Financial Technology Innovation in the Mobile Payment Market

Abstract

In the context of the digitalization of the financial sector, which is an integral feature of the development of the modern world economy, mobile payment technologies are becoming an urgent direction for the development of payment systems. Due to the fact that digital interaction between economic entities is actively developing, convenient instant non-cash payments are essential for consumers of financial services. The research analyzed the dynamics of the current state of the world and Russian market of mobile payments, including payments by QR-code, and the prospects for their development. The concept of mobile payment is given and the classification features of the global mobile payment market are highlighted. The article reflects the current trends in the global mobile payments market. We examined widely used mobile wallet applications that are available worldwide due to rapidly growing demand. For the Russian payment system, the study of foreign experience in the application of financial technologies in the field of mobile payments seems to be necessary due to the possibility of adapting and introducing advanced developments into the internal financial market.