Technologyhas brought many changes with it. From the internet boom to mobile payment,technology has transformed the way people live. It is one of the strongestwaves of change that changed the way businesses were carried out. With the helpof mobile payment companies, individuals can enjoy contactless payments.
Theleading mobile payment companies came into existence when the people used tocomplain about the change. Change is basically the money returned afterpaying for something with more money than it costs. It was one of the majorreasons for the introduction of mobile payment companies.
Growingincome, raising awareness and safer transactions are pushing in the demand fortop mobile payment companies at global level. Also, the services includecross-border transactions at minimum or no fee. Thus, the market of leadingmobile payment companies is undergoing mainstream adoption internationally.
Mobile Payment Companies’ MarketValue
Accordingto the in-depth analysis of the market covered in Global MobilePayment Companies’ Market Report, this market was valued at USD 1.88 billion in 2019. As the demand is growingacross the world, Verified Market Research experts are projecting its value toreach USD16.45 billion by 2027. This jump in value can also be considered as a CAGR of 33.6% from 2020 to2027.
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Why is the mobile paymentindustry growing so fast?
Thegrowing penetration of smartphones, rising digitalization, and increasingmerchant efficiency, and increasing popularity of mobile payment owing toassured flexibility & convenience are driving the mobile payment marketahead.
Ithas helped in carrying out secure transactions within seconds. All the data issecure and the money reaches its destination without any hassles. Thus, theservices of mobile payment companies are largely being adopted by individualsas well as organizations.
Top 10 mobile payment companiesoperating in the world
AlibabaGroup
AlibabaGroup isone of the largest mobile payment companies in terms of number of transactions.It has introduced many new features in the mobile payment industry. Also, theChinese organization is known for carrying out international transactions inrecord time.
ApplePay
Apple Pay is another uniqueservice from the brand ‘Apple’. It is known for the world-class services andfast transaction options. It offers the best security to its users. All thedata is secure and the money transfer takes lesser time as compared to otherleading mobile payment companies in the industry.
GooglePay
Google Pay is the productintroduced by world’s largest technology company Google’, It offers dualsecurity modes for carrying out cashless transactions. IT is known for offeringthe most secure money transfer services. It also offers a chat option whereinthe users can communicate with one another.
SamsungPay
SamsungPay offersmore than just money transfer services. It has incorporated an in-app wallet tokeep the transactions simpler for first-time users. It is one of the innovativebrands in the list of top mobile payment companies. Its unique technologyallows users to carry credit, debit, gift and membership cards on users’devices.
PayPal
PayPal is also regarded asthe founding member of the mobile payment companies. It introduced the world tointernational digital payment at minimal fee. It is one of the most successfulbrands that manage to develop an all-in-one secure account for users across theglobe.
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Square
Square has been navigatingthe challenges of the digital world. Since inception, Square has focused onbuilding the most effective mobile payment framework for its users. Fromindividuals to organizations, everyone can benefit from the Square’s mobilepayment services.
One97Communications
One97 Communications is India’s leadingmobile-internet company. It is the largest mobile payment company in Indian market,in terms of usage and market value. It offers bespoke mobile solutions so thatusers can have a seamless payment experience.
AmericanExpress
AmericanExpress isa multinational financial services corporation. The brand was founded in 1850and since then it has been offering the fastest and most secure transactionsservices. It is the only company in the list of top mobile transactioncompanies that has stood the test of time. Its flexible nature has helped it inbecoming one of the oldest transaction service providers across theglobe.
LevelUp
LevelUp is a leading onlineand mobile food-ordering and delivery marketplace. It is developed by themakers of GrubHub. It is one of the fastest mobile payment companies that hasreceived numerous five-star ratings from its consumers.
CitrusPayment Solutions
Citrus Payment Solutions is a product made byIndia’s fastest growing fintech company. The company was founded in 2011.Citrus offers seamless transfers, direct to banks that do not require any KYC.It has become one of the highly rusted payments partners.
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