The Mobile Payment Marketplace : Goat Rodeo

MasterCard Incorporated is one of the world’s premier credit card processing and money transfer companies in the world. It is the second major payment company in the United States. They focus on making payment transactions safer and beneficial to the society while delivering value through their innovation and execution. MasterCard has three main competitors, Visa at the very top, American Express, and Discover. Visa Inc. has the largest market share of 13.7 percent in the United States with revenue of $12,702 million in 2014. In the same financial year, MasterCard Inc. has recorded total revenue of only $9,473 million and 7.3 percent of total market shares. MasterCard’s SWOT analysis revealed its strength of being the world’s second

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

Apple Inc. has hardware and software products which provide omnichannel devices for other retailers. Apple Inc (2015) shows that the company developed Apple pay which allows

Apple has prospered internally and it is necessary to consider both strengths and weaknesses. Apple has lots of strengths, the major of them being it’s impressive brand reputation, Apple managed to position the brand as “premium products” for “elite” people. Customers are loyal and tend to stay in Apple’s ecosystem. Apple’s self-reinforcing ecosystem, it has a diverse ecosystem which integrates various hardware and software products into one large interactive space. Status of top innovator, Apple is perceived as the leading innovator and its products are highly anticipated. Apple’s very strong financial performance, high profit margins and very high liquidity. It’s network of retail stores, high-quality customer service helps to create advanced user experience. A powerful marketing strategy, Apple’s team masterly uses various marketing techniques to create a hype for their products and to strengthen the brand.

there is a new world alongside this of mobile payments. Apple pay and Android pay are

I think we are getting a glimpse into the future with Apple Pay and Google Wallet. The magnifying glass will shift from credit card security to mobile device security. The idea of a virtual wallet seems like it could be 5-10 years from having a significant adoption rate. How will mobile device manufacturers and mobile payment software companies react to the bad guys finding vulnerabilities in their systems? Will they be able to quickly release patches that fix security vulnerabilities related to the virtual wallet? I think it is a large change that will heavily impact the retail landscape and will happen sooner than people think.

Apple’s business model is geared towards the hardware and software of its products. Also they focus on its mobile software applications, which is widely popular among customers due to the app store iPhone users. the applications on the app store are available for user on apple products and one of a kind compared to the less popular applications offered by Google and Facebook

Value is the benefits a consumer gets from buying the product. As I said before, the Apple iPhone covers almost all

In 2016, e-Marketer estimates that 37.5 million people in the U.S. (19% are smartphone users) will transact using their phones, by the end of 2016, mobile payments are expected to exceed $27 billion. Predictions are that by 2017, U.S. mobile commerce will have increased so much in popularity that it will account for 50% of U.S. total digital commerce revenue (Mobile ecommerce, 2016).

Mobile payments are defined as payment services operated under financial regulation and performed from or via a mobile device, namely a cell phone. The use of mobile payment is a substitute for traditional forms of payments. The idea to use non-coin-based currency systems has been developing for years yet it is only now becoming popular. Nowadays, most phones are produced from three or four companies due to economies of scale. This has meant that having five or six mobile payment apps is feasible and profitable due to network effects. If there were a hundred mobile payment apps, less people would use them because it is likely that no two people will have the same app, and thus it cannot be used for

The most important payment app is Applepay, which is famous and well-known throughout the world. Applepay not only shows its simpler payment, but is also makes consumers account become higher security. From the interviewing , people also hold the good view on Applepay because Applepay truly bring more advantages and convenience to them. Then trend that outweigh people are choosing Applepay is soaring. It is a fact that Applepay definitely enhances people lives quality.

Apple has done well in focusing on the customer’s needs and wants as it is related to the quality of the product or service as well as price.

. Mobile payment users >190 MM in2012, which is over3 % of total mobile users worldwide a level considered as "mainstream”

The online payment marketplace is experiencing an explosion of innovative ideas, plans, and announcements, which one commentator has likened to a “goat rodeo”, a chaotic situation in which powerful players with different agendas compete with one another for public acceptance, and above all, huge potential revenues. Others liken the payment marketplace to a battle among the four platform titans Apple, Google, Facebook, and Amazon. Each of these titans have their own versions of a future payment system that challenges the other players. And let’s not forget PayPal, the reigning power in alternative online payment, or the credit card companies who process over 70% of online payments, or the

The last decade has witnessed a lot of growth of mobile communication devices and wireless technologies across the globe. This has led to a change in the way many activities are conducted and opened the way for m-commerce, which is e-commerce's next evolutionary stage. The significant power of m-commerce is primarily as a result of the ability to connect wireless devices anytime, anywhere (The Future of Mobile Payment Systems : Rise of the Mobile Wallet 2012-2017 [Electronic version], 2011).