Author: Stephen

Sound-based mobile payments are coming to India

| February 11, 2016

ToneTag will make sound-based mobile transactions possible for Indian consumers

Consumers in India will soon be able to take advantage of the convenience of sound-based mobile payments. ToneTag, a sound-based technology startup, has been tapped by MoboMoney, a payment platform that was launched in December 2015 by Tech Mahindra, to introduce a new feature into the MoboMoney ecosystem. ToneTag has developed technology that can facilitate mobile transactions with a simple sound or through the use of NFC technology, which most modern payment platforms are based on.

MoboMoney aims to expand the accessibility of mobile commerce

MoboMoney notes that the ToneTag sound-based technology is capable of facilitating transaction even on devices that are not equipped with NFC technology. This technology is still relatively rare in India, though more NFC-enabled devices are becoming available in the country. Sound-based technology could allow more consumers to participate in the mobile commerce space, allowing them to use a wide range of devices to make purchases in physical stores. A growing number of physical stores are beginning to support mobile commerce and more consumers participating in this space may lead to success for retailers.

India continues to be a favored mobile market

mobile Payments via Sound - IndiaIndia is one of the fastest growing mobile payments markets in the world. The country is home to more than 1 billion mobile consumers, with many of these people living in rural areas. Those living in rural areas have shown particular interest in mobile commerce because it allows them to shop whenever they want and from wherever they are. MoboMoney aims to expand mobile commerce services to the full gamut of these consumers, hoping that more people will opt to make transactions via their mobile devices.

Innovative technology could help bring more people into the mobile commerce space

ToneTag has been finding success with its innovative technology. In August of last year, ToneTag rose a total of $1 million in funding. This money allowed the company to expand and perfect its services. Sound-based mobile payments have not yet become mainstream, but ToneTag’s ability to make mobile commerce more accessible to a wide range of people may change this in the coming years.

Report predicts the explosive growth of the global mobile payments market

| February 9, 2016

TrendForce predicts surge of the global mobile payments market through 2019

The global mobile payments market is expected to surge this year. TrendForce, an analyst firm based in Taiwan, has released a new report that predicts the strong growth that the market will experience, with growth expected to pick up momentum through 2019. According to the report, the number of mobile payments being made is expected to reach $620 billion by the end of this year, up from the $450 billion that was recorded in 2015.

Companies look to find a place in China’s mobile commerce market

TrendForce believes that Apple Pay, Samsung Pay, and similar services from large companies will become more popular throughout the world. The growth of the mobile payments market is expected to be secured in China, where companies are fighting for the favor of those interested in mobile commerce. China is considered the world’s largest and fastest growing mobile payments market, with several companies specializing in digital commerce having found major success by engaging the growing number of mobile consumers.

Alibaba and Tencent ensure that consumers are involved in the mobile commerce space

Mobile Payments Report - Explosive GrowthMassive companies like Alibaba and Tencent have established a powerful foothold in the mobile payments market. These companies have ensured that it will be difficult for other companies to compete in China. These companies have also succeeded in making mobile payments more secure, which has created a great deal of confidence among consumers and ensuring that they will participate in the mobile commerce space.

Biometric technology will make the mobile payments space more secure

According to the report from TrendForce, the global mobile payments market will hit $930 billion by 2018 and $1.08 trillion by the end of 2019. By that time, mobile transactions are likely to be protected by biometric technology. TrendForce expects that more than 40% of smartphones throughout the world will be equipped with fingerprint scanners, which will be used to protect consumer information when they are making a mobile transaction. This degree of security is likely to encourage more consumers to make mobile payments in the coming years.