Mobile payments competition heats up as commerce revolution takes hold

Mobile Payments competitionWho will emerge as a leader in mobile payments is not clear

Mobile payments are beginning to disrupt traditional forms of commerce as more consumers begin to rely more heavily on the smartphones and tablets. These devices have made it exceedingly convenient for consumers to purchase products and services either online or in-store. As mobile payments become more prolific, the mobile commerce market is beginning to brim with competition. Several countries and companies have invested heavily in this market, but it is not entirely certain who will emerge as the dominant force within this industry.

Report shows that consumers are eager for new mobile commerce services

BI Intelligence, a market research and analysis firm, has released a new report that offers insight on mobile payments and those that are leading the way in the current market. According to the report, much of the mobile commerce world is driven by what consumers want. Consumer demand, for instance, has lead to the development of mobile payments platforms that can be used both online and at physical stores. Approximately 52% of consumers wanted such platforms, which are likely to become significantly more available in the coming years.

Singapore among the top countries ready to embrace mobile payments

The report suggests that companies like Square and PayPal are likely to thrive in the coming years, largely due to their very early adoption of mobile payments. Both Square and PayPal have a heavy focus on the mobile space, making them more attuned to the demands coming from consumers than their competitors. In terms of countries, Singapore is considered to have the most mobile commerce “readiness,” with the U.S. and the United Kingdom boasting of average readiness.

US and European consumers are not fully accepting of mobile commerce

While companies could see significant progress in the realm of mobile commerce in the coming years, consumers have yet to be fully won over by mobile payments. BI Intelligence notes that only 10% of consumers in the U.S. and Europe participate in mobile payments.  Many are willing, but concerns regarding security are keeping most consumers tethered to traditional forms of commerce.

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