversion rates. The platform offered by the company can be integrated with apps and enhance the shopping experience.

In a nutshell, the report draws attention to the growing mobile payments market, which will increasingly attract investors. Some will even acquire start-ups to enhance their technology presence while providing best-in-breed solutions to the mobile payment market.