Rising consumer dependency on smartphones and thriving
e-commerce industry are two major factors driving the uptake of mobile payment
technology. Mobile payment technology is used by consumers to make online
payments against products or services through smartphones. Multiple industries such
as tourism, entertainment, retail, education, healthcare, and hospitality are
incorporating this technology into their business owing to soaring demand and changing
consumer behavior.
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Scan-and-Go
Technology to Improve Online Shopping
Major application areas of mobile payment
technologies include tourism, retail, entertainment, hospitality, healthcare, and
education. The retail sector is expected to observe high growth during the
forecast period owing to increasing in-store payments via smartphones.
Considering the prospects of mobile payment
technologies, most manufacturing companies are investing in R&D to serve consumers
better. For instance, Scan and Go technology is the next step in enhancing and
streamlining in-store shopping experience. The technology allows consumers to
scan in-store items using the Scan and Go app on their smartphones. Consumers
can pick an item, scan it through their mobile phones and put it in their cart.
This allows shoppers to skip long queues at the end. Consumers can even make
payments through their mobile phones at the time of checkout. This will also
help retailers in terms of less occupied floor space and improved productivity.
A number of massive retail chains in the U.S., such as Walmart and Sam’s Club,
offer shoppers to use this technology.
Market
Insights
The global mobile payment technologies market is
expected to display phenomenal growth in terms of volume by 2022, according to
a report on Radiant Insights, Inc. Increasing demand for improved business
performance and ease in payments is likely to expand the scope for such
technologies in the coming years. In addition, growing penetration for mobile
phones and online shopping can augment market growth. Continuous research and
technological developments across the globe are anticipated to support the
market during the forecast period (2017-2022).
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Some of the key players operating in the market are American
Express; AT & T, Inc.; MasterCard International Inc.; PayPal, Inc.; Visa
Inc.; and Google, Inc.
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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