Tag: MasterCard

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 to see expansion throughout Europe through new partnership

| April 9, 2013

Mobile Commerce Europe Mobile Payments PartnershipCardtek teams with Trevica to expand mobile commerce

The  Cardtek group, a provider of payment systems and services around the world, has entered into a partnership with Trevica, a subsidiary of MasterCard. Trevica is a payment processing firm based in Poland. The company has been attracting significant attention in recent months due to its capabilities in mobile commerce, which are backed by MasterCard. As mobile commerce grows more famous around the world, the need for mobile payment services increases, creating opportunities for companies looking to provide such services and accommodate the demands of consumers.

New NFC-based service to be introduced to Trevica

Through this partnership, Cardtek will work to establish an NFC-based mobile commerce system for Trevica. The system will leverage NFC technology to make mobile payments possible across a wide range of platforms. Trevica will use this new system to help facilitate mobile payments for European banks and other organizations that are interested in engaging mobile consumers on this level. While the system is designed to make mobile commerce more available throughout Europe, it may fall short due to the low availability of NFC-enabled mobile devices.

NFC technology continues to prove problematic

NFC technology is widely considered to be a staple of mobile commerce. The technology provides a way for financial information to be access over very short distances, removing the need for physical forms of currency, such as cash or credit cards. Many of today’s mobile commerce services are based on NFC technology, but the availability of mobile devices equipped with this technology is low. Smartphones and tablets that do not use NFC technology cannot be used to facilitate mobile payments. Because NFC-enabled devices are not in high supply, the mobile commerce sector has grown slowly over time, leading many of the companies and organizations interested in this sector to seek out other forms of mobile commerce.

NFC may yet have a future in mobile commerce

Despite the problems associated with NFC technology, mobile commerce remains a very popular notion, especially among tech-savvy consumers that are constantly tethered to their mobile devices. As the demand for mobile commerce services grows, the supply for NFC-enabled devices also increases, making it more likely that more consumers will engage in mobile payments in the future. Partnerships like that between Cardtek and Trevica aim to take advantage of this trend.