This year mobile payments will reach 325 billion dollars

Tencent Technology, February 27 compiled according to statistics published by the authoritative market research institute Gartner, the global total of payments traded through mobile phones this year will reach $325 billion trillion, expected to grow by 38% over a year earlier. However, while telecom operators in emerging market countries have explored ways to meet the needs of users for mobile financial services, telecom operators in Western developed countries have encountered more and more difficulties in digging up mobile payment markets. Today, almost every major operator in the world is looking for ways to persuade its users to use smartphones for online shopping. For example, the ISIS mobile wallet app, launched by three of America's big telecoms operators, At&t, T and Verizon, has been officially commercially available in the US, while EE, Vodafone and O2, the UK's three telecoms operators, have also established mobile payment joint ventures weve. All the major operators are doing everything possible to dig the mobile payment market this big gold mine. Operators face challenges from technology companies However, some telecoms companies that Master mobile payment technology have made the payment process cumbersome and difficult to use, making many American and European consumers miserable. Analysts say existing mobile payment services, including online banking, have been able to provide consumers with daily necessities, while many of the mobile payment offerings developed by telecoms companies do not offer new service capabilities. What's more, some financial start-ups, including Square, are racing to launch mobile device-side trading services and channels for consumers and retailers. The ability of these flexible technology companies to compete quickly with telecoms operators has aroused concern in the industry, which has been investing heavily in its own mobile payments business. For many telecom operators, Internet instant messaging applications WhatsApp them a lesson. In response to the high fees charged by telecom operators for international text information Services, WhatsApp provides consumers with a more humane and almost free choice. The total revenues of global telecoms operators plummeted by 32 billion trillion dollars last year, according to a survey published by Ovum, the Mobile Market Research Institute, which showed the adverse effects of consumers opting for WhatsApp and other instant messaging services. WhatsApp alarm bells now a rather tricky challenge for telecoms operators is whether they will encounter similar problems in the mobile-payments industry. Jacob de Geer, founder of the Swedish payment service start-up, Bu De Gille, said: "Telecoms operators lack the sense of innovation in their bones." Banks and operators have been working to solve some of the problems that do not exist and have missed many innovative opportunities. For some industry watchers, telecoms operators have yet to convince Western consumers that mobile payments are more advantageous than credit cards and online banks. In developing markets, many consumers are exposed to financial services that are notare often limited, and the options offered by banks are few and far between. As a result, operators in developing countries have more opportunities to expand into the mobile payment services market than operators in developed countries. Based on the number of users, VimpelCom is the world's sixth-largest telecoms operator, covering both Western European markets such as Canada and Italy, and developing countries such as Pakistan and Algeria. "I did not see much change in consumer behaviour in Western Europe," said Jo Lunder, the company's CEO, Chow Lendel. But in emerging markets, some consumers do not have a banking business. You can bring the existing technologies in Western Europe to these markets to achieve leapfrog development. According to Gartner, the Asia-Pacific region is expected to become the world's largest mobile payment market as of 2016, as measured by transaction value. The value of mobile payments by consumers in China, Thailand and Malaysia is expected to reach $165 billion trillion in 2016. Over the same period, the value of mobile payments across Africa is expected to reach $160 billion trillion. In stark contrast, in 2016 the United States will still be the third largest gap, Western Europe will continue to be ranked fourth. Mobile payment will be standard equipment analysts point out that Western European telecoms operators must prove that they provide the services that consumers need in order to win over the wavering consumer population. Telecoms companies must also show consumers that they are capable of dealing with the latter's concerns about information security, such as the fear that personal data may be stolen in the course of a mobile transaction. In the construction of 4G mobile network, Europe's data network is obviously behind the United States. In the short term, Europe must increase its data network speed and prove to customers that mobile transactions can be straightforward. "As life becomes more interconnected, payment will become a standard feature of people's portable devices," says Ed McLaughlin, chief emerging payment officer at MasterCard, Eder Mclauflin. Consumers simply want to use an integrated payment system.