Author: JT

New report predicts the global growth of mobile commerce and payments volume

Market research firm yStats has released a new report that predicts that mobile payments will continue to boom globally. A growing number of consumers are becoming more prone to shopping online and using their mobile devices to pay for products they are interested in. These consumers are also using their mobile devices to pay for products in physical stores. As this becomes more common, the mobile commerce market is expected to reach new heights in terms of payment volume.

Mobile payments will outpace online payments in terms of growth

The report predicts that online payments will exceed $3 trillion within the next five years, with the mobile space driving growth. Mobile payments are expected to outpace online payments in terms of growth over that period of time. New mobile commerce platforms being supported by retailers are making it easier for consumers to pay for products in physical stores. Some of these platforms have managed to find a great deal of success among consumers and the demand for new, mobile-centric services offered by retailers is growing.

Mobile commerce proves to be an attractive concept to many companies

The mobile commerce market shows so much promise that companies that had not been involved in commerce are beginning to show interest therein. Snapchat is one of the latest organizations to break into the mobile payments field. The company recently unveiled its new Snapcash service, which allows users of the Snapchat application to send money to one another. Apple also recently entered into the mobile payments space with its own platform, called Apple Pay.

Asia-Pacific region may be the leading market in the mobile commerce field

The Asia-Pacific region is expected to be the leading market wherein mobile commerce thrives. The report from yStats notes that online payment users in China has reached 300 million, with mobile payment users reaching 200 million. In Japan, mobile commerce has been quite common for several years now, but new services are making it possible for consumers to purchase products in stores with nothing more than their mobile devices.

A recent report has shown that most of the leading Android and iOS applications have been hacked.

The third annual “State of Mobile App Security” report has now been released, and what it has revealed was that mobile security in both Android and iOS based applications is not high enough to be able to keep hackers from getting in.

How many have been hacked? 87 percent of the top 100 paid Apple iOS apps and 97 percent of the top paid Android apps!

Beyond the rise in mobile security breaches in apps that are occurring among the Popular Free apps that are most frequently downloaded, the report from this year also showed that there was evidence of hacking that was quite commonplace in the applications in the following categories: financial services, retail and merchants, healthcare and medical. Overall, these were primarily driven by hacks in mobile apps for Android devices.

This shows that there remains a serious concern with regards to mobile security in top apps of all types and forms.

The report is produced by Arxan and it has provided an update over the indicators that have been published in previous years with regards to the prevalence of mobile security issues in the form of hacked apps over the two largest smartphone platforms, Android and iOS. Considering the rapid growth of the global mobile app usage, the insight provided in this report could be quite important.

This report also projected that there will be an increase in the download rate of free mobile apps of 99 percent, to the point that they will reach 253 billion downloads in 207. In the paid app download category, it is expected that there will be a 33 percent increase by 2017, when it will reach 15 billion downloads.

The mobile security risk associated with hacking in apps is remaining stead with Android apps, as the figures showed that 97 percent of the top paid apps have been hacked. That said, the risk of hacking in the top paid iOS apps is considerably higher now than it had been last year, as it is now at 87 percent, compared to last year’s 56 percent.