Phoenix Synergistics: The Expanding Mobile Payments Market
Mobile payments can include a number of activities – mobile bill payment, mobile payment at the point of sale (mPOS), and person to person (P2P) mobile payments. Mobile payments at the point of sale has seen a great deal of activity. The advent of Apple Pay was one of the most dramatic developments in this space. Samsung Pay and Android Pay are now available for use by consumers. However, usage of these payment services has met with some difficulty and has not lived up to expectations. For a number of years, P2P payment services were aggressively marketed, but activity appears to have declined. Mobile bill payment, an outgrowth of PC bill payment, has significant potential and may serve as a catalyst or first step for other types of mobile payments. In addition, banks may be able to capture new or incremental online bill payment volume, particularly among millennial consumers who have an affinity for smartphones and apps.
The mobile payments market is also complex with a growing list of services and systems. PayPal is a notable player and a major factor in the market. Projections regarding mobile payment users and transaction volume are wide and far ranging. Some industry observers suggest that the innovators or early adopters have largely been captured and that for the remaining consumers mobile payments is a low priority. Underlying all of this are consumers’ concerns regarding privacy, financial security, and fraud prevention. In this project, Phoenix Synergistics will evaluate the current status of mobile payments including mobile bill payment, mPOS, and P2P to assist providers in competing in this expanding market opportunity.
I. Report – List of Exhibits
II. Strategic Insights
III. Appendix – Comprehensive Strategic Summary
IV. Survey Results