It is clear that the adoption of this type of smartphone based transaction still has a long way to go.
A recently released study has now revealed that it is Europe that currently holds the top spot for the adoption of mobile payments, while at the same time, North America appears to be lagging behind the rest of the world in this same category.
This study was conducted during the period up to the point in which Apple Pay was launched in the U.S.
This study was conducted by a payment technology company based in Amsterdam called Ayden. The report on the research was included in its Q3 Mobile Payments Index. The data that was considered within this report runs up to the point at which Apple Pay rolled out in the United States. This could mean that from that point forward, the situation may change if it does turn out that the estimated 10 million Americans who have devices compatible with that service decide to actually use it.
Some believe that the awareness of mobile payments, alone, will start to improve its use in North America.
According to the report, mobile devices made up 23.3 percent of all of the online payments that were completed within the three month span that finished on September 30. This represents a growth in the worldwide use of these transactions of a sizeable 21.4 percent when compared to the quarter beforehand, which closed at the end of June. Among all of the various regions that were considered within this report, Europe was at the very top of the adoption of this technology.
Smartphone payments in Europe made up 24 percent of all of the mobile based transactions in the world. Asia came in second by contributing 17 percent of those transactions. That said, it was Asia that was seen as the most rapidly growing in terms of adoption and use of these digital payments. Its year over year growth rate was recorded to be 58 percent, said the report.
North America was at the other end of the scale. It sat at 16.7 percent of the total mobile payments around the world, and remained pretty much unchanged in that figure when compared to the previous quarter.
Visa has high hopes for mobile payments in Asia
Visa has been showing a great deal of attention to the emerging mobile payments scene in Asia. The region has become one of the most active places in the world when it comes to mobile commerce, largely due to the aggressive steps that retailers are taking and the growing proliferation of smartphones and tablets. Visa is one among several financial service firms that have been working to establish a strong presence in the mobile payments sector of Asia and the company sees a great deal of promise in several of the markets located within this region.
Asian Pacific sees a great deal of mobile commerce activity
According to Visa, mobile payments are likely to thrive in markets where card payments are already very common. The company anticipates that mobile payments will see the most aggressive growth in Australia, Hong Kong, and Taiwan, which are quickly establishing themselves as hubs for ambitious mobile commerce projects located in the Asian Pacific. The company notes that Japan is also a likely place to see strong growth in mobile payments, due to the fact that many consumers in the country already use their mobile devices to purchase transit tickets.
Security remains a problematic issue
Consumers that regularly use their mobile devices have shown a great deal of comfort when it comes to mobile commerce. These people have been able to acclimate to the idea of mobile payments more easily than those that do not use their smartphones and tablets on a regular basis. There are universal concerns that exist within this sector, of course, the most prominent of which happens to be security. The threat of financial information being stolen and exploited has proven to be a prohibitive issue to many consumers throughout the world.
Asia could present lucrative opportunities to mobile commerce firms
Visa is not solely focused on Asia with its mobile payments endeavors. The company is currently involved in various projects that are taking place around the world. Visa’s primary interest is to make consumers comfortable with mobile payments, but notes that there is a great deal of promise in Asian markets that could prove lucrative to those that manage to provide comprehensive mobile commerce services to the consumers that are demanding them.
