Category: Featured News

Many consumers are turning to their mobile devices to get their shopping and banking done

Mobile payments have become quite popular in South Korea. The country is home to one of the most expansive mobile Internet infrastructures in the world and many consumers have begun to exploit the Internet speeds they have access to in order to get their shopping done quickly. A new report from the Bank of Korea shows that consumers are beginning to favor their mobile devices when shopping online, largely due to the convenient nature of mobile commerce.

Bank of Korea report shows that one in six consumers turn to mobile payments

According to the report from the Bank of Korea, one in six South Korean consumers have made use of a mobile payments service. The report shows that most consumers make use of these services once to three times a month. Approximately 23% of consumers reported that they use mobile payments services at least once a month, with another 23% reporting that they use these services much more frequently; at least once or twice a week. With more consumers becoming involved in mobile commerce, many businesses may find new opportunities to effectively engage these potential customers.

Demand for secure and reliable services continues to rise in South Korea

Bank of Korea suggests that organizations should improve their mobile banking operations in order to effectively engage consumers on smartphones. In improving these operations, organizations should focus on two aspects of the mobile commerce world: Security and reliability. The demand for reliable mobile payments services and new banking services is growing, creating opportunities for financial service instructions that may result in economic success. Organizations will also have to ensure that the services they offer are capable of adequately protecting consumer information.

Security remains a priority for companies involved in mobile commerce

Security is, perhaps, the most important issue to address. Many consumers have avoided using mobile payments services because they worry that their information may be exposed to significant risks. Companies involved in the mobile payments space have been working to allay fears concerning security through the introduction of new technology. New services with more robust security features are becoming available as a result.

The Mumbai Central Train Station in India will now allow smartphone and tablet users to connect toll-free.

Google has now launched a free WiFi service at the Mumbai Central Train Station in India, which will allow passengers to be able to use their mobile devices to connect to the internet at no cost.

Upon the initial roll out, everyone from train passengers to vendors at the station shops were logging on.

Though that one Mumbai train station is the first to receive the free WiFi from Google, it won’t be the last. The plan is to connect 400 stations in order to considerably expand the reach of the company throughout the country. The initial impression that passengers were expressing was quite a positive one, as they used their smartphones and tablets to keep connected and occupied as they waited for their trains. According to Divya Patel, a student who was waiting to head home to Gujurat from Mumbai, “If my train is leaving, and I need to search, don’t know where to go, then immediately I will get the answer.” She also added that “This is very good, and good for everyone.”

This free WiFi is meant to be highly appealing in a country where there are 6 million new monthly internet users.

The population of India is a tremendous 1.25 billion. As this market experiences an exceptional growth in the number of people who are connecting to the internet, tech giants are paying close attention to the potential this offers them in mobile technology and related services. Google isn’t the only player that has been working to connect with this market, as other giants such as Microsoft and Facebook, in addition to eBay and Amazon have been trying to gain the attention of Indian consumers.

Of course, Western companies aren’t the only ones tapping into the mobile technology boom in India. There are also a number of e- and m-commerce companies from within India that have been reaching out to the population. While it’s true that they are notably smaller than the western corporations, they are experiencing their own significant growth due to the sheer size of the market and its opportunity.

There are over 23 million people who ride trains in India every day, and Google is hoping to appeal to those commuters by adding its free WiFi to the stations where those individuals spend a great deal of time waiting.