Market research firm Technavio has named its top vendors in the area of mobile payment services. They are very big names: Amazon Payments, HP, IBM, MasterCard, Orcale, and PayPal.
The analysis comes from Technavio’s report, Global IT Spending by Mobile Payment Service Providers Market 2015-2019, released last autumn. In a new statement announcing Technavio’s top vendors, the market research firm pointed to “an increasing trend of cross-pollination across financial and technology companies,” asserting that some financial institutions “are beginning to invest in technology companies or acquiring start-ups to enhance their technology presence” in mPayments.
That seems to be the case with respect to MasterCard, which has sought the help of more identity tech-oriented companies like Daon to develop its Identity Check payment authorization solution, which uses facial biometrics to authenticate payments; while the technology hasn’t been adapted for an mPayment solution per se—intended instead for the verification of online payments—there’s certainly room for it to move in that direction. Technavio, however, points primarily to MasterCard’s acquisition of APT, a company specializing in cloud-based big data, as evidence of its interest in moving into the mobile payments space.
Meanwhile, HP and IBM are working more on solutions for the IT architecture of the mPayments market, Technavio says; while Amazon Payments and Oracle, via its Oracle Payments, are working in the mobile payments space more directly with their own platforms. And, of course, PayPal offers its own comprehensive payments platform, which extends from traditional web-based applications to mPayments specifically.
With such big names—and money—backing the mPayments sector, there’s good reason to believe it will rise considerably in prominence over the near term.