‘Global usage of mobile payments to expand to US$1.3 trillion by 2022’

nathan dumlao 1555018 unsplashTelecomspricing provided a forecast for global mobile payments for the three-year period from 2019-2022 and predicted revenues to rise from US$348bn to nearly US$1.3 trillion worldwide – a projected increase of 272 per cent

Telecomspricing, the brand of Tariff Consultancy Ltd – TCL, in its report called Mobile Payment Services – 2019, examines the growing ecosystem around global mobile payments – including NFC (near field communications), QR codes, digital wallets, SMS-based money transfer, remittances and alternatives to cash and digital payments (including in-store or remote payments).

Telecomspricing considers the wide range of different players that operate in the mobile payments ecosystem. These include digital content players such as Amazon, Facebook, Google and WhatsApp, and smartphone providers including Samsung, Apple, Huawei and Xiaomi.

The report states that the launch of Samsung Pay, Apple Pay, Huawei Pay and Xiaomi Mi-Pay is also enabling the spread of mobile payments worldwide.

The report focuses on the role of the mobile network operator in the ecosystem, with selected MNOs such as T-Mobile (USA), Telenor Serbia and Telekom Romania – typically entering the market in alliance with a banking partner.

But in some cases, the MNO has also become a full-fledged banking provider itself, with Orange Bank (France) launching its own digital banking service serving 248,000 customers by the end of 2018.

MNOs also play an enabling role in serving under-banked communities with mobile money in emerging markets, such as M-Pesa and Orange Money now becoming established across Africa.

Mobile money allows digital transactions to be made as an alternative to cash and also allows remittances to be made worldwide-with services such as Wave (Myanmar) boosting remittances among the poorest sections of society.

The report examines the status of mobile payments on a regional basis in the largest international remittance countries (including China, Egypt, India, Mexico, Nigeria and the Philippines), and finds that local mobile payment providers, global e-commerce firms and selected MNOs are all competing to offer payment services.

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