Tag: south korea

Mobile commerce sees dramatic rise in South Korea

| February 13, 2013

Mobile Commerce South KoreaMobile commerce beginning to blend with social media

Mobile commerce has been booming in several markets around the world recently. Companies are beginning to see the major benefits of engaging mobile consumers and providing them with new ways to purchase products. South Korea has seen significant economic gain through the adoption of mobile commerce recently, especially as businesses throughout the country begin to blur the line between mobile commerce and social media. yStats, a market research and analysis firm, has released a new report concerning the growing trend of social commerce.

Report highlights mobile sales throughout 2012

According to the report, more than three quarters of the South Korean population made use of the Internet in 2012. The vast majority of these people went online to purchase products, as well as engage in social media. The report shows that in 2012, for the first time in the country’s history, more people accessed the Internet through their mobile devices than through traditional computers. Mobile sales in South Korea for the year reached over $10 billion, showing that mobile commerce has established a very strong presence within the country. yStats suggests that social commerce is becoming a very powerful trend in the South Korean market.

Social networks beginning to embrace mobile commerce

Mobile consumers are constantly engaged in social media sites like Facebook and Twitter. While these sites have typically shied away from any sort of commerce, they have been growing more interested in the prospects of mobile commerce in recent years. Facebook, for instance, has been experimenting with ways to allow users to purchase products through e-commerce platforms that can be accessed by a mobile device. Because consumers have a penchant for sharing their interests and connecting with businesses through social media, such services could be very lucrative for companies that have a strong interest in mobile commerce.

Security continues to be a significant issue for consumers

Social commerce is still in its infancy. There are many potential challenges that must be overcome before social networks can fully embrace mobile commerce on any level. One of the most daunting challenges that social media faces is security. Mobile commerce, as a whole, has been plagued by security issues that have caused many consumers to avoid using their mobile devices to purchase products. If social networks can find a way to secure the financial information of their users, mobile commerce may become much more common in the future.

Mobile commerce drives strong growth for MasterCard

| February 12, 2013

MasterCard sees promising growth in mobile commerce ventures

Financial giant MasterCard has announced promising growth for its mobile payment platform known as PayPass. The company reports that the platform has seen the most aggressive growth in Asia, the Middle East, and Africa, with 28% expansion in this markets during 2012. This growth is being attributed to the popularity that has begun to surround mobile commerce, as well as the proliferation of mobile devices throughout these markets. As more consumers get their hands on smart phones and tablets, MasterCard claims that the demand for mobile commerce rises.

PayPass becoming more popular among businesses and consumers

According to MasterCard, the PayPass platform now boasts of more than 700,000 merchants in 51 countries around the world. The company suggests that the growth of this platform is most rapid in markets where consumers are eager for a convenient alternative to traditional currency. Mobile commerce offers such an alternative as all transactions made through a mobile device involve digital currency rather than physical currency. Consumers have shown a strong interest in using their financial information to make purchases for everyday products from their mobile devices.

Favorable markets see rising demand for mobile commerce servicesmobile commerce mastercard growth

South Africa, Australia, South Korea, and Singapore are among the strongest markets for the PayPass currently. These countries have shown strong support for mobile commerce and mobile device penetration in these markets is gaining strong momentum. MasterCard has established strong partnerships with other financial service companies in these countries to further solidify its position in their blossoming mobile commerce sectors. This year, the company expects to see further growth in these markets as it introduces new mobile commerce services through PayPass.

Innovation may secure future of PayPass

Innovation will be the key to further growth and MasterCard has plans to introduce better services and features to the platform that will make it more attractive to consumers. PayPass is currently involved in a variety of trial projects throughout the world that are designed to get consumers comfortable with the idea of mobile commerce. Many of these trials have proven successful, but consumers are beginning to demand better services from PayPass that are already being introduced by MasterCard’s competitors.