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33.4% Growth Projection for Global Mobile Payments Market

New research report forecasts Major Mobile Payments Boom

A new report by Allied Market Research is forecasting incredible growth rates for the Mobile Payments market in excess of 30%. The research indicates that the surge in the use of smartphones, growth in the mobile commerce sector plus a change in lifestyles will result in growth rates of 33.4% between 2016 and 2022.

The consumer desire for quick and easy transactions is cited as another major factor that will fuel the boom within the global mobile payments market which is expected to garner an incredible £2,501 Billion by 2022.

Asia-Pacific Region leads the Charge

The fastest growing area during the period covered by the forecast is the Asia Pacific region although by segment it is mobile wallets and bank cards that will lead the pack. Yogiata Sharma, Research Analyst, Consumer Goods Research at AMR stated

“Adoption and spread of mobile payment has resulted into the entry of leading companies such as Apple, Google, and MCX into the competitive landscape. These market players have launched new generation of transactional applications that not only streamline business process but also provide for greater transaction savings. With the growing number of end-users, focus would drift towards the security and speed of the transaction in the coming years”

Chargeback Challenge for the Mobile Payments Market

Chargebacks cost the Mobile Payments market nearly £5 Billion in 2016. These losses are also expected to surge up to £22 Billion by 2020. 60 to 70% of all card fraud is accounted for by Card Not Present (CNP) transactions in many developed countries.  Fraudsters in particular attack the United States which suffers a breathtaking 52% of the global attack volume. This is followed by the United Kingdom with 9%, China with 8% and the Netherlands with 6% of respective attack volume.

Patents provide Protection

This challenge is propelling firms such as Glance Technologies Inc to file provisional patents with the United States Patent and Trademark Office for their latest technological inventions that aim to spearhead the fight against fraud. These advancements in anti-fraud technology are designed to give lower fraud for merchants and provide enhanced security for consumers whilst still allowing the convenient ordering and initiation of transactions from the web for any connected device.

This is part of a series of patents that have been filed by Glance as it seeks to produce a series of applications that are designed to protect their proprietary mobile payment system technology and its associated anti-fraud technology which they intend to convert into an international Patent Cooperation Treaty (PCT) application in order to protect their technology worldwide.