Author: BWild

OTP Bank rolls out new mobile payments platform

| May 12, 2014

New platform formed through partnership between OTP Bank, MasterCard, and Cellum

OTP Bank has begun to roll out its new mobile payment service, called OTPay. The new service is being launched with the aid of Cellum and MasterCard. The companies announced their partnership in February of this year and have been working together to develop services that would be well received in the mobile commerce space. OTPay is developed by Cellum and adheres to standards devised by MasterCard. OTP Bank is responsible for the financial aspects of the service.

Service may be quite successful in Hungary, where mobile commerce infrastructure already exists

The service is expected to be particularly successful in Hungary, where it is being launched initially. The service will act as a sort of mobile wallet, allowing users to store a wide variety of financial information on a digital platform. The wallet can then be used to make purchases at physical stores and online. Stores, restaurants, and other establishments that are displaying the OTPay logo will accept mobile payments made from the service. Users will also be able to scan QR codes to conduct a purchase if they so desire.

Service makes use of cloud technology in order to secure transactions

Mobile Payments - OTP BankOTPay makes use of cloud payment technology that is meant to secure the transactions that it facilitates. This means that merchants will not have direct access to a consumer’s financial information, but will still be able to receive payment from the consumer. The service also makes use of Cellum’s security technology, which is often used by banks and other financial institutions that adhere to very strict security standards.

Partnerships are becoming common in the mobile commerce space

Partnerships like that between OTP Bank, MasterCard, and Cellum are becoming quite common in the mobile space. The mobile commerce market is saturated and it is becoming more difficult for companies to stand out from amongst their competition. Partnerships can make it easier for these companies to reach consumers with their mobile commerce products. As more partnerships form in the mobile space, consumers stand to benefit from the products and services that these partnerships produce.

Consumers favor smartphones when it comes to mobile commerce

| May 9, 2014

New report highlights trends emerging in the mobile sector

Branding Brand, a leading mobile commerce vendor, has released the latest edition of its Mobile Commerce Index report. The report focuses on highlighting trends that have emerged in the mobile commerce space. The report shows that consumers are beginning to embrace their smartphones as their favored mobile shopping tool. As more people consider their smartphones ideal for online shopping, they are beginning to spend more money through these devices than they had in the past.

Smartphone traffic and spending is growing rapidly throughout the retail space

According to the report from Branding Brand, online traffic from smartphones has risen by 83.8%, with purchases made from these devices growing by more than 96%. Retailer websites that offer an enjoyable online shopping experience tend to see the highest levels of mobile traffic. Smartphone users tend to be quite critical of their shopping experience, so if retailers are lacking appropriate support for mobile devices, shoppers are unlikely to continue visiting those retailers online.

Some consumers favor shopping online over visiting physical retail stores

Mobile Commerce - ShoppingSmartphones generated nearly 30% of all online traffic to retail sites, with iOS devices leading their Android counterparts. Smartphones also account for a major increase in retailer revenue. Smartphone users are spending more money while shopping online as they enjoy the convenience of mobile payments. For some, it is easier to shop online than it is to visit a physical retail store and mobile commerce allows them to avoid crowds and other inconveniences.

Tablets may become the favored online shopping tool among consumers, but smartphones reign supreme for the time being

While smartphones currently account for the majority of mobile commerce activity, tablet devices may soon become the favored shopping tool among consumers. Tablets are often praised for providing an enjoyable mobile shopping experience. This has to do with their larger screens, which allow users more control when their visit online retail websites. Tablets are currently behind smartphones when it comes to mobile shopping and spending, but this may not be the case for much longer. For most consumers, an enjoyable shopping experience is much more important than what device they are using to actually shop.