Tag: mobile payment app

Will 2016 be the year mobile payments finally take hold?

Industry experts in the retail sphere are predicting that the technology will start heating up next year.

With the close of 2015, there have been a number of predictions as to what will be taking off in 2016 and which trends will continue on their way, and many experts have been saying that they see mobile payments as something that will make an important splash before another year comes to a close.

The prediction is that mobile wallets will take off not only in retail stores but also other locations like restaurants.

Although there have been experts who have been predicting that mobile payments would be taking off for several years, the forecasts for 2016 are larger than ever before. With the introduction of chip credit cards, many people are saying that Samsung Pay, Android Pay and Apple Pay are going to be seen as more convenient and will start to become a normal form of transaction at retail counters and in restaurants. This will be an important shift as consumers have been quite resistant to stepping away from their plastic cards. According to CEB analyst, Andy Schmidt, 2016 could be the year in which that begins to change in a meaningful way.

The migration to chip cards could be just the opportunity that mobile payments need to make themselves known.

Mobile Payments - Will 2016 b the YearBanks, credit card issuers and retailers have all been changing their plastic card technology to include chips and many technology experts believe this slowdown at the checkout counter will have consumers looking to other types of transaction to speed up the process. While chip cards are considered to be safer than the magnetic stripes, it takes several seconds longer for each transaction to be completed. With the combination of the change in habits and the slower process, it could be what consumers need to look to the various smartphone-based options to speed things up again.

For this reason, it is expected that many companies are all going to do their part to stand out in the mobile wallet marketplace. There are already a large number of options, including major players such as Samsung, Apple, Google and even a recent entry by Walmart. Target has also announced that it’s working on its own option, while keeping its position as an important member of the anticipated MCX mobile payments app, as well. The belief seems to be that retailers – individually and as parts of consortiums – will be offering and receiving smartphone based transactions in the largest numbers yet throughout 2016.

Stripe to aid in the growth of mobile commerce

Stripe aims to help retailers engage mobile consumers more effectively

Mobile payments firm Stripe is looking to make it easier for retailers to convert mobile consumers into actual paying customers. This has been a difficult feat to achieve for those participating in mobile commerce, as those using their smartphones and tablets to shop are often fickle when it comes to purchasing products that they are interested in. Some consumers have reported problems with their shopping experience, which is why they do not complete a transaction.

New services could help improve the checkout process

Stripe intends to aid in the conversion problem through its Stripe Checkout, Stripe Connect, and newly launched Stripe Relay. Through these services, the company intends to close the gap that exists when it comes to retailers using mobile applications, making it easier for retailers to convert shoppers into purchasers. These solutions are also meant to make the mobile shopping experience more convenient for consumers, ensuring that shoppers no longer have problems with the checkout process.

Majority of consumers do not use mobile commerce apps

Mobile Commerce - Fast CheckoutMost consumers only spend their time on a small number of mobile applications, with the majority not using mobile commerce apps. Social media apps are, by far, the most popular applications among consumers. Many people prefer to use web browsers when doing their mobile shopping, but relatively few retailers have comprehensive mobile commerce solutions in place that can effectively support this shopping. Stripe Relay, which is designed to make transactions occur as quickly as possible, may become a powerful tool for retailers becoming involved in mobile commerce.

Retailers must fight for the attention of mobile shoppers

Mobile commerce has begun to grow quick quickly. Retailers are feeling a greater need to engage mobile consumers, as they are becoming a more prominent and powerful demographic. Retailers that cannot provide adequate services to consumers may be losing out on promising opportunities. Stripe is one of several companies attempting to help these retailers engage mobile consumers, believing that mobile commerce will become a dominant force in the retail industry.