According to recent reports mobility company Ericsson, the mobile technology is advancing at such a rate that is expected within 5 years it would be very common in countries like India to get most of the mobile payments and ecommerce happening over smart phone. That brings us to an important point of mobile recharge on the go. The technology that helps people charge money in to their mobile is growing at an astonishing pace in these markets.
Mobile Subscriptions are expected to increase twice and smart phones will reach 603 million, ie, 86% of Indians use that device. Along with the increase of smart phones will grow data usage. India and China top the list with 73%. Paytm Promo Code is the leader in the mobile recharge market and it has seen its market share soar. This led to investments from Alibaba founder Jack ma.
Globally Asia pacific is the region where the largest growth areas of the world. Emerging markets like India and china are the engines of growth for this and studies have proven and there is empirical evidence as to where the Smartphone penetration growth is going to come from. With their relatively low penetration growth, higher population and increasing buying power, behind Asia Pacific.
The network expansion (both 3G and 4G), lower terminal prices and the emergence of a host of applications are driving increased adoption of smart phones by Indian and Chinese mobile users. In fact with their low penetration of wired phones, they were able to leapfrog to the next generation of mobile technology as they did not have any old technical baggage. This could be one of the reasons why rate of adoption of mobile payments is higher in these markets in general.
This is also changing the business for mobile operators, as demand grows so does mobile data usage. And every year until 2020, mobile video traffic will grow by 55% a year. This growth is due to changing customer preferences toward streaming video services and the growing prevalence of online video content, including news, advertising and social networking. This could only mean one thing. Customer need to do charge their smart phones more frequently to buy more.
Most Indians do not have a bank account, so the implementation of mobile charging and payment solutions is easier and promotes financial inclusion. In recent months, mobile payments are gaining confidence in these regions and growing, which benefits not only consumers. More and more small businesses and merchants, who only accept cash, are using their phones to receive payments, helping them to increase sales and to end the long lines to pay.
Regionally, today the countries that are ahead with mobile payments are Brazil, Mexico and Colombia.
Banks are also pushing for the expansion of mobile commerce applications and use the phone as a channel.
Throughout Indian a silent momentum has began to put a “buy” button on phones and tablets users and web applications.
If this trend continues, Indians and Chinese would become global leaders in the use of Internet and mobile payments within the next five years.