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Google fights to see return in mobile commerce

| November 20, 2012

 

Google Wallet Mobile Payments Mobile CommerceGoogle confronted with the problems of NFC technology

Despite the growing popularity surrounding mobile commerce, NFC technology has hit a rough patch in the global community. Mobile commerce relies heavily on NFC technology in order to function adequately. While the technology has proven very capable of facilitating mobile payments, it has run afoul of security groups and consumers who consider the technology to be a liability to their financial information. Google is one of the many companies that has invested heavily into NFC technology and now has to confront the question of whether they will be able to find profit in doing so.

Google Wallet has yet to impress consumers

NFC technology has seen a great deal of success amongst businesses. The technology has attracted investments and support largely because of its potential in the realm of mobile commerce. NFC often finds a home in mobile applications called mobile wallets. These platforms enable consumers with smart phones and other mobile devices to make payments using the financial information stored by the platform. Last year, Google launched the Google Wallet, which brought NFC-based mobile payments to a wide range of consumers. The platform was not well received by many, however.

Security fumbles at launch leave consumers leery

Google Wallet was plagued with problems at its launch. The platform even fell victim to simple “brute force” hacking, which could have put the financial information of consumers at serious risk. Google has since bolstered the security features of its mobile commerce platform, but the company’s initial security blunders cost it the favor of many consumers. Consumers around the world have begun showing a great deal of reluctance concerning mobile commerce, largely because of the lackluster security they are seeing from he companies involved in the burgeoning industry.

Google has time to see success from Wallet platform

Google has not yet seen return on its investment in the Google Wallet. The company has a profit margin of 22% and an operating margin of 28%, so Google has some time to spare before it has to take action and address the performance of the mobile commerce platform. Google Wallet is not the only venture in mobile commerce that Google is currently involved in, but it may become the company’s flagship if it can overcome the problems it is facing.

BankDhofar launches new NFC point of sale device

| November 20, 2012

 

BankDhofar introduces new NFC-enabled device to Oman

BankDhofar, one of the leading finanNFC Point of Sale Technology cial institutions in the Sultanate of Oman, has launched a new NFC point of sale device. Mobile commerce has been growing in popularity in Oman, as well as in other countries in the Middle Eastern region. Economic growth is causing an incline in smart phone penetration, allowing more consumers to purchase high-tech mobile devices. As these devices become more popular, the demand for mobile commerce and other such services is on the rise.

Device uses NFC technology to process transactions

The new point of sale device from BankDhofar is designed specifically for merchants. The device incorporates NFC technology and the latest General Packet Radio Service communications technology to allow merchants to process mobile transactions. BankDhofar notes that the device’s NFC point of sale capabilities, in particular, will make the payment process for merchants and consumers much more efficient. The device will also make currency conversion a more straightforward process, a feature that may be well received by tourists.

Scarcity of NFC devices may limit reach of mobile commerce

Like others of its kind, the new device from BankDhofar can only be used with NFC-enabled mobile devices. These devices are currently rare, especially in the Middle East. As such, the reach of mobile commerce is somewhat limited in Oman until telecommunications can begin launching new generations of smart phones and mobile devices that make use of NFC technology. These companies are responding to demand coming from consumers, but the integration of NFC technology into a mobile device has proven to be a complicated issue. Security concerns have lead many companies to either abandon the technology, look for alternatives, or figure out ways to make mobile commerce safer for consumers, thus delaying the release of NFC-enabled devices.

BankDhofar predicts growing popularity of mobile commerce

Despite the low availability of NFC-enabled devices, BankDhofar believes that its new point of sale device will be a major boon to the retail industry of Oman. Merchants throughout the country have already shown a great deal of interest in the devices, and this interest is expected to increase well into the future, especially as mobile commerce becomes more common.