Mobile Payments – The payment industry is currently depicted as a jungle that is about to experience a fierce battle The payment method is becoming smarter compared to the receiver. The introduction of unprecedented number of payment service providers to the market, The payment market has undergone a remarkable transformation, progressing at a pace ten times faster than that of the past five decades. The emergence of payment intelligence can be credited to the advent of cutting-edge technologies such as artificial intelligence, blockchain, machine learning, and data science.
Rumble in the Mobile Payment Jungle
“Mobile Payments: The Industry is to explode above 3 trillion euros in payments transaction value by 2020,” and it’s viral in its true sense. Artificial intelligence and its bundle of technologies like machine learning and neural networks will re-invent FinTech in the next few years to boost mobile payments. Players like ApplePay, Samsung, Alipay, Microsoft, Google, Facebook, and many more will define where we are in terms of advancement in the payment space. Also where we are targeting to be.
The world should become a cashless society, and that’s my thought process. I know I am not the only one who thinks or dreams along the same lines, and millions of others have said this before. Some exciting developments in the mobile payment space have put prominence on the most important points, as mobile payments, along with data science and machine learning, are expected to bring about a transformation for the whole of FinTech in the coming years.
Virtual currencies (cryptocurrencies) aim to combine the advantages of direct cash transactions with the power of digital technology. The same question remains unanswered: “Speed to market is the king” for whom, consumers or service providers?
Mobile Payments Industry Explosion to Trillion Euros: Forecast Needs Revenue Models and Market Strategies That Examine the Predominant Service and Revenue Models in the Mobile Payments Arena Also how this will fold when this thing gets exposed to new technologies like 5G, etc., as well as the market approach of selected players, in order to identify effective strategies and key success factors.
Different Mobile Payment Options
The analysis should prove, show, and build upon in-depth case studies of selected mobile payment services around the world, including Alipay, Apple Pay, Boku, Samsung Pay, Microsoft Pay, Dwolla, LevelUp, RURU, and Paym. The below analysis tries to brief but does not conclude with recommendations on the best strategic approaches to maximize the mobile payments revenue opportunity.

Bitcoin is a form of digital currency created and held electronically. No one controls it; it is a very dangerous payment instrument in some specific countries. It is known as “a Peer-to-Peer Electronic Cash System,” and it is making a huge impact and lots of discussion rounds, but where does it fit in the mobile payment industry of 3 trillion euros by 2020, or does it have its own separate segment on top of the 3 trillion euros stash?
Some background on mobile payments: mobile payments are a new convenient scheme for customers to perform transactions and are predicted to increase as the number of mobile phone users increases. The use of mobile devices to make payments is becoming increasingly common, particularly in Africa and Europe. Mobile payments can be defined as any payment transaction that involves a mobile device. There are a wide range of options available to perform mobile payments due to the availability of network technologies.
Contributing factors/reasons
The mobile payment industry has emerged over the past few years through the convergence of services provided by financial and mobile network service institutions.
- Prepaid airtime top-ups through mobile money
- Loans of airtime through mobile money
- Along with many players in the payment jungle, it is very easy to conclude that cash is expensive to handle and that checks are due to be phased out very soon. Individuals and corporations need electronic methods of completing payments, most of which will involve mobile technology, which is easy, fast, low-cost, and quick.
- Smartphones will contribute to and penetrate this area of transactions, and most of the payment services offered will be online, i.e., USSD, SMS, and mobile apps.
- Utility bill payments are the third most commonly offered product by mobile money providers and represent the second largest contribution to the global product mix by value. Bill payments like water, electricity, internet, gas, and school fees
- A number of small card readers and associated applications are being developed for smartphones, which means the big and bulky POS machines, which are costly in CAPEX and OPEX, might soon be phased out (not sure).
- cross-border remittances in under a minute, which should be very cheap and flexible in terms of accessibility.
- Merchant payments are a very important and crucial key success factor for this 3 trillion euro hot cake.
- Contactless payment systems based on near-field communication (NFC), QR, or scan codes will contribute and offer a viable alternative for low-value transactions in developed countries.
- Hospitals, schools, and colleges will need to provide alternative payment technologies as cash, the internet, and checks will be phased out due to speed and cost.
- Railway stations, bus terminals, movie theaters, game shows, events, and all mass sales need to accept mobile payments.
- How to ensure all daily sales of water bottles, cokes, and all micropayments come to mobile
Apple Pay has made noteworthy strides in its mobile payment expansion, generating excitement in the market. Nevertheless, the volume of total transactions processed by Apple Pay remains relatively minuscule, and the emergence of competitors such as Facebook and Microsoft presents a formidable challenge. In order to establish a successful enterprise in the crowded market of mobile payments, businesses must adopt a well-planned and thoughtful approach. The origin of the aforementioned data can be attributed to thorough research conducted on both the market and online platforms
Feedback & Further Question
Do you have any questions about AI, Machine Learning, Telecom, Data Science or Big Data Analytics? Leave a question in a comment section or ask via email. Will try best to answer it.

Conclusion – Few vital questions, which need responses – What is the total strength of world Payment Market irrespective of mode & means then we draw the pie and start slicing the modes.
Use of pool accounts/wallets/funds are now growing where people come together and save money for future incidents like funeral, births, medical expense or marriage expense where it helps lower segment of society to keep running their life as usual without any problems but In a pragmatic sense, however, the distinction between shared and secret accounts remains a very real one. Now the question is can this transaction will part of the same pie.
========================== About the Author ==============================
Read about Author at: About Me
Thank you all, for spending your time reading this post. Please share your feedback/comments or critics for more details about posts, subjects and relevance please read the disclaimer.
Facebook Page Twitter Blog Linkedin Pulse ==========================================================================