Tag: Ovum

Retailers in Europe and the Middle East want to embrace mobile payments

Survey shows that retailers are becoming more interested in new payment technologies and services

Retailers in Europe and the Middle East are planning to invest in new payment technologies in the coming years, according to a survey from ACI Worldwide and Ovum. Many retailers are beginning to see a trend among consumers that involves the use of mobile devices to shop for and purchase products. As this trend become more powerful, retailers are beginning to feel the pressure to engage mobile consumers more effectively or risk being left behind by these consumers.

Retailers in Europe and the Middle East have plans to embrace mobile payments within the next 24 months

According to the survey, more than two thirds of European and Middle Eastern retailers have plans to invest in mobile payments technology within the next 18 to 24 months. These retailers are citing real-time clearing and settlement capabilities and the growing popularity of loyalty programs as the reasons behind these investments. QR codes, in particular, have shown great appeal to retailers that want to engage consumers in an effective manner, as these codes have become quite powerful mobile payments tools.

Security concerns are slowing the adoption of mobile payments in the retail industry

Mobile Payments - World NewsThe survey suggests that unfounded security fears have slowed the adoption of mobile payments among retailers. Many companies are concerned with their ability to keep consumers information secure when using a mobile payments platform. Notably, however, a relatively small number of retailers have fallen prey to cyber attacks focused on the mobile sector. The survey suggests that retailers are more comfortable with relying on older, less secure payment platforms that have proven to have security issues in the past.

Retailers believe that consumers want more payment options

The survey shows that 93% of retailers believe that consumers want more options when it comes to paying for products. As such, mobile payments are becoming a more prominent focus for many companies. One of the challenges of embracing mobile payments, however, is the relatively high investment needed to purchase mobile point-of-sale systems and other mobile-centric platforms.

Report predicts promising year for mobile commerce platforms

Mobile commerce may find growth in 2014

Ovum, a leading market research firm, has released a new report concerning the potential growth of mobile commerce in 2014. Over the past few years, consumers and businesses alike have become quite serious when it comes to mobile shopping and payments in general. The past year has shown that retailers are becoming quite aggressive when it comes to engaging mobile consumers and consumers and becoming much more reliant on their smartphones and tablets than they were in the past. This has created a great deal of promise for 2014 in terms of mobile commerce.

Report highlights consumer support of platforms coming from banks

According to the firm’s report, consumers are becoming more likely to trust mobile commerce platforms that are associated with a financial institution. Banks and credit firms that release such platform tend to apply their own security standards to these services, thereby alleviating some o f the security concerns that consumers have regarding their financial information. According to Ovum, 43% of consumers prefer banks as their mobile payment service provider, with 13% favoring credit card companies.

2014 may be a big year for NFC technology

Mobile Commerce Platforms - Mobile ReportOvum’s report predicts that 2014 will be the year where NFC technology finally becomes mainstream. This technology has made up the backbone of many mobile commerce platforms, but has been losing popularity due to security concerns. NFC is quickly becoming a powerful marketing, entertainment, and data sharing tool, but Ovum suggests that its place in mobile commerce will begin to become more pronounced throughout the year as more NFC-enabled devices become available to consumers.

Bluetooth and location-based technologies may become more prominent in 2014

Apart from NFC, Bluetooth is expected to find its way to more mobile commerce platforms in the coming year. Many companies that have invested in the mobile commerce sector have opted to support Bluetooth as an alternative to NFC. Bluetooth has allowed more consumers to participate in mobile commerce because it is far more available to a wider range of mobile devices. Ovum’s report also suggests that location-based technologies will begin to play a much larger role in 2014 than they had in the past.