Tag: mobile payments platforms

Lack of interest in wallet platforms is impacting mobile payments

| May 1, 2014

Consumers have little interest in mobile wallets, seeing them as relatively useless

In the U.S., consumers are finding the concept of mobile wallets difficult to understand. For several years, people have been using their smartphones and tablets for a variety of activities, including hailing cabs, purchasing products online, and reviewing products and services that they are interested in. For the most part, mobile wallets are never used for such activity, which has left many people wondering why these platforms are being so heavily promoted by companies participating in the mobile commerce space.

Wallets may not offer consumers the services that they are interested in using on a daily basis

Mobile wallets are quite straightforward in their purpose. These platforms are meant to serve as digital counterparts to physical wallets. As such, they store the financial information of their users as well as a wide variety of other digital content. All of this information can be easily accessed by users of mobile devices, but this convenience has done little to wind over the hearts of consumers. Those finding mobile wallets unnecessary are not able to see what these platforms offer than traditional wallets do not.

Falling support for wallet platforms may have a negative impact on mobile commerce

lack of interest negatively impacts mobile paymentsThe relative malaise that people seem to have with mobile wallets has had an impact on mobile payments. Many companies specializing in mobile commerce have placed their hopes on mobile wallets. If these platforms are not being used, consumers are not likely to be making mobile payments. There are mobile commerce services that are not associated with wallet platforms, but many of the largest companies working in this sector are pushing for consumers to embrace the concept of mobile wallets.

Merchants are showing relatively low interest in mobile wallet platforms

Consumers are not the only ones that are showing disinterest in mobile wallets, of course. Merchants also have yet to be won over by the capabilities of wallet platforms. Many of these merchants are somewhat interested in mobile payments, but are not willing to support wallet platforms in order to accommodate mobile consumers.

Mobile payments firm announces acquisition of new funding

| December 13, 2013

Flint raises $8 million in funding

Flint Mobile, a company that specializes in mobile payments, has announced that it has raised $8 million in Series B funding. Flint is unlike Square and PayPal in that it uses a mobile device’s camera to conduct mobile transactions rather than a peripheral that can scan credit card data. These peripherals have become a popular alternative to NFC technology, which has long formed the backbone of mobile commerce. By avoiding NFC technology, companies like Flint have been able to make mobile commerce more accessible to a wider range of consumers.

Verizon invests in Flint

Flint has not yet released any information concerning its roadmap for the future, but it is likely that the company will begin working with the Digicel Group, which provided a significant amount of the company’s recent funding. Digicel is a mobile service operator with business primarily in the South Pacific. Digicel has big plans for mobile commerce, but may run into competition with Verizon Communications. Verizon has also invested in Flint, pumping an estimated $2 million into the company.

Mobile operators look for alternatives to NFC

Mobile Payments - FlintFlint claims that mobile operators appear to favor its approach to mobile payments. Companies investing in mobile commerce have been looking for new payment services and technologies in order to meet the demands coming from consumers. Many consumers are looking for a simple alternative to NFC-based solutions, which are not accessible to those without NFC-enabled devices. Others simple want a secure platform that they can conduct transactions through. Investing in new services helps mobile operators find services that can meet the interests of consumers.

Flint faces staunch competition

Flint is growing in popularity, but there is no shortage of competition in the mobile commerce space. Other firms are looking to promote their own mobile payments platforms and have also been able to attract healthy attention from investors. Even if Flint manages to overcome the opposition of other startups, it will have to compete with larger companies, like PayPal and Google, if it wants to find success.