The Mobile payment is an effective alternative technique for traditional payment systems where cash, cheques, or credit cards are the medium of payment. Mobile Payment convey customers a manner to purchase any goods or services with the support of wireless devices such as smartphones, tablets, and others. In addition, the Mobile Payment utilizes dissimilar technologies such as NFC (Near Field Communication), SMS-based transactional payments, and direct mobile billing, for enhancing the security of the transaction and delivering hassle-free transactions.
The initiation and adaptability to non-cash payments have decreased the dependency on cash for doing the payments. At the end of 2018, approximately 80.0% of the money in circulation was witnessed to be non-cash. Simultaneously, the growth witnessed in cash in the movement was less than the growth in nominal GDP, representative a movement in the customer preferences to non-cash payments. The augment in the non-cash payments can be further accredited to the rising merchant reception and breakthrough innovations such as e-wallets, m-wallets, and contactless payments, which have encouraged an easy and speedy manner of doing transactions. However, the Russia has been characterized at the “Converging” stage for becoming cashless in nature. It is projected that the high commissions and tariffs charged from the merchants would effortless in the coming years in the wake of employment of white label schemes throughout the industry; thereby facilitation the pain-points of merchants.
Though, the Payment cards have been dominantly utilized by the people of Russia as the mode of non-cash payments. However, with the summary of e-money operators, direct bank transfer helping the contactless payments, prepaid and virtual cards and instant payments through open banking, the amount and value of transactions functioned through payment cards was monitored increasing at a decreasing rate. While around Russia unbanked populace still prevails, the requirement for credit cards by the functioning population is projected to propel the payment cards industry during the coming years.
Whereas, the competition within Saudi Arabia Cards and Payments Market has been temperately concentrated, with approximately 13 banks operating under the credit cards and debit cards market. Foremost operators in the space are MasterCard, Visa and American Express. The market competition is reliant on the transaction volume and number of credit/debit cards in transmission. The entire card market of Saudi Arabia is still in its premature growth stage as nearly 80.0% still utilizes cash as the main mode of payment. A large populace remains unbanked along with fresh technical enhancement every year which makes the industry young in its nature.
Additionally, the proficient increase in the penetration of smartphones around the globe and augment in the e-commerce industry in emerging countries are the foremost factors propelling the growth of the market. In addition, an upsurge in the implementation of mobile payment services around emerging countries propels the growth of the market. Furthermore, growing data breaches and security issues in Mobile Payment limits the growth of the market. Furthermore, growth in the utilization of NFC, RFID, and host card emulation technology in Mobile Payment and augment in the requirement for fast and hassle-free transaction services is projected to provide a worthwhile opportunity for the market. Therefore, in the near years, it is anticipated that the market of payments will increase around the world during the welcoming years.
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Ankur Gupta, Head Marketing & Communications