Tag: digital wallets

Mobile payments has yet to reach its full potential

Mobile commerce continues to grow more popular, but the market is becoming very fickle

Mobile payments are growing in popularity, but they have yet to reach their full potential. The mobile commerce space is constantly shifting as new payment services are introduced and companies move from one of these services to another very quickly. With businesses constantly changing the payment services they use, or opting to develop their own, it can be difficult for any single mobile commerce platform to gain traction. This can also lead to some confusion among consumers.

Convenience is what drives mobile commerce adoption

Mobile commerce is convenient, which is part of its appeal to consumers. Using a service like Apple Pay, someone can pay for goods and services with the information on their mobile device, removing the need to carry any kind of physical currency around. Digital wallets also serve as a replacement for conventional wallets. These applications have the ability to store credit card and payment information, as well as discount deals and special offers from retailers.

Retailers are moving from one mobile commerce service to the next, with some deciding to develop their own solution

Mobile Payments - 7-ElevenWhile there are some mobile commerce platforms that have managed to find success, many more are struggling to engage consumers, and the fickleness of businesses may be to blame. Convenience store chain 7-Eleven had been using an existing mobile payments solution in order to engage mobile consumers more effectively, but the company has decided to develop its own solution. As such, customers that have come to expect mobile payment support from 7-Eleven stores will have to wait until the company launches its own offering.

Restaurants are being affected by fluctuations in the mobile commerce market

Several restaurants have embraced the concept of mobile commerce, but they often move from one payment solution to the next. For restaurants that rely on a third party mobile commerce organization, any change that such an organization makes to its business structure or the services it offers can have an impact on a restaurant’s ability to accept mobile payments.

Lack of interest in wallet platforms is impacting mobile payments

Consumers have little interest in mobile wallets, seeing them as relatively useless

In the U.S., consumers are finding the concept of mobile wallets difficult to understand. For several years, people have been using their smartphones and tablets for a variety of activities, including hailing cabs, purchasing products online, and reviewing products and services that they are interested in. For the most part, mobile wallets are never used for such activity, which has left many people wondering why these platforms are being so heavily promoted by companies participating in the mobile commerce space.

Wallets may not offer consumers the services that they are interested in using on a daily basis

Mobile wallets are quite straightforward in their purpose. These platforms are meant to serve as digital counterparts to physical wallets. As such, they store the financial information of their users as well as a wide variety of other digital content. All of this information can be easily accessed by users of mobile devices, but this convenience has done little to wind over the hearts of consumers. Those finding mobile wallets unnecessary are not able to see what these platforms offer than traditional wallets do not.

Falling support for wallet platforms may have a negative impact on mobile commerce

lack of interest negatively impacts mobile paymentsThe relative malaise that people seem to have with mobile wallets has had an impact on mobile payments. Many companies specializing in mobile commerce have placed their hopes on mobile wallets. If these platforms are not being used, consumers are not likely to be making mobile payments. There are mobile commerce services that are not associated with wallet platforms, but many of the largest companies working in this sector are pushing for consumers to embrace the concept of mobile wallets.

Merchants are showing relatively low interest in mobile wallet platforms

Consumers are not the only ones that are showing disinterest in mobile wallets, of course. Merchants also have yet to be won over by the capabilities of wallet platforms. Many of these merchants are somewhat interested in mobile payments, but are not willing to support wallet platforms in order to accommodate mobile consumers.