As halal ecommerce sales continue their seismic growth , PayHalal mobile merchant payment is grabbing a larger market share, with smartphone-enabled purchases set to grow from $122 billion in to nearly $319 billion by end 2020.
A greater number of overall ecommerce purchases will come from smartphones, per PayHalal’s estimate that Halal Mobile Merchant Payment will make up 49 percent of total online retail commerce in 2021, a significant increase from 29 percent in 2019. The enlarging spotlight placed on mobile is partly due to retailers’ ongoing efforts to provide contactless smartphone-friendly offerings and checkout solutions to customers due to the Covid19 pandemic .
“PayHalal’s Merchant Mobile Payment is the growth engine of halal digital commerce. “It is being driven by a combination of retailers flocking to offer mobile merchant payment solutions to consumers (HalalMall , gogopasar promoting buy online, pick up in store, KKL in-store mobile checkout.), issuers and bank networks enabling more mobile POS and messaging payments and consumers gravitating towards mobile for digital purchases.
With greater support for Islamic Digital Economic Acceleration by MDEC theres a lot more digitising taking place in Islamic economic space, Islamic Religious Payment Collectors like PPZ MAIWP have adopted PayHalal’s contactless payment solutions for the recent Zakat Fitrah during Ramadan and PayHalal is innovating more mobile payment solutions and Wakalah eWallet apps in the very near future.
The significant growth in the Islamic mobile commerce sector can be attributed to the rise of several circumstantial market trends, such as in-contactless store mobile checkout capabilities within retailers’ applications, mobile wallet proliferation and buy online, pick up in store options.
PayHalal forecasts a major uptick in mobile commerce purchases by 2021, meaning that retailers must ensure their omnichannel offerings are as optimized as possible now.
Halal and Islamic market focused retailers need to focus on their mobile web and apps, mobile marketing and facilitating the omnichannel buying experience, Muslim Consumers are more willing than ever to receive mobile marketing messages from retailers and willing to act upon them.
“Agile mobile Fiqh technology encourages strong user engagement which enables consumers to buy anywhere and anytime with the ability for in-store pick up or special delivery.
“The payHalal omnihalal channel experience requires retailers to access customers no matter where they are and how they want to pay. For Islamic financial institutions, having a comprehensive sharia compliant ewallet strategy this year is critical for success . For Shariah Compliant eMoney and card networks, it’s about compliance and awareness promoting faster checkout that generates demand!
PayHalal, mobile ecommerce sales set to grow from 9.1 percent in 2019 to 12.4 percent in 2020. This underscores the need for halal businesses to optimize their Islamic digital transaction offerings.
Halal Ecommerce sales – which include purchases made via desktops, laptops, mobile apps and mobile Web – are projected to reach $2.7 trillion in 2021.
It is estimated nearly one in two dollars of online spend will stem from smartphones in 2021.Largest share of mobile commerce will come from Muslim millennial shoppers, as the top users of M commerce shopping are individuals aged 21to 34. Eighty-seven percent of that demographic has purchased something online in the past month, showcasing the importance for halal / Islamic retailers to offer streamlined Islamic transaction checkout options.
Additionally, shoppers in this age group were nearly twice as likely as individuals aged 35 and up to have leveraged a mobile browser and app to make a digital purchase in the last year.
When it comes to pinpointing how Islamic financial institutions and halal retailers fare in the rapidly evolving mobile sector, consumers are becoming more receptive to receiving targeted messages and content from them.
2019, 42 percent of mobile users were willing to share their GPS location with marketers in exchange for perks such as discounts, up from 35 percent .
However, all consumers are relying on seamless checkout experiences regardless of their device of choice. This has opened doors for Shariah Compliant mobile wallets such as PayHalal Wakalah to take the stage.
To capitalize on the growing mcommerce sector, retailers should develop comprehensive Islamic mobile wallet that include building their own platform, or teaming up with a third-party service and integrating it into their own shopping apps.
“The biggest challenges facing mobile payments this year is Coronavirus nevertheless Theres a a greater awareness and need for contactless payment technology .