[January 23, 2017] |
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Mobile Wallet Services Market: Cost Saving Opportunities by Technavio
According to the latest procurement market intelligence report from Technavio,
the global
mobile wallet services market is expected to grow at a CAGR of
42% over the next five years due to the multiple functionalities they
can offer both buyers as well as suppliers.
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http://www.businesswire.com/news/home/20170123005674/en/
Technavio has published a new report on the global mobile wallet services market from 2017-2021. (Graphic: Business Wire)
The research report titled 'Global
Mobile Wallet Services: Procurement Intelligence Report 2017-2021'
provides an in-depth analysis of category spend, best procurement
practices and cost saving opportunities, aimed at helping organizations
achieve superior business performance. The report also provides insights
on pricing, supplier positioning and top companies, enabling sourcing
professionals to improve their competitive advantage through procurement
excellence.
"For buyers, it provides the unique advantage of storing money in
secure and reliable digital accounts to make fast and smooth
transactions across merchants and retailers in multiple industries,"
said lead Technavio procurement expert Angad Singh. "For suppliers,
it represents an opportunity to invest in a new channel for processing
transactions and additional marketing, to target customers real-time
with localized offers and discounts," added Angad.
Request a sample report: http://www.technavio.com/request-a-sample?report=54660
Technavio sample reports are free of charge and contain multiple
sections of the report including the market size and forcast, drivers,
challenges, trends, and more.
Cost Saving Opportunities in the Mobile Wallet Services Market
Cost-saving opportunities can be leveraged if buyers have many
transactions and would be interested in associating with suppliers for
long contract terms.
Technavio procurement experts have segmented the cost saving
opportunities in the mobile wallet services market into the following
value-enhancement opportunities:
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Adoption of technology
-
Supplier Competition
-
Adoption of negotiation strategies
-
Optimization of procurement practices
-
Bundling of services
Adoption of technology saving aspects
Mobile payment technologies such as NFC, HCE, BLE, and QR codes are
penetrating the market with technology leaders such as Apple (News - Alert), Google,
and Samsung spearheading development.
Consumers need to perceive mobile payments as an easy and convenient
mode of payment via the integration of the mobile banking and payment
experiences. Consumers are comfortable making financial transactions
using mobile channels developed by trusted financial institutions such
as banks. Converging these two into one seamless experience is crucial
to bridge the gap and push consumers into making mobile payments online
or at POS.
Optimization of procurement practices saving aspects
A fast, simple, and seamless mobile payment process can enhance brand
reputation and differentiation in the market. Customers consider
personalized user experiences on payment interfaces, fast and efficient
check-outs, and multiple payment options (debit/credit cards, internet
banking) as important features in mobile wallets. According to a 2016
market study on mobile commerce, approximately two billion mobile
phone/tablet users are expected to make mobile commerce transactions
globally by 2017.
Bundling of services saving aspects
With the aim of developing mobile wallets for purposes beyond payments,
suppliers are expanding their mobile money portfolios from basic P2P
money transfers and bill payments to services. They are strategically
partnering with network operators and banks to provide localized and
real-time offerings such as loyalty points, discounts, and ratings and
reviews across popular retail, entertainment, and hospitality businesses.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20170123005674/en/
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