Mobile payments to grow as Internet speeds up

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Mobile Payments Mobile InternetMobile Internet could foster the growth of mobile payments

As commerce grows to be more mobile-centric, the quality of the mobile Internet is beginning to attract a great deal of attention. Most consumers with smartphones and tablets use their devices to browse the Internet for one purpose or another. The common consensus among these consumers is that a slow Internet connection is tedious and frustrating. In terms of mobile commerce, slow connections could be catastrophic as they could lead to multiple charges during a transaction due to consumer frustration and cause many to shy away from the idea of mobile payments altogether.

Faster Internet speeds provide better services to consumers

In order to ensure the continued growth of mobile payments, better Internet connections are required. MasterCard, one of the financial service companies investing heavily in the mobile commerce field, believes that current mobile Internet networks are simply not conducive to the long term growth and adoption of mobile payments. The company claims that 4G networks provide the ideal speed through which consumers can enjoy mobile commerce. These networks do not only allow for quick and efficient mobile payments, they also enable more connectivity between merchants and consumers, allowing both parties to interact more dynamically.

Businesses begin feeling pressure to modernize

High-speed Internet connections have long been reserved for stationary computers stuck in homes. The advent of mobile technology drew attention to a new way that the Internet could be used while people are away from their homes. Thus, the mobile Internet has become a major part of the lives of consumers, a growing number of whom are becoming seriously reliant on their smartphones and tablets. These consumers are forcing businesses to look at the mobile space more seriously and find ways to cater to the needs of a new generation of customers.

Some businesses may be unprepared for the adoption of 4G Internet

According to MasterCard, more businesses are beginning to see the value of mobile payments and how mobile commerce, as a whole, can be supported through the adoption of high-speed mobile Internet. MasterCard notes that many businesses may not be ready to facilitate 4G connectivity as the services they offer are based on slower Internet speeds, but the momentum behind mobile commerce may force these businesses to update their services if they want to get in on the action.

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