Tag: Experian

Experian predicts the dominance of mobile payments

New study highlights the potential decline of debit and credit cards

Experian, a leading information services and credit organization, has predicted that there will be a major shift in commerce in the coming years. The company has released a new study that suggests that mobile payments will be in wider use than debit and credit cards by 2020. Mobile commerce has been gaining momentum over the past few years,  powered by the aggressive adoption of smartphones and other devices in prominent markets.

Survey shows that a growing number of consumers are showing interest in mobile transactions

According to the study, mobile payments are growing particularly quickly in the United Kingdom. The study includes results from a recent survey that Experian held, showing that one in three respondents believe that they will be using mobile payments more than other forms of commerce in the coming years. Nearly half of the respondents noted that they were ready to fully embrace mobile commerce systems that made use of biometric technology. This technology uses biologic information, such as a fingerprint, to protect mobile devices and transactions.

Credit cards and cash are losing their luster among consumers

Mobile payments - ExperianThe survey also showed that 40% of respondents believe in the decline of credit cards, with 70% believing in the declining use of cash. Mobile payments are seen as very convenient for consumers that have begun to base much of their lives on their mobile devices. New payment systems allow consumers to make purchases using nothing more than their smartphones, and retailers are embracing mobile commerce in order to better engage these consumers.

Security remains a major issue for the mobile commerce space

While mobile payments are expected to become more prominent in the coming years, there are still many challenges facing the mobile commerce space. One of these challenges has to do with security. Several companies that support mobile transactions have recently been targeted by malicious groups that want to exploit the financial information of consumers. Without adequate security measures, the growth of mobile commerce may lose steam.

Mobile payments set to hit a new high during the holidays in the UK

Report shows that online spending will grow significantly during Christmas and Boxing Day

IMRG, an online retail association, along with Experian, have released a new report concerning the online retail spending in the United Kingdom. The report predicts that Christmas shopping will be particularly active this year, with approximately $650 million in spending coming in on Christmas Day and nearly $800 million coming in on Boxing Day, which follows Christmas. The report suggests that smartphones and tablets will be the driving forces behind holiday shopping.

Mobile commerce continues to gain momentum in the United Kingdom

Many consumers in the United Kingdom have become quite fond of mobile commerce. Using smartphones and tablets to shop online and at physical stores had once been a sort of gimmick that retailers had supported to set themselves apart from their competition. Now, retailers that do not support mobile payments in some fashion could be missing out on a major opportunity to engage consumers. As such, many retailers have begun embracing the mobile space over the past year, preparing themselves for the holiday shopping season.

Holidays may be a turning point for the retail industry

Mobile Payments - Holdiay SeasonAccording to Powa Technologies, the holiday season will show that the retail industry must become more mobile-centric in the future. The company notes that a record $850 million was spent during Black Friday this year. This combined with the predicted $1.3 billion in online sales during Christmas and Boxing day may help retailers better understand the importance of the mobile space. As such, the holidays may serve as a major turning point for many retailers that have not yet been convinced of the value of mobile commerce.

Retailers that have mobile-centric promotional offers find more success among mobile consumers

A growing number of consumers are looking for discounts offered by retailers on their mobile devices. Some retailers have launched promotional initiatives in order to engage the mobile audience specifically. These retailers have found that they were able to attract the attention of mobile consumers more effectively, which increased mobile spending activity.