Author: JT

By the year 2018, there is going to be a considerable rise in the capabilities for these payments apps.

According to a new forecast that has now been published, by the year 2018, one fifth of all smartphones will have mobile wallet functionality, and one third of all of those payments apps will involve contactless capabilities such as NFC technology.

This report has indicated that there will be a considerable growth in the potential for these apps.

The study and report were created by Juniper Research. That firm determined that there will be two separate mobile wallet models that will define themselves between now and the close of 2018. Within the emerging markets, it will be the Store Value Accounts (SVAs) that will continue to take off. Those forms of app are catering to the massive number of unbanked individuals in Latin America, developing Asia, and sub-Saharan Africa by providing them with financial access for the first time.

In the Western world, the mobile wallet model that will become common will be different.

That model will likely be based on contactless technology such as near field communication (NFC). These launches are expected to occur throughout North America and Western Europe. That latter form appears to be facing the greatest level of challenge when compared to emerging markets, where these apps are taking off more quickly. For instance, Alipay, in China, has already managed to register 100 million users.

The so-called iWallet, Apple’s contribution to this market space, is expected to arrive at any time. This could be a defining addition to mobile payments as it could either represent the point from which these smartphone wallets start to take off in the West, or it could reveal that these apps really will be facing some massive struggles in being able to take off.

It is believed that the iWallet will be based on HCE (Host Card Emulation) NFC services. The use of HCE could prove to be a considerable threat to the role of mobile operators in the contactless payments market. It likely won’t be very long before a much better understanding of the direction of the mobile wallet will be formed.

Consumers are growing fonder of mobile shopping as retailers change their behavior

Consumers are becoming increasingly adverse to traditional forms of commerce, according to research from PayPoint, a provider of multi-channel payment solutions. This trend has been going on for some time, with consumers showing more interest in online forms of commerce over more traditional forms of commerce. In particular, mobile payments have been growing in popularity at a rapid rate, due to the growing prominence of mobile technology and the availability of new payment services being offered to consumers throughout the world.

19.6% of all transactions to come from mobile devices by 2019, according to PayPoint research

Mobile commerce is expected to see a significant degree of success in the United Kingdom in the coming years. According to PayPoint’s research, an estimated 19.6% of all transactions made throughout the country will come from mobile devices by 2019. Currently, some 9.3% of transactions are conducted through a mobile device. Consumers are becoming more comfortable with the concept of mobile commerce, especially as they see retailers and other organizations taking steps to make online shopping more secure and convenient.

Retailers are beginning to adapt to a mobile-centric society

Retailers have been noticing a shift in consumer behavior over the past several years. Many people are becoming mobile-centric, relying heavily on their smartphones and tablets to function in daily life. This has lead to a growing demand for mobile services, which cater to these consumers in particular ways. Retailers have been taking steps to adapt to changes in their given market by embracing mobile technology themselves.

Consumers are still somewhat wary of mobile shopping due to past problems

Finding success in the mobile commerce field has been a challenge. Security issues have steered many people away from mobile payments, while poor online shopping experiences and other problems have done the same. Consumers have shown that they are willing to participate in mobile shopping, but only if the services being offered to them are convenient and mostly problem-free. Poor shopping experiences can discourage consumers from participating in mobile commerce in any significant fashion.