Tag: smartphone mobile payments

In China nearly two thirds of all shoppers are now regularly using wallet apps to complete purchase transactions.

A new report revealed that almost two out of every three Chinese consumers use smartphone mobile payments regularly. The report was aimed at better understanding the country’s internet development. China Internet Network Information Center conducted the study and revealed the results of its data analysis.

The report showed 64.5 percent of Chinese smartphone owners use mobile payments to buy products.

That figure represents about 424.5 million people in China. These figures are as up to date as June 2016, which represents some very recent insight into this smartphone mobile payments trend. It also shows an increase in usage of 7 percent since December.

Aside from mobile wallet use, the report on the study also stated that there are 710 million internet users in China. This is nearly double the entire population of the United States. An estimated 656 million internet users connect to it via mobile devices.

The rapid growth in smartphone mobile payments is credited to the quick development of the necessary infrastructure.

The ecosystem needed in order to implement mobile wallets was adopted very swiftly in China, said the report. Recently, Samsung Pay and Apple pay have also entered the mobile payments market in China. This has given the sector’s growth a shot in the arm.

A rising number of manufacturers such as Xiaomi and Huawei launch NFC technology enabled smartphones. The result is a greater compatibility with many mobile payments tech requirements. Near field communication is the technology behind many large mobile wallets such as Apple Pay. The more consumers have NFC enabled smartphones, the greater the ability to actually use the mobile payment apps.

According to IDC research firm senior analyst, Michael Yeo, “Mobile payments have become a part of life in China now, driven by a combination of factors including e-commerce and mobile commerce, and services such as taxi-hailing apps.”

Yeo also explained that the success of smartphone mobile payments is as great as it is as the Chinese market is less influenced by legacy payment methods. Credit cards and banking cards are not as ingrained in Chinese society. Moreover, many people in the country use the internet exclusively over mobile devices.

OLO brings new mobile commerce service to restaurants

OLO, a relatively new mobile commerce engine designed for restaurants, has announced that it has received a sizeable investment from PayPal, one of the foremost advocates of mobile commerce. OLO has been experiencing rapid growth in recent months. The company, which has been receiving a great deal of attention from numerous investors, has been aggressively hiring and scaling up its operations to establish a firm presence in the mobile commerce market this year. The investment from PayPal is expected to help in this endeavor.

OLO service provides restaurants with consumer friendly services

The OLO service allows restaurants to accept payments and orders from consumers using a simple mobile application. These orders can be placed before a customer even arrives at the restaurant, removing the wait time that some popular restaurants are regularly associated with. Hundred of restaurants make use of the OLO engine and many of these establishments have reported receiving more than 50% of their digital orders through mobile devices.

PayPal may have a role to play in the future of OLO

OLO is designed to be flexible, accommodating the needs of a particular restaurant. To this end, the service allows restaurants to accept forms of payment they are most comfortable with. OLO itself is capable of facilitating payments from all major credit card providers, as well as stored-value cards and mobile wallet platforms. PayPal’s investment into the service is likely to ensure that the company has a place in OLO’s future operations.

PayPal continues looking for ambitious and innovative mobile commerce solutions

PayPal is one of the companies that has been heavily investing in mobile commerce, as well as one of the few looking for an alternative to NFC technology. NFC has become a very popular engine for mobile commerce, but PayPal has concerns regarding the safety and viability of the technology. As such, the company has been looking elsewhere to satisfy its interest in mobile commerce, and services like OLO are among those that have attracted the interest of PayPal in recent months.