Category: Apps

eBay mobile payments app finds success with young adults

| May 7, 2014

New payments application is helping eBay become more appealing in the mobile space

Leading online retailer eBay has been putting more focus on the mobile sector in recent years. Much of the company’s efforts in the mobile field are being handled by PayPal, but eBay has also been flexing its own proverbial muscles in the mobile space, hoping to promote mobile payments among young adults. eBay’s Venmo peer-to-peer payments application has seen strong growth recently among this demographic, which suggests that the company’s efforts may be paying off.

Venmo finds success among college students thanks to its social networking features

Venmo has become quite popular with young adults on college campuses. Many people are using this application to settle debts among one another or split the cost of meals at restaurants. The application is designed more like a social network than a typical payment processor. Venmo boasts of a news feed that tracks transactions that users want to share publicly, but does not show the actual amount being paid. Users can interact with one another in a manner resembling Twitter while also seeing what their friends are purchasing and what they have to say about those products.

Voyeurism helps boost the attraction of eBay’s mobile application

eBay - Mobile PaymentsSocial network voyeurism is nothing new. It is quite common for people to browse the social feeds of their friends to see what they are doing on a daily basis. Indeed, this is one of the primary reason social networks are so popular. eBay claims that this voyeurism is what makes the Venmo application so popular among young consumers as it reinforces the application’s network effect.

Venmo will have to compete with other mobile payments platforms in order to become a success

Venmo is still relatively new to the mobile payments field. Though the application has managed to find a degree of success, it still must compete with other, more popular platforms before it can be considered a competitive mobile commerce platform. Both Google and Square currently represent some of eBay’s most challenging competition in the mobile field and these two companies will not be easily beaten.

Promising new mobile commerce service officially launched in the UK

| May 5, 2014

Paym has been officially launched this week

One of the United Kingdom’s most anticipated mobile commerce applications has been officially released this week. The Paym platform has reached more than 360,000 registered users as of Tuesday morning, making it one of the most quickly adopted mobile payment services in the country. One of the reasons behind Paym’s early popularity has to do with the fact that it is backed by some of the country’s largest financial institutions, all of whom have serious interests in mobile commerce.

The UK has become a very attractive mobile market

The United Kingdom has become a very active market for everything mobile. Consumers throughout the country are becoming more mobile-centric, opting to use their smartphones and tablets for a wide variety of activities. As such, commerce has begun to evolve in the United Kingdom, with retailers and other businesses adapting to the changing times and working to engage mobile consumers more effectively. The country’s financial institutions are particularly interested in the mobile space because of emerging trends in consumer behavior.

Paym has the backing of many of the country’s largest banks

Mobile Commerce Service UK Paym is backed by Lloyd’s, Barclays, HSBC, and several other large banks that have an interest in the mobile space. The service allows consumers to make payments from their bank accounts using nothing more than a phone number. Paym won early praise before its launch because of its efficient nature and security features. The platform has managed to acquire a significant level of momentum ahead of its launch and this momentum may help Paym find success among consumers interested in mobile commerce.

Paym expected to process more than $1 billion in payments by 2018

According to the Payments Council, which was responsible for the launch of Paym, the new platform is expected to process more than $1 billion in mobile payments by the end of 2018. The platform is expected to see more use as more bank customers become aware of its existence. The banks supporting Paym will continue promoting the service to their customers in the hopes of making the platform the premier mobile commerce service in the United Kingdom.