Braintree sees progress during the holiday season
Braintree, a mobile payments processor, has high hopes for the holiday season. The firm has already been seeing a great deal of activity come from mobile consumers who shopped online during the Thanksgiving holiday and notes that mobile commerce is becoming much more common than it was in the past. Braintree expects to see mobile payments play a much more significant role in the retail sector, especially during the holidays when mobile shopping is favored as a convenient alternative to traditional shopping.
Cyber Monday becomes Braintree’s most successful day ever
Cyber Monday, one of the most significant days of the year for consumer electronics, was Braintree’s most successful day ever in terms of payment processing. The company processed more than $16 million in mobile payments coming from the brands that make use of its services. Braintree suggests that the increase in mobile payments volume is likely due to a pent up demand among consumers who have wanted to use their mobile devices as a shopping tool for several years. These consumers have not been able to satisfy this demand until very recently.
eBay may establish a lead in mobile commerce through Braintree acquisition
Braintree has established a formidable presence in the mobile commerce space, which is one of the reasons eBay has pursued its acquisition so aggressively. The firm is set to close an $800 million acquisition deal with eBay in the coming weeks, which will give the online retailer access to Braintree’s clients as well as its mobile payments tools. After the acquisition, Braintree is expected to begin working with PayPal, which has also taken a strong stance in the mobile commerce sector.
Mobile commerce becomes more attractive to consumers
Consumers are becoming more comfortable with the concept of mobile commerce largely due to the convenience that it represents. During the holidays, traditional shopping can be a chaotic and stressful affair. Mobile shopping allows consumers to avoid crowds and reduce the stress associated with the holidays to some degree.
The report from Allied Market Research predicts that the global mobile wallet market will reach $50 billion by the end of 2020, experiencing a compound annual growth rate of 127% from 2013 to 2020. The report suggests that the majority of consumers that embrace wallet applications will use these platforms to participate in mobile commerce in some manner. Notably, the report predicts that the number of NFC-based mobile wallets will increase in the coming years despite the dropping popularity of NFC in the mobile commerce field.