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Consumer Mobile Payments Market : Influential Factors Determining the Trajectory of the Market.

E-commerce is well and truly here to stay and has revolutionized the retail industry. E-commerce has essentially transformed the world into one big global village, allowing companies to reach customers in far-flung areas. The developing world in particular is predicted to be ‘mobile-first’ or even ‘mobile-only’, and smartphone sales have already eclipsed that of traditional PCs.

The smartphone explosion has led to mobile wallets and contactless payments being adopted slowly but surely. Developing countries are leading the way when it comes to becoming cashless and they have taken to the mobile phone to transfer funds like no other device.

A few of the factors responsible for widespread adoption of mobile payments include efficiency, cost-effectiveness, usability, transaction security and interoperability.

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With the introduction of Apple Pay, Samsung Pay and Android Pay, the millennial generation is at the forefront of adopting new technology by embracing mobile payments.

A smartphone is a gadget that is more of a necessity than a luxury in the 21st century and companies have not been blind to this. They are well-aware that their customers are using their mobile for anything and everything and therefore, mobile payments would be the next logical step in the journey towards a cashless economy.

With any new technology, security or the lack of it will always be on the back of consumers’ minds. This problem is compounded by customer information being stored on the cloud as this can make it potentially vulnerable to a security breach or data theft.

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The retail end-use industry segment is anticipated to retain its stronghold in the global consumer mobile payments market till the end of the forecast period. From a value of just over US$ 200 Billion in the year 2016, the retail segment will be worth nearly US$ 9 Trillion by the end of the year 2026, recording a massive CAGR of 45.4%.

The retail segment was predicted to account for a value share of 24% of the global consumer mobile payments market in the year 2016 and this share should grow to just under 32% by the end of the forecast period.

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