Electronic Money On The Mobile Essay example

Electronic Money On The Mobile Essay example

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By the emergence of electronic money, which is taking the place of paper money, we are now switching the physical ways to other forms of preserving value and exchange. (Lerner, 2013) The period of using cash only was in the past, as we are at the new era, there are more forms of money that we can pay. At the same stage, with the increasing popularity of mobile devices globally, several companies have focused on the mobile payment market and developed a variety of techniques to achieve electronic money on the mobile devices which will be beneficial in e-commerce field. Some journalists had stated as Apple, Samsung, Google and PayPal are now applied the new technologies and embedded into our mobile devices, it will be a commonplace in our daily life globally. (Pozin & Heggestuen, 2015 ). It can been seen as a milestone that we are now experiencing the transition and the mobile payment is getting significant at this phase.

Mobile payment tech is still in its early days, we were getting through the failure of many companies, however, we now look forward from hearing feedback from market which reveals that the forecasting 210% growth in the total value of mobile payment transactions in 2016. (Silbert, 2015) With the optimistic forecasting growth in mobile payment transaction in the future, it can be also considered as the gradual increase of owing mobile devices in the world. In a market report from a previous journal (Perez 2015), the amount of the smartphones users in China is increasing annually and it is projected to become the second-largest economy with the two-third mobile connections of the world in the near future and the total figures display that the Chinese mobile market is absolutely vibrant. Also, though another report (...

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...uch more reliable and reasonable solutions and also make mobile payment prospect feasible. Then, government started to focus on developing online system and also payments networks. (KPMG,2007) In Q3 2014, there was a report which demonstrated that the total value of China mobile payment was approximately US$234billion and compared the same period of prior year, the value increase about 415.5%. At the same time, Alipay ranked top, accounting for 80 percent which now had expanded its position to the global mobile-payment market. Now, China is seen as a giant in the mobile payment market which is one of the largest growth market in the world. It is benefited from its stronger online market with importance overlap between banking and bill payments. With a well-supporting environment, several added value services are also widely used mobile payment as one of the channels.

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