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.
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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).
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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