Author: Stephen

Apple’s mobile payments service has already had a major impact

| December 26, 2014

Apple Pay has managed to find success where other services have failed

Apple Pay has been finding significant success as a mobile payments service in the few months since its launch, but the service could face challenges in the future. When Apple launched its payment service in September of this year, many believed that it would be a game changer in the mobile commerce space. The service launched with the support of several major retail companies and financial institutions and has been gaining more support from these sectors since.

Report shows that mobile payments among iOS users is rising dramatically

A recent report released by Investment Technology Group found that Apple Pay has already had a significant impact. The report shows that 60% of new Apple Pay users made a payment through the service multiple times during November, suggesting that the platform is engaging consumers effectively. By comparison, 20% of new PayPal customers used the company’s service during the same period.  The report also shows that Apple Pay customers used the service approximately 1.4 times per week.

Consumers are likely to continue using Apple Pay with merchants they already purchase products from

mobile payments - apple payThe retail partners that Apple has acquired for the launch of Apple Pay have helped the service flourish. Those with iOS devices have been without a comprehensive mobile payments solution for some time, and many were happy to use Apple Pay when it was launched in September. The report from Investment Technology Group shows that Apple Pay users were more likely to continue using the service with the same retailers numerous times, with 66% of consumers using the service at the same merchant for future transactions.

 Mobile payments is coming under regulatory scrutiny

Despite the success of Apple Pay, it could be subject to restrictive financial regulations in the future. Apple may be subject to examination by the Consumer Financial Protection Bureau, which has grown somewhat concerned about the mobile payments space recently. While the agency has not yet taken steps to examine companies like Apple and determine whether or not they must comply with the Consumer Financial Protection Act, mobile payments have been falling under more regulatory scrutiny recently.

Mozido acquires major stake in promising mobile commerce firm

| December 23, 2014

Mozido now holds majority stake in CorFire

Mozido, a mobile commerce firm that has been gaining more fame in recent months, has taken up a significant stake in CorFire, another mobile commerce firm that specializes in point-of-sale systems. The agreement between the two companies will change Mozido’s name to Mozido CorFire Inc. Financial details of the deal have not yet been released to the public, but some speculation suggests that Mozido has invested hundreds of millions of dollars into CorFire.

CorFire had been owned by SK C&C, which now has a minority stake in the mobile payments firm

CorFire had originally been wholly owned by SK C&C, the IT service division of SK Group. The company had existed as one of South Korea’s major investments in to the mobile technology space of the United States. SK C&C will continue to hold a minority stake in CorFire, though Mozido will hold a greater sway over the company’s operations and its potential future.

Mobile commerce continues to flourish in many prominent markets throughout the world

Mobile Commere - AcquisitionMobile commerce has become quite popular throughout the world. Many consumers are using their smartphones and tablets to purchase products online, but there is still relatively little support for in-store mobile payments. As consumers become more mobile-centric, the demand for in-store payment systems that accept mobile transactions is growing rapidly. Companies like CorFire aim to accommodate this demand by providing retailers with the technology they need to engage mobile consumers. Mozido is well situated to assist in this endeavor.

Mozido helps retailers embrace the mobile space with its agnostic technology and services

One of Mozido’s major victories in the past is convincing traditional retailers to begin implementing mobile commerce services. The company has helped the retail industry become more mobile friendly, and it has managed to avoid some of the challenges associated with competition by being agnostic regarding payment platforms. Mozido supports mobile payments made from any platform, allowing its clients to embrace their favored payment method without having to worry about whether or not it is supported by the company’s technology.