Author: BWild

Mobile payments are evolving and many banks may be in danger of getting left behind by consumers

The mobile payments space is evolving at a rapid pace and banks are struggling to keep up. Innovative mobile services appear to be launching on a daily basis and many of these services are changing the way people pay for products online and in the real world. Those finding the most success in this field are those outside of the financial service industry, but banks still have a chance to establish a stronger presence in the mobile commerce market.

Rapid adoption of mobile payment services highlights the slow progress banks have made

The rapid adoption of mobile commerce among consumers is pressuring banks to become more mobile-centric. Money transfers are becoming more common on mobile platforms and fewer people are relying on banks for their financial needs. Moreover, those participating in mobile commerce are making use of platforms developed by software firms and not those made by banks. Typically, the platforms developed by banks are seen as cumbersome and somewhat inconvenient to use regularly.

Many banks have an opportunity to engage mobile consumers through simple services

Banks have existed as the primary money service provider for years. As such, many people still look to banks for the financial institutions that they are and many have faith in their bank’s ability to provide attractive mobile services. Some banks have found success in engaging mobile consumers through the use of simple banking applications. These apps have served as a way for banks to expose themselves to the mobile spectrum and examine what mobile consumers are interested in and what types of services they do not like.

Some banks may have to emulate companies like PayPal that have had success in engaging a mobile audience

In order for traditional banks to remain relevant in a world where mobile technology is becoming a dominant force, they will have to find ways to mimic other financial service providers that have an overarching focus on the digital space. PayPal is a primary exemplar of what can be accomplished through an unconventional focus on the mobile space.

As Motorola prepares to unveil its wearable technology on September 4, much of the surprise was revealed prematurely.

Motorola is getting ready for the big unveiling of its Moto 360 smartwatch, which is to take place on December 4 at a Chicago press event, but a mistake at Best Buy has revealed a list of the product’s features, as well as the price for which it will be sold.

The produce page mistakenly went live too early on the mobile site for the electronics retailer.

What Best Buy revealed about the Moto 360 smartwatch is that the Android Wear based device will be sold with a price tag of $249.99. Fortunately for the retailer, this is not actually the first time that $249.99 has been revealed as the likely price for the wearable technology. In May, the official rules for a contest held by Motorola, itself, listed the approximate retail value of the device at exactly that amount.

If this is, indeed, true, then it will mean that the Moto 360 will be only $20 more than the LG G Watch.

That price point will also place the Motorola smartwatch at a level that is just slightly more expensive than the other two Android Wear devices that are currently on the market, the LG G Watch, and the Samsung Gear Live. Those devices come with a price of $229 and $199.99, respectively.

When it comes to the Moto 360, it appears that the additional money might to do with a design that is potentially much more attractive when it comes to its design. For example, the circular display of the device is well designed for wearing as an actual suit and is a better match for wearing along with clothing that would be worn in a professional environment.

There were some additional preliminary specifications that were also mentioned on the Best Buy page. For example, it will have a 320 by 290 resolution on its touchscreen. Moreover, there will be Gorilla Glass 3 protecting its display. The Moto 360 will be water resistant, will have a built in pedometer and will be similar to the Gear Live in that it has an optical heart rate monitor.