Tag: mastercard mobile commerce

Mobile payments to grow as Internet speeds up

| May 2, 2013

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.

Mobile commerce drives strong growth for MasterCard

| February 12, 2013

MasterCard sees promising growth in mobile commerce ventures

Financial giant MasterCard has announced promising growth for its mobile payment platform known as PayPass. The company reports that the platform has seen the most aggressive growth in Asia, the Middle East, and Africa, with 28% expansion in this markets during 2012. This growth is being attributed to the popularity that has begun to surround mobile commerce, as well as the proliferation of mobile devices throughout these markets. As more consumers get their hands on smart phones and tablets, MasterCard claims that the demand for mobile commerce rises.

PayPass becoming more popular among businesses and consumers

According to MasterCard, the PayPass platform now boasts of more than 700,000 merchants in 51 countries around the world. The company suggests that the growth of this platform is most rapid in markets where consumers are eager for a convenient alternative to traditional currency. Mobile commerce offers such an alternative as all transactions made through a mobile device involve digital currency rather than physical currency. Consumers have shown a strong interest in using their financial information to make purchases for everyday products from their mobile devices.

Favorable markets see rising demand for mobile commerce servicesmobile commerce mastercard growth

South Africa, Australia, South Korea, and Singapore are among the strongest markets for the PayPass currently. These countries have shown strong support for mobile commerce and mobile device penetration in these markets is gaining strong momentum. MasterCard has established strong partnerships with other financial service companies in these countries to further solidify its position in their blossoming mobile commerce sectors. This year, the company expects to see further growth in these markets as it introduces new mobile commerce services through PayPass.

Innovation may secure future of PayPass

Innovation will be the key to further growth and MasterCard has plans to introduce better services and features to the platform that will make it more attractive to consumers. PayPass is currently involved in a variety of trial projects throughout the world that are designed to get consumers comfortable with the idea of mobile commerce. Many of these trials have proven successful, but consumers are beginning to demand better services from PayPass that are already being introduced by MasterCard’s competitors.