Tag: mobile payments technology

More consumers are using their mobile devices to make purchases in physical stores

In-store mobile payments are becoming more common in the United States, according to a new report from Deloitte. The report shows that more consumers are beginning to use their smartphones in stores, taking advantage of the mobile payments systems that retailers have in place. Retailers have been reporting an increase in mobile traffic in their digital channels, but more merchants are beginning to see consumers making payments with their smartphones and other devices in physical stores.

Report shows that in-store mobile transactions have grown by 18% in 2015

According to the report from Deloitte, the use of mobile payments in physical stores has grown by 18% this year. The report shows that 3% of shoppers are making in-store mobile payments every day, with 5% doing so every week. The most popular use of mobile payments among these consumers was for public parking. Consumers are also using their mobile devices to make purchases at gas stations, coffee shops, and fast food restaurants. Consumers between the ages of 25 and 34 are the leading demographic in the mobile payments sector.

Consumers still have significant security concerns regarding mobile payments

Though consumers are beginning to show more support for mobile payments, they also have significant security concerns. The report shows that these concerns are the leading reason many people do not make mobile transactions. Approximately 49% of consumers place their trust in banks and other financial institutions for the provision of the payment services they use. Companies involved in the mobile commerce space have taken note of the security concerns that consumers have, with many introducing new technology to ensure the safety of consumer information.

Retailers are embracing mobile payments in order to engage consumers

Deloitte has noted that mobile devices are becoming much more than communication tools. More consumers are beginning to rely heavily on their smartphones and tablets for commerce. With more consumers entering into the mobile commerce space, retailers are expected to show more support for mobile payments system, ensuring that they have the ability to engage mobile consumers.

For the first time in 6 years, the consumer electronics giant has made a change in this critical position.

While Samsung has not at all seen a stoppage in its mobile tech sales, and while it continues to be one of the top smartphone manufacturers worldwide, the company has been facing some sizeable pressures on its business, particularly from competition such as Huawei and Xiaomi.

As a result, the company has changed its mobile communications president as it develops a new strategy.

This is the first time in six years that the company has changed the head of its mobile tech. This means that JK Shin, a 59 year old who has been holding that position for over half a decade, will be on his way out. He is being replaced by Dongjin Koh, who is 54 and was previously the head of mobile Research and Development for the company. He was the one at the wheel when Samsung developed Tizen, its own mobile operating system. He was also leading the way with the Samsung Pay mobile payments platform for which the company has high hopes.

This change in mobile tech leadership doesn’t mean that Shin will be stepping completely out of the company.

Instead, this is being considered as a shuffle within the company instead of one leader stepping up while another leaves altogether. Shin is exceptionally experienced as an executive within this market. He is behind the rise of Samsung’s smartphone business and at the same time, he is also the one who was in command as the more recent challenges fell into place.

For Shin, this will mean that he will be stepping out of the day-to-day mobile technology operations of the company. He will be focusing his attention on tasks of a more long-term planning nature. His goal will be to come up with a strategy that will allow the company to rebuild and rejuvenate its mobile business, which has been struggling to see the type of growth that it has experienced in the past.

It is also important to point out that mobile tech leadership wasn’t Shin’s only role in the company. He was, and remains, the co-CEO of Samsung Electronics. Clearly, this move is not being made to remove him from the company, but rather to freshen its perspective.