[2018-09-29] Mobile Payment Market May Hit $4.6 Trillion by 2023

[Jgilpulg]

Companies that dominate the mobile payment market today are already focusing on introducing Bitcoin and other crypto technologies for payment purposes.

https://bitcoinist.com/mobile-payment-market-may-hit-4574-billion-by-2023/

[Kakmakr]

“The SMS segment dominated the mobile payment industry in 2016 and is anticipated to grow at a rate of 33.5% during the forecast period.” - This is probably the most overlooked segment in the Crypto currency scene at the moment, because most of the development for Crypto currencies are focussed on Smart phones.

The biggest market is not smart phones but rather ordinary cell phones with limited features as used by Billions of people in 3rd world currencies.

Find a killer app to target this demographic and you will become a multi-millionaire in no time.   

[Lucius]

“The SMS segment dominated the mobile payment industry in 2016 and is anticipated to grow at a rate of 33.5% during the forecast period.” - This is probably the most overlooked segment in the Crypto currency scene at the moment, because most of the development for Crypto currencies are focussed on Smart phones.

The biggest market is not smart phones but rather ordinary cell phones with limited features as used by Billions of people in 3rd world currencies.

Find a killer app to target this demographic and you will become a multi-millionaire in no time.   

I think even people in some 3rd world countries have the possibility to use smart phones these days because they are become pretty cheap. If you just look how much cheap smart phones is produced in China it's not hard to imagine that all world users will have such phones in some 5-10 years or even before. You say "Find a killer app", but to use that app it is necessary to user have smart phone, using dummy phones is only have sense if you do not want to be tracked by GPS or some app ( criminals use such phones very often ).

[1Referee]

The biggest market is not smart phones but rather ordinary cell phones with limited features as used by Billions of people in 3rd world currencies.

Find a killer app to target this demographic and you will become a multi-millionaire in no time.  

I don't think the SMS industry will remain as dominant for ever, so it may be more rewarding and economically stimulating to make people switch over to modern forms of communication.

IIRC, there is a mobile wallet called CoinText (only supporting BCash though) where you can create a wallet by simply sending an SMS, and from there transact without an internet connection, which is an actually useful feature. Not sure if there isn't any for Bitcoin already, but it wouldn't be that difficult for developers to come up with something similar.

using dummy phones is only have sense if you do not want to be tracked by GPS or some app ( criminals use such phones very often ).

It's a bit of a fake sense of 'security' to be honest. Governments can pretty easily track 'dummy' phones by following their carrier signal and from there extract any sort of data holding importance to them, or even censor communication.

[Coin-1]

I think even people in some 3rd world countries have the possibility to use smart phones these days because they are become pretty cheap. If you just look how much cheap smart phones is produced in China it's not hard to imagine that all world users will have such phones in some 5-10 years or even before.

I agree with you. Many cheap smartphone models have already appeared in the markets. Even the non-rich people can buy them now. Of course, I'm not talking about the new iPhone, Samsung Galaxy or other premium-class smartphones.

Undoubtedly, the quantity of ordinary cell phones will be decreased in the future, therefore mobile applications which support making transactions of Bitcoin or other crypto currencies will be in demand.

I think that the global mobile payment market will indeed reach $4.6 trillion by 2023, because customers like such convenient methods for buying goods and services.

[mazdafunsun]

I think that this is not such unrealistic number, world is very rapidly going towards electronic payments system.

As noted before the poorest countries are the biggest players since their population still mainly use paper money.  The smart phones are already getting more and more cheap, this will push the electronic payments number thru the roof when some threshod of cheap phones will be achieved.

[Lucius]

using dummy phones is only have sense if you do not want to be tracked by GPS or some app ( criminals use such phones very often ).

It's a bit of a fake sense of 'security' to be honest. Governments can pretty easily track 'dummy' phones by following their carrier signal and from there extract any sort of data holding importance to them, or even censor communication.

It is not perfect way to remain undetected, but it is much harder to discover someone who use mobile phone without GPS. However there are ways to stay under radar if you need, just use burner phone.

I think even people in some 3rd world countries have the possibility to use smart phones these days because they are become pretty cheap. If you just look how much cheap smart phones is produced in China it's not hard to imagine that all world users will have such phones in some 5-10 years or even before.

I agree with you. Many cheap smartphone models have already appeared in the markets. Even the non-rich people can buy them now. Of course, I'm not talking about the new iPhone, Samsung Galaxy or other premium-class smartphones.

Undoubtedly, the quantity of ordinary cell phones will be decreased in the future, therefore mobile applications which support making transactions of Bitcoin or other crypto currencies will be in demand.

I think that the global mobile payment market will indeed reach $4.6 trillion by 2023, because customers like such convenient methods for buying goods and services.

You can buy smart phone for some 50$ or even lower price, this will not be top brand as you say - but I have one which is work for 5+ years without problem and it cost me 20% of some top model phone at that time. Industry of mobile phones is so strong in China, almost every day they launch some new model. You can get Ulefone Power 5 for some 250$, and it have 13000 mAh battery (strongest in the world) + excellent specifications.

Number of users who use smart phones in 2018 is estimated to 2,50 billion users and it will be around 3 billion by 2020. No wonder that China is the leading country in the world by number of smart phone users, by 2020 half of their population will use smart phones.

[rodskee]

Companies that dominate the mobile payment market today are already focusing on introducing Bitcoin and other crypto technologies for payment purposes.

https://bitcoinist.com/mobile-payment-market-may-hit-4574-billion-by-2023/

Actually  smart phone in the future are become a common wallet for the payment purposes
The new digital currency was give and esay convience for us using bitcoin as long us have an interest

[1BTC EQUALS 1CAR]

This just shows that bitcoin is really destined to be future currency of the whole world. There's a lot of payment platforms online but a lot of them don't support transferring to each other so bitcoin would become very handy. I just hope mobile theft will have heavy penalties so this method of paying will not be discouraged.