Tag: near field communications

Mobile payments may go mainstream in 2015

| January 20, 2015

Deloitte report suggests that mobile payments will become a mainstream success this year

This year, mobile payments may experience strong growth, even becoming mainstream in some parts of the world. According to a report from Deloitte, a global professional services firm, mobile payments is expected to see phenomenal growth in 2015. In-store mobile transactions, in particular, will experience global growth, as more retailers begin to use mobile point-of-sale systems in order to engage mobile consumers more effectively.

In-store mobile transactions expected to grow by more than 1,000%

According to the report, global in-store mobile payments will grow by more than 1,000% this year. An estimated 10% of all smartphones throughout the world will be used to make a mobile transaction in a physical store at least once a month. Last year, less than half of these devices were used to make mobile payments in stores. Retailers are embracing new payment services in order to connect with a growing audience of mobile consumers. These people are beginning to heavily rely on their mobile devices in their daily lives, and their interest in mobile shopping has been growing aggressively over the past several years.

Mainstream acceptance of mobile commerce may be possible

Mobile Payments could become mainstreamIn 2015, many of the prerequisites needed for mobile payments to go mainstream are expected to be satisfied. Financial institutions are expected to become more comfortable with mobile transactions and the safety of new mobile services, encouraging their support for this growing sector. Merchants are expected to place more focus on the mobile space, embracing new payment services that are becoming popular with consumers. The growing number of NFC-enabled mobile devices is also making it easier for consumers to participate in mobile commerce.

Security remains a major challenge for the growing mobile commerce industry

There are still challenges that the mobile payments space must overcome. One of the most significant of these challenges is security. Because mobile commerce deals in the trafficking of financial information, it has become a popular target for those that would exploit this financial information. As such, security is becoming a major priority for firms that offer mobile payment services.

BitPay developing new mobile payments app based on NFC technology

| November 10, 2014

Bitcoin continues to gain momentum in the retail space

One of the most powerful trends to emerge in the retail space recently is making the purchase process more convenient for shoppers. A growing number of retailers are beginning to embrace mobile commerce, hoping to streamline the checkout process and make it possible for consumers to get into a physical store and complete their shopping faster than ever before. As mobile shopping grows in popularity, so too is digital currency, such as Bitcoin. This currency is seen as massively convenient , which could make it a powerful mobile commerce tool.

BitPay teams with SumUp to develop new mobile app

BitPay, one of the leading Bitcoin payment processors, is working to make paying with Bitcoin more simpler than it already is. The organization wants to see Bitcoin become more convenient for consumers, but also more attractive for merchants interested in the digital space. In order to do so, BitPay has partnered with SumUp, a developer of point-of-sale systems that accept Bitcoin payments as well as payments made with conventional currencies. Together, the two organizations are developing a new mobile application that will help merchants better connect with consumers.

Demand for Bitcoin payment services is on the rise

bitcoin mobile paymentsBitcoin is gaining more attention in the mobile commerce space because of its high value and versatility. While the digital currency is somewhat volatile due to the lack of regulation policing it, consumers have shown significant interest in using this currency to purchase products online. Bitcoin has been moving into the physical world at a rapid pace as well, with a growing number of merchants accepting this currency in their stores. The demand for payment solutions that accept Bitcoin payments has grown significantly as a result.

New app will leverage NFC technology rather than QR codes

The new app being developed by BitPay and SumUp will be based on NFC technology. For years, Bitcoin payments were largely handled through the use of QR codes. These codes have to be scanned with a mobile device in order to initiate a transaction. Using NFC technology, however, a shopper can simply tap their phone to a point-of-sale system and finalize a payment in a matter of seconds.