Author: Rebecca

Mobile payments trends report shows mainstream adoption is long off

Industry analysts had predicted that Apple would kick smartphone wallets into gear but that might not be it.

When Apple Pay was launched, many analysts believed this would be the start of powerful mobile payments trends. They felt that Apple was the key to the mainstream adoption of mobile wallets. That said, that wallet app has now been available for about two years and adoption has been slower than anticipated.

Some analysts are now saying that the start of the widespread use of mobile payments won’t happen for some time.

A couple of years ago, mobile payments trends were expected to become the next big thing. By now, it would be commonplace to see shoppers using their smartphones in-store to pay for groceries, clothing and other purchases. It would be routine to use a mobile device instead of a credit card or debit card at a checkout counter.

Mobile Payments Trends ReportHowever, mobile wallets have not taken off as expected. This has been the case both among mobile device users and among retailers. Now Fitch Ratings financial industry group director Michael Taino is predicting that the rate of adoption for mobile payments won’t just be slightly slower than expected. It will be much slower.

Taiano predicts that mobile payments trends won’t truly take off for multiple decades.

In an interview with Fortune magazine, Taiano was quoted as saying that “This could be a multi-decade change that occurs.” He said that the adoption by consumers and retailers may be similar to the experience seen in the growth of e-commerce. He pointed out that as large as e-commerce now is and as much as it has grown over 20 years, it still represents only 8 percent of retail spending in the United States.

Taiano recently published a report based on his conclusions and the evidence that has led him to make them. He underscored a number of barriers that have stood in the way of mainstream mobile wallet adoption.

One hurdle in the way of mobile payments trends progress has been the lack of incentive to consumers. Shoppers find credit and debit card use to be simple, familiar and accepted in the majority of places they shop. Therefore, at the moment they don’t have much motivation to change those easy and convenient habits.

Hype video streaming app launched by Vine founders

Twitter has pulled the plug on the popular video sharing application so its creators have started something new.

The co-founders of Vine have announced the launch of their own new Hype video streaming app. This comes on the heels of an announcement from Twitter that it would be shutting down the Vine application.

That said, what has yet to be seen is whether or not Hype will be able to live up to the noise it has generated.

The Hype video streaming app promises to provide an improved live experience. It is designed to function in a way comparable to Periscope, only with viewer interaction. Throughout the time that a Hype live stream is running, it’s possible to hold a Q and A, run polls and share other types of media with video viewers.

Hype video streaming app - People on tabletThe mobile app has been created so the video won’t necessarily take up the small screen. Instead, the host can set the video off to the side in a bubble while taking part in other activities. This can include looking for other videos, GIFs or highlighted comments.

As the Hype video streaming app format isn’t rigid, it opens up opportunities to enhance viewing.

The streaming experience is highly customizable, which gives video hosts a great deal of flexibility over what they provide. The key will be for video hosts to find the balance between providing an enhanced viewing experience and simply adding too much clutter to the screen. The last thing a presenter will want to do is confuse the viewer to the point that the video and its other features are too difficult to use.

The Hype video streaming app will need to be able to draw a large engaged audience in order to be successful. As it is not explicitly linked to any other existing social network it will essentially be building its user base from scratch. It could be that its creators are taking advantage of the headlines made by the closure of Vine to promote this new application.

At the moment, the Hype app is available only for iOS based devices. So far, the reviews it has received have been pretty good. That said, an Android version of this application is slated for release in the near future.