Hong Kong residents now have access to new mobile payments service
A new mobile payments service has been launched in Hong Kong by Hang Seng Bank. The service leverages NFC technology to allow consumers to purchase goods from more than 1,000 outlets throughout Hong Kong. This service is one among several that have been introduced to Hong Kong in recent months, but Hang Seng aims to establish the service as a leader among consumers, a growing number of whom are demanding comprehensive and convenient mobile payments platforms.
Interest in mobile commerce rising among consumers
Hong Kong has long been an economic hub and home to tech-savvy consumers of all kinds. Consumers in Hong Kong have been very receptive of mobile commerce over the past few years, largely due to their interests in mobile technology and the high penetration of smartphones and tablets. These consumers particular favor online shopping, which is considered relatively convenient when conducted over a mobile device. Therefore, mobile payments have managed to establish a favored place with consumers.
Service leverages capabilities of NFC technology
The new mobile payments service is based entirely on NFC technology. That means that only NFC-enabled mobile devices can make use of the service provided by Hang Seng. These devices are relatively rare, but are becoming significantly more common with every passing month as device makers work to meet the demands of consumers. Currently, the most popular NFC-enabled device happens to be the Samsung Galaxy S III. Samsung recently released the Galaxy S4, which is also equipped with NFC technology, but this smartphone failed to perform up to the company’s standards in terms of sales.
NFC remains popular despite security concerns
Hang Seng believes that its mobile payments service will be well received among consumers. There are concerns regarding its use of NFC technology, however, due to how attractive this technology is to hackers. In the past, NFC technology has been explo
ited to access a consumer’s financial information. Such attacks have won NFC a fairly dubious reputation, but the technology remains one of the cornerstones of mobile payments.
Survey shows that China may be more accepting of mobile commerce than other countries
Mobile commerce has been growing more popular among the populace of China. Draftfcb China has released the results of its latest survey concerning mobile commerce and its appeal to consumers around the world. The survey was conducted in eight prominent markets, including Brazil, the U.S., and China. Notably, Chinese consumers seem to be more accepting of mobile commerce than those in other countries. This may be due to the growing availability of smartphones and tablets and the fact that young consumers have been heavily immersed in the world of mobile technology.
Chinese consumers are eager to embrace mobile payments
According to the survey some 57% of Chinese consumers claim that they are prepared to purchase products using their mobile device. The survey shows that, on average, approximately 49% of consumers are ready to embrace mobile commerce in any significant way. The survey shows that 67% of Chinese consumers that have participated in mobile commerce were satisfied with their experience. Another 77% claimed that mobile commerce was simply more convenient for their needs as opposed to making a purchase from a physical store.
Mobile Internet allows brands to reach new markets
Young consumers are cited as one of the major contributing factors to the growth of mobile commerce in China. This is not the only factor, however, as the growth of mobile technology has allowed brands to reach markets that had previously been unreachable. Mobile devices have taken the Internet to rural parts of China, where large brands are somewhat scarce. Through the Internet, these brands have been able to engage a new demographic of consumers, and much of the interaction between these consumers and brands comes in the form of mobile commerce.
Consumers show more interest in benefits of mobile commerce than risks
China is quickly establishing itself as a hub of activity in the mobile commerce field. The country is home to some of the largest online retail brands in the world and these companies have shown a strong interest in mobile commerce and the benefits that it offers. Consumers have also proven that they are ready to engage in mobile payments and have shown relatively little concern for the security concerns that have cropped up around mobile commerce.
