Mobile payments will evolve to become a trillion dollar industry by 2020. The industry has placed much hope on the success of NFC technology. However youth seem to care more about security and trust in the brand than the technology. How can the advanced markets of US, UK and Western Europe catch up to emerging markets like Kenya in mass adoption of mobile payment services? This briefing answers the following questions relevant to mobile payments and youth:
1. How big is the mobile payment market and how do they vary across regions?
2. What is the role of youth in the future of mobile payments?
3. What is preventing mass adoption of mobile payment services in advanced markets?
4. Who do youth think is best suited to provide a safe & reliable mobile payment service?
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Table of Contents
2. Licensing and Copyrights
3. In this briefing
4. Executive Summary
5. Executive Summary (Contd.)
6. Section 1. How big is the mobile payment market and how do they vary across regions?
7. Mobile payments industry will amount to more than a trillion dollars by 2020
8. Two-thirds of all mobile payment transactions will result due to behavior shift from PC to mobile
9. Mobile payment methods differ for each market
10. Section 2. What is the role of youth in the future of mobile payments?
11. Youth are driving growth of mobile payment services
12. Emerging markets of Asia and Africa will lead mobile payment adoption in the next 5 years
13. Mobile payment success in emerging markets is due to a strong social benefit to young people
14. Mobile payments in advanced markets are a nice-to-have payment option
15. Young people’s hesitance to adopt mobile payments is due to emotional, not functional, reasons
16. Fear of getting hacked and compromising sensitive information are two key youth fears
17. Section 3. What is preventing mass adoption of mobile payment services in advanced markets?
18. Youth want security and trust, but brands focus on convenience and ease of use
19. Youth prefer a card or bank account linked mobile payment solution to using NFC
20. Youth are more comfortable accessing payment services via mobile browsers and apps than using NFC
21. Youth use mobile payment mostly to pay for bills and online purchases
22. Section 4. Who do youth think is best suited to provide a safe & reliable mobile payment service?
23. PayPal Mobile Payments Case Study: PayPal will lead future growth of eBay as the marketplace matures
24. PayPal Mobile Payments Case Study: Youth use PayPal because they trust the service & are familiar with it
25. Youth trust retailers & credit card firms more than brands assume to provide a mobile payment service
26. Youth are most willing to use mobile payment at social destinations like bars, restaurants and coffee outlets
27. Starbucks Mobile Payments Case Study: Mobile payments is about social context, not technology
28. Need more insights and data?