BCC Research covers the global picture for mobile wallet and payment technologies. Providing five-year forecasting, regional analysis, and a technology deep-dive, our latest report offers players unparalleled insight into this expanding industry.
The fintech industry has been gaining significant traction while encouraging banks to boost technological investments. This is a key driver in the expanding landscape. Xendit, in Sept. 2021, a payment solutions provider, secured $150 million in a series C funding round. The company developed advanced digital payment value-added services for customers. Mounting investment across the fintech industry will create lucrative opportunities for mobile wallet and payment business expansion.
Growth in mobile wallet and payment technologies is propelled by the presence of an extremely competitive landscape and investments from foreign players. India has various payments providers, with over 45 wallet players, 50 UPI-based payment service providers and 142 banks on the UPI platform. The competitive landscape includes telecom companies, e-commerce entities, banks, internet companies and messaging applications. The market for mobile wallet and payment technologies has seen positive investor sentiment in recent years, with large investments and acquisitions targeting fast-growing startups.
In the last two years investors have been moving focus toward fintech start-ups, working toward developing application and enablement layers across mobile wallet payment offerings. Some areas (NFC-based payments applications, identity management and KYC, customer life cycle management, merchant onboarding, enterprise applications and last mile connectivity) are gaining higher preference among investors. Given the high-volume, low-margin nature of the payments business, investors have increasingly preferred large, established players to increase scale, especially in tier-3 and tier-4 cities.
There are still some hurdles for the industry to overcome. As large numbers of customers choose digital transactions, cyber-attacks are increasing in numbers and complexity.
Mobile payment applications are primary targets for hackers and fraudsters. Attacks on mobile wallets result in financial losses and confidential data leaks. Recently, more than 50,000 mobile banking customers at fifty-six European banks were impacted by Xenomorph malware. Xenomorph puts a screen over a running application to trick customers into revealing confidential information. Malware like this poses a real threat to the digital payment industry.
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