Tag: mobile payments technology

A recent report from MEF has shown that uptake is driving a broad range of activities over this channel.

The Global Consumer Insights Series on Mobile Money has now been released by the MEF, and it has revealed its belief that mobile payments are among the primary drivers in m-commerce as well as the consumption of a broad range of other types of content over that channel.

The report was based on an analysis of data from 13 different countries.

This included the answers to survey questions from approximately 10,000 respondents. This data pointed out a number of global and regional trends in the uptake of mobile payments and the ways in which this adoption was stimulating growth across other areas in this channel. The report showed that last year, 15 percent of users of mobile media had made some kind of digital purchase over a smartphone or tablet.

Wallets were the most popular form of mobile payments that were used by the respondents.

The largest group of those that had used these digital transactions (representing 7 percent of the total number of respondents) had used mobile wallets, particularly those that used NFC technology to verify and complete the transaction.

The research from this report was conducted along with On Device Research. It has underscored the importance of users of smartphone based money to the overall m-commerce marketplace. They pointed out that the individuals who are already using digital transactions over smartphones and tablets are 26 percent more likely to make a purchase over their mobile devices.

Worldwide, a tremendous 91 percent of those digital money users also made some kind of purchase over their gadgets in 2013. Comparatively, among all mobile consumers, 65 percent did the same.

Users of mobile payments are also the ones who spend the largest amounts on individual purchases. In fact, they have a 10 percent lower likelihood of making a purchase of a low value. Moreover, their purchases are 14 percent more likely to be within the mid-value range. That said, they are not only more likely to make more purchases, but they also take part in a broader range of activities over that channel, such as scanning QR codes (12 percent more likely), make a charitable donation (11 percent more likely), or use location based services (10 percent more likely).

The research, conducted by E-Complish, showed that there was a considerable 215 percent rise.

According to the recently released results of research from E-Complish, some of the most important mobile payments trends that have been observed include a major rise in the number of inquiries and transactions.

The firm went over the data that was available regarding the use of this technology over the last two years.

What E-Complish determined in their mobile payments trends study as that there has been an incrase of 215 percent in the use of this technology in 2013 when compared to the usage that was recorded in 2012. The company also noted that they had seen more than 30,000 transactions and that they had recorded processing over $4,500,000 by that date. Comparatively, in 2012, they had seen only 10,000 transactions and their total processing figure was only $1,500,000.

The company has stated that they have every reason to believe that these mobile payments trends will continue.

They feel that as consumers are coming to depend on their smartphones for a growing number of daily tasks, including for business purposes and for their banking, they will become increasingly willing and interested in using those same devices to pay for their purchases of products and services. Moreover, a growing number of companies have also started to integrate this form of transaction into those that they offer as the technology works more smoothly into their business models through its simplicity and accessibility.

The E-Complish results showed that customers are using smartphone friendly systems for a wide variety of different purposes, ranging from shopping apps, to personal finance apps, or even the option to pay for services through text messages.

Stephen Price, who founded the company in 1998, has had a careful watch over the mobile payments trends regarding implementation and processing among a range of different types of businesses. He pointed out that efficiency is the primary goal of the company when it comes to the use of the technology. He added that this tech fits into a “diverse range of business models. They’re easily adaptable, and this data proves their versatility.”