HSBC predicts growth in the mobile payments space for India
As mobile technology continues to expand throughout India, the number of payments being made through mobile applications is increasing. According to HSBC, a leading bank, mobile payments are expected to reach $100 billion within the next 18 months. People are becoming more comfortable with paying for products and sending money to others via apps, and these apps are becoming more plentiful and some are offering consumers robust services. Banks could have much to gain from the continued growth of mobile payments.
Corporate employees are showing favor for mobile banking
HSBC notes that corporations are beginning to see significant promise in mobile payments. High-ranking staff members, such as CEOs and treasurers, are becoming mobile-centric, basing much of their lives on their smartphones and tablets. As such, they are abandoning old methods of managing money and issuing payments, such as writing checks. Instead, these people are becoming more likely to make a mobile payment as it represents an easier and more convenient form of commerce.
Mobile services are becoming a significant focus for banks
Mobile banking is gaining favor among many people. Banks are releasing mobile applications that allow customers to access their services and these apps have managed to win praise. As banks continue to see growth in the mobile commerce sector, these organizations are expected to invest more into mobile services and applications. This will allow banks to better engage a new generation of consumer that has become heavily involved in mobile technology.
Smartphone penetration is leading to a rise in mobile commerce
India is one of the world’s leading mobile payments markets. This is largely due to accelerated smartphone penetration. As more people obtain smartphones, they are becoming exposed to the concept of mobile commerce and the convenience of this concept has proven quite attractive to millions of people around the world. Competition is fierce in the mobile payments sector, which has lead to a wide variety of mobile apps being made available, giving consumers many choices when it comes to determining which app they want to use.
The survey shows that 55% of consumers are making use of Apple’s new mobile payments platform, called Apple Pay. The platform is quite young when compared to those offered by other companies, but has managed to attract a great deal of support among consumers. Google is falling behind both Apple and Amazon when it comes to mobile wallets, with Microsoft falling dead last. Of these companies, Microsoft has experienced the most difficulty in entering into the mobile payments space, partly due to the lack of popularity for its Windows Phone platform.