Author: JT

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.

Ahead of the launch of the next generation Apple smartphone, it may be headed to a new country.

The latest iPhone rumors have all been turning heads toward Asia, as it looks as though Foxconn Technologies (one of the most important strategic manufacturing and production partners companies that Apple has) may be changing the location of its mobile device production work.

Foxconn is a company that is based in Taiwan, and it reportedly sees this as a vital move to boost output.

Many predictions have shown that there will be an unprecedented growth in demand for the next iPhone, and Foxconn intends to be prepared for the production requirements that will come with that demand by moving its production to India. It believes that it will be able to achieve a notably higher output level if it works from that country as opposed to its current location.

Government officials have also stated that Foxconn is in talks to move the iPhone manufacturing to India.

Another potential benefit of this manufacturing move is that it is believed that producing the Apple smartphones in India will make it possible for the prices to be reduced within the third largest smartphone market in the world.

India has more than 1 billion people making up its population and yet Apple is struggling to compete with the mobile devices of Samsung Electronics and other more local manufacturers, particularly because of the associated price tag. This move to India could make iPhones notably cheaper for people living in that country.

A Reuters report also pointed out that by creating an iPhone manufacturing workforce in India, it may be possible for Foxconn to control the impact that it is experiencing with regards to the massive wage inflation that is currently occurring in China. This has been causing the manufacturing opportunity in China to become a situation that has a rising amount of risk and is one that many companies are now making a strategic effort to avoid. India has been providing a considerable alternative for businesses that are seeking a similar opportunity with a lower risk associated with wage inflation.