Report: While Media Focuses on Apple Pay and Android Pay, Alipay and PayPal are Winning Mobile Payments
Feb. 4, 2016
While Apple Pay, Samsung Pay and Android Pay have garnered most of the media coverage of “mobile payments,” the three mobile wallets—mainly devoted to in-store transactions—account for a relatively small portion of overall mobile transactions, according to a new report. London-based research firm Timetric points to remote mobile payment solutions from Alipay, Tenpay and PayPal as the most dominant forces in mobile payments from a global perspective.
The adoption of remote mobile payments has been accelerated by the emergence of one-touch checkout from companies like Amazon, PayPal and Visa (and its Visa Checkout) alongside the rise of mobile-first companies in the sharing economy like Uber and Airbnb, the report said.
“Going forward, mobile payment solutions that manage to provide modularity, interoperability across platforms and backing for multiple smart device manufacturers will most likely grow their market shares,” said Vladimir Vukicevic, lead analyst at Timetric’s Cards & Payments Intelligence Centre.
Apple and Google are well-positioned to become the leaders in in-store mobile payments, but Vukicevic expects PayPal and Alipay to compete in this space as well.