Mobile commerce in 2015 may see a new focus on consumer experience
Mobile payments may thrive in the coming year as companies begin to place more focus on improving consumer experience and adding new services to their payment platforms. During the Consumer Electronics Show in Las Vegas, Nevada, representatives from companies that are deeply involved in the mobile payments space shared some insight into the future of digital commerce. Executives from Coinbase, a Bitcoin firm, MasterCard, and LoopPay attended the event, where they predicted that 2015 would be a good year for mobile commerce.
Many do not see mobile payments as a viable alternative to their wallets
According to Will Graylin, CEO of LoopPay, one of the greatest challenges that mobile payments faces currently is that consumers do not see mobile platforms as a reliable alternative to their physical wallets and payment solutions. Graylin suggested that if mobile payments are accepted at 220,000 retailers in the United States, compared to the more than 10 million locations that accept traditional forms of payment, consumers are not likely to show much enthusiasm for mobile commerce. Overcoming this challenge has become a priority for the mobile commerce industry.
Improving consumer experience may help mobile commerce thrive
In the coming year, businesses may be putting more focus on their mobile initiatives. Adam White, director of business development and strategy for Coinbase, suggests that services with location-based rewards and other features may find more success. The demand for all-in-one solutions, where consumers can compare prices, find deals offered by local retailers, and pay for their products is growing. Accommodating this demand could help mobile payment firms gain significant momentum among consumers.
Firms that focus on consumer experience may find the success they need
Consumer experience may be the thing that directs mobile commerce efforts going into the future. Providing consumers with an enjoyable and convenient experience has helped some payment services find success. As consumer experience becomes more important, payment firms are likely to introduce new features to their services, which include location-based rewards, support for a wider range of loyalty programs, and better payment infrastructure support.
Taiwan is quickly becoming a very prominent mobile commerce market. Two other services have already emerged in the country, but consumers have been demanding a larger, more capable service for some time. Currently, Taiwan Mobile Payment is the largest mobile payment service provider in Taiwan and has been accredited by both Visa and MasterCard.