Author: Stephen

Mobile wallets could replace traditional wallets

| May 27, 2014

Mobile applications are beginning to play a major role in commerce

Mobile wallets may soon be in a position to replace their traditional counterparts. Mobile technology is becoming an increasingly integral part of society, and many people are beginning to rely on their smartphones and tablets in their daily lives. This means that mobile devices are becoming repositories of consumer information, including financial data. These devices are also storing information coming from businesses, such as digital coupons and other such offers from retailers and other organizations.

Mobile wallet applications are becoming more common among consumers of all kinds

Mobile wallets are simple applications that are designed to store financial information, making it easier for consumers to purchase products online and at physical stores from their mobile devices. These applications have become somewhat popular among consumers, but no single application has managed to win the favor of the majority of people in any given demographic. Consumers favor moving from one application to the next, making use of multiple apps that suit their needs effectively at any given moment. Some, however, have settled on the apps that they find most useful, keen to make use of these mobile wallets more than they use traditional forms of currency and credit cards.

Starbucks shows off how mobile apps can be used to generate more commerce activity

mobile wallets Starbucks is, perhaps, one of the best examples of the success that a company can find in engaging mobile consumers with wallet applications. Approximately 14% of all transactions made at Starbucks stores come from mobile devices, according to the company’s CEO, Howard Schultz. These transactions are coming from the company’s own mobile application, which is designed to facilitate mobile payments.

Some companies are having trouble finding a foothold in mobile commerce with their own wallet applications

Other companies working to find success in the mobile commerce space have had trouble finding traction with their mobile wallet applications. Google is one such company. In the early days of Google Wallet, the platform was crippled by security issues that drove consumers to use other applications. Other organizations have faced similar problems, as well.

Standard Bank launches mobile payments app

| May 22, 2014

Banking organization releases new mobile commerce application

Standard Bank, a pan-African banking organization, has launched a new mobile payments application called SnapScan. Mobile commerce is becoming quite popular in Africa, especially as more people in various countries gain access to smartphones and tablets. The proliferation of mobile technology is having a major impact on commerce and the demand for mobile services is beginning to grow at a dramatic rate. In order to accommodate demand, organizations like Standard Bank have been releasing new services that are mobile-centric in nature.

SnapScan leverages QR codes to initiate mobile transactions

The new SnapScan service is meant to give consumers the ability to participate in mobile commerce through the use of QR codes. The application can scan these codes and initiative a mobile transaction. The codes can be associated with any sort of product or service and have become a very popular mobile commerce tool in recent years. These codes are quite easily produced and, in most cases, can be made for free, which is one of the reasons they are particularly popular among retailers and in the marketing field.

10,000 merchants in Africa accept payments from SnapScan app

Mobile Payments - Standard BankSome 10,000 merchants throughout Africa have partnered with Standard Bank in order to accept mobile payments coming from the SnapScan application. These merchants provide consumers with unique QR codes. Once the code is scanned and a payment has been issued, merchants receive an SMS message that verifies that the payment has been received successfully. SnapScan may become more popular in Africa as more consumers make use of the application and see its merits.

Security remains a major challenge for mobile commerce

Many people favor mobile commerce because of its convenience, but consumers are also wary of the mobile space because of the security threats that exist therein. Security has been a major problem for mobile commerce for some time, as it is a popular target for malicious groups that seek to exploit financial information. If organizations can find a way to boost the security of the services that they provide, they are likely to find success in the mobile space.