Mobile Card Reader to expand beyond US
Square, a maker of mobile commerce products, has announced that its Mobile Card Reader will soon be available in Canada. The move aims to engage the growing number of consumers in the country that are showing interest in mobile commerce. The Mobile Card Reader will allow both businesses and consumers to make transactions directly from a smart phone or tablet. This is a physical product, which is available for free, that can be used on both the Android and iOS platforms.
Mobile commerce growing quickly in Canada
Mobile commerce is growing in popularity largely due to the concept that it is more convenient than traditional forms of commerce. Using a smart phone, consumers can pay for goods and services with a simple gesture. For some, this is considered an innovative way to pay for things. For others, it is just another way to make purchases. Whatever the reaction from consumers is, their interest in mobile commerce is growing, as is the demand for platforms that will allow them to make purchases using their mobiles devices.
Device accounts for $8 billion in transactions each year
Though the Mobile Card Reader is free, Square is still able to make a profit off the platform. The company charges a 2.75% fee each time a transaction is made using the platform. According to Square, the platform facilitates more than $8 billion transactions every year. Considering that Square has only operated in the U.S., until very recently, the platform has proven itself to be quite successful. Bringing the Mobile Card Reader into the Canadian market will be Square’s first time expanding beyond the U.S.
Device allows smart phones to become mobile payment platform without native NFC technology
The progress and adoption of mobile commerce is being heavily delayed by the availability of NFC-enabled mobile devices. The low supply of these devices means that consumer engagement in mobile commerce is limited. The Mobile Card Reader solves this problem by being equipped with its own NFC chip, allowing any smart phone or tablet to become a viable mobile payment platform.
Retailers pressured to adopt mobile commerce to engage consumers
Consumers around the world are becoming more mobile. That is, more consumers are relying on mobile technology to operate in their daily lives. Mobile technology has made many aspects of people’s lives more convenient, such as social interaction due to their constant connection to the Internet. Commerce is also being revolutionized by mobile technology and people’s growing need for convenient service. More consumers are beginning to look for alternatives to traditional, physical stores, and many have turned to mobile commerce and e-commerce.
Retailers look for ways to bridge gap between online and offline worlds
Mobile consumers are turning to the Internet to find the products and services they want to pay for. As more consumers look online, retailers are feeling the pressure to adapt or risk losing contact with a growing portion of their audience. Thus, businesses are looking for ways to close the gap that currently exists between the online and offline worlds. Few retailers are willing to abandon physical stores, so many are attempting to provide consumers with incentives to visit these stores throug
h the use of mobile commerce.
Mobile commerce services being adopted by large retail companies
Big name retailers, such as Macy’s and Nordstrom, are working to make use of digital technologies in order to provide consumers with better in-store service. These companies have been working to broaden their reach through mobile commerce and e-commerce and, as a result, have been seeing declining in-store sales. Some consumers have even begun gravitating to online shopping platforms that are offered by other companies. This competition is driving innovation in the retail industry as companies attempt to find the best balance between mobile commerce and traditional forms of engagement.
Study predicts sales in mobile commerce to double next year
A recent study from Internet Retailer, called Mobile 400 Guide, shows that mobile commerce is growing. The study predicts that mobile commerce sales will double in 2013 as more consumers gain access to smart phones and mobile devices that are capable of facilitating mobile transactions. Retailers are feeling the need to find ways to engage consumers that are becoming increasingly enthralled in the world of mobile technology.
