Mobile Payment Systems Play Key Role in Global Eco
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Posted On: 09/03/2024 5:46:07 PM
Mobile Payment Systems Play Key Role in Global Economy
In the decade or so since mobile money services appeared on the scene, they have gained a significant role in the global economy. The continued digitization of commerce, particularly with the launch of Amazon and other online marketplaces, made mobile money use among the general public even more common. These services became even more popular during the coronavirus pandemic as online purchases, home deliveries and curbside pickups became the norm.
Mobile payment systems have fundamentally changed financial transactions between businesses and their customers. The proliferation of mobile smartphones in both developed nations and emerging economies has had a hand in propelling mobile money services to the fore of global trade. As a result, multiple industries have now incorporated mobile payments into their operations with mostly positive effects.
In emerging countries, mobile money is more than just an extra way for consumers to pay for goods and services. Such applications have been instrumental in providing basic banking services in regions with limited conventional banking infrastructure, allowing people with limited to zero access to traditional banks to receive and send money using only their mobile phones.
According to a Juniper Research report, the worldwide mobile payment market was around $1.48 trillion in 2019 but is predicted to increase by more than 10 times to a whopping $12.06 trillion by 2027. One of the main reasons for mobile money’s explosive growth is the increased adoption of smartphones, which provide an accessible and convenient means of making financial transactions.
With more than 6.8 billion people, or 86% of the world’s population, using smartphones, mobile money services have a massive market of consumers to tap into. Rising demand for contactless payments, particularly after COVID-19 left the world shaken and in fear of communicable diseases, has also led to the rise of mobile money services. More people are looking to these services as a safer and more hygienic payment solution.
Contactless payment solutions such as mobile money are also causing a notable reduction in the number of people using physical cash during in-person transactions. Emerging nations have been especially receptive to mobile money because it finally allowed unbanked people to access some kind of financial services.
In southeast Asia and sub-saharan Africa, services such as GCash and M-PESA are widely used and have helped tens of millions of people gain access to the modern economy. China, currently one of the largest economies on the globe, has adopted mobile money with extreme gusto and processed $17 trillion in mobile money transactions in 2022 through WeChat and Alipay alone.
For companies with interests in the mobile payments space, such as FingerMotion Inc. (NASDAQ: FNGR), the opportunities for growth currently seem endless and their expansion plans and execution will determine how much of this vast market they corner for themselves.
NOTE TO INVESTORS: The latest news and updates relating to FingerMotion Inc. (NASDAQ: FNGR) are available in the company’s newsroom at https://ibn.fm/FNGR
Please see full terms of use and disclaimers on the ChineseWire website applicable to all content provided by CW, wherever published or re-published: https://www.ChineseWire.com/Disclaimer
In the decade or so since mobile money services appeared on the scene, they have gained a significant role in the global economy. The continued digitization of commerce, particularly with the launch of Amazon and other online marketplaces, made mobile money use among the general public even more common. These services became even more popular during the coronavirus pandemic as online purchases, home deliveries and curbside pickups became the norm.
Mobile payment systems have fundamentally changed financial transactions between businesses and their customers. The proliferation of mobile smartphones in both developed nations and emerging economies has had a hand in propelling mobile money services to the fore of global trade. As a result, multiple industries have now incorporated mobile payments into their operations with mostly positive effects.
In emerging countries, mobile money is more than just an extra way for consumers to pay for goods and services. Such applications have been instrumental in providing basic banking services in regions with limited conventional banking infrastructure, allowing people with limited to zero access to traditional banks to receive and send money using only their mobile phones.
According to a Juniper Research report, the worldwide mobile payment market was around $1.48 trillion in 2019 but is predicted to increase by more than 10 times to a whopping $12.06 trillion by 2027. One of the main reasons for mobile money’s explosive growth is the increased adoption of smartphones, which provide an accessible and convenient means of making financial transactions.
With more than 6.8 billion people, or 86% of the world’s population, using smartphones, mobile money services have a massive market of consumers to tap into. Rising demand for contactless payments, particularly after COVID-19 left the world shaken and in fear of communicable diseases, has also led to the rise of mobile money services. More people are looking to these services as a safer and more hygienic payment solution.
Contactless payment solutions such as mobile money are also causing a notable reduction in the number of people using physical cash during in-person transactions. Emerging nations have been especially receptive to mobile money because it finally allowed unbanked people to access some kind of financial services.
In southeast Asia and sub-saharan Africa, services such as GCash and M-PESA are widely used and have helped tens of millions of people gain access to the modern economy. China, currently one of the largest economies on the globe, has adopted mobile money with extreme gusto and processed $17 trillion in mobile money transactions in 2022 through WeChat and Alipay alone.
For companies with interests in the mobile payments space, such as FingerMotion Inc. (NASDAQ: FNGR), the opportunities for growth currently seem endless and their expansion plans and execution will determine how much of this vast market they corner for themselves.
NOTE TO INVESTORS: The latest news and updates relating to FingerMotion Inc. (NASDAQ: FNGR) are available in the company’s newsroom at https://ibn.fm/FNGR
Please see full terms of use and disclaimers on the ChineseWire website applicable to all content provided by CW, wherever published or re-published: https://www.ChineseWire.com/Disclaimer
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