Tag: mobile commerce services

Banks could benefit by embracing mobile payments

| June 9, 2015

Adyen report highlights the potential power of mobile payments for banks

Adyen, an international payment services company, has released its latest Mobile Payments Index report, which is published every quarter and highlights the trends that exist within the mobile commerce space. The report shows that more than 27% of global payments are being made on mobile devices, and this number is expected to increase in the coming years as more merchants engage mobile consumers. Financial institutions may be missing out on a major opportunity in this sector, however, because of their relatively slow adoption of mobile payments.

Point-of-sale applications from banks could become powerful tools for merchants

The report suggests that banks could be losing revenue if they do not provide their merchant customers with effective point-of-sale applications. While the majority of mobile payments are made online, a growing number of people are beginning to use their devices to purchase products in physical stores. Without the needed point-of-sale applications, retailers will find it difficult to participate in mobile commerce, which may become a problematic issue for them in the coming years.

Banks could see major benefits from the mobile commerce space

Mobile Payments Benefit BanksBanks could benefit greatly from embracing mobile payments. Offering mobile services to customers can enhance the relationship with these customers, potentially ensuring their continued loyalty. Mobile commerce services could also become a significant revenue stream for banks, largely due to the rapid growth that the mobile payments market is experiencing currently. Mobile services could also give banks access to more consumer data, which would allow them to market products more effectively and provide better services in the future.

Banks are still concerned about the security of the mobile payments sector

One of the reasons that banks have shown some hesitation in engaging in mobile payments has to do with security concerns. The security of mobile commerce platforms has been a hot topic in the past and many banks are not yet convinced that consumer financial information can be protected in the mobile commerce space. Improved security has relieved some of these concerns, but they still remain.

Millenials are leading a shift toward mobile commerce

| August 20, 2014

Venmo is finding success among a younger generation

Venmo, a payments firm based in New York, may become the flagship mobile commerce facilitator among millenials. Younger generations are finding physical currency to be bothersome, opting instead to use digital currency and store their financial information online. The massive popularity of mobile technology has begun causing a major shift in the commerce world, and millenials choosing to forsake physical money are at the heart of this shift. Firms like Venmo may stand to benefit from this trend.

Younger generations often cause a shift in technology and society and mobile commerce is coming out on top

This is not the first time that a younger generation of people have caused a major shift in society. Traditional telephone land lines are no longer popular thanks to the growth of smartphones, which received strong support from young consumers. Young people are also abandoning traditional television services, opting instead to get the majority of their entertainment online in some form. Mobile commerce has managed to find a great deal of success in various sectors, and young consumers have helped secure this success.

Venmo processed $314 million during the first quarter of 2014

Mobile Commerce - TeensVenmo has processed some $314 million in mobile payments during the first quarter of this year, a 62% increase in the payments it processed in the prior quarter. The Venmo application has become quite popular with younger consumers, with many of these people using the app to send money to their friends and pay for products online. One thing that sets Venmo apart from its competitors in the mobile commerce field is that there are no fees associated with transferring money through the mobile application.

Some mobile payments firms are finding more success than others

Venmo is not the only mobile payments firm that has found success by engaging younger consumers. There is no singular platform that these consumers favor, however, and they frequently jump from one mobile payments service to the next. This fickle nature has made it difficult for some firms to find lasting success in their competitive market.