Category: Mobile Commerce

Retail industry sets its sights on mobile payments

| January 18, 2016

Retail event will highlight the promising future of the mobile payments space

One of the retail industry’s major conventions is coming to New York and mobile payments may be one of the highlights of the event. The National Retail Federation will be hosting the event, as usual, and the organization suggests that mobile payments may be a significant focus of many companies attending the event. Retailers have become more interested in the mobile space over the past few years, largely due to growing smartphone penetration. In order to better engage consumers, these companies have become very supportive of mobile commerce.

Rewards program may encourage consumers to make use of new payment services

The mobile payments space is still quite young, but it is growing quickly. A growing number of retailers have begun to find that engaging mobile consumers with new payment services has been successful. In order to continue finding success, however, retailers will have to add value to their mobile offerings. Approximately 78% of consumers noted that they would make use of mobile payments services more often if they had access to some sort of rewards program through these services.

Security remains a major concern for consumers

mobile payments and retailMany consumers have shown favor for mobile payments because of the convenience that it represents. The problem, however, is security. Consumers have fears that their financial and personal information may be at risk if they were to use a mobile payment service. Retailers have been targeted in the past by those wishing to exploit consumer information, with some malicious groups focusing on mobile channels.

Retailers will have to take risks to find success in the mobile payments space

Retailers will have to find ways to ensure that consumer information is protected in order to find success in the mobile payments space. They will also have to find ways to add value to existing mobile payments services. Loyalty programs may be the best way to accomplish this, as consumers have shown great favor for these programs. The mobile payments space may thrive as a result of greater security and more valuable features being offered by retailers.

India’s mobile payments ecosystem is beginning to mature

| January 15, 2016

Mobile payments continue to see strong growth throughout India, largely due to the availability of mobile wallets

India’s mobile commerce ecosystem is maturing at a rapid pace. In 2015, consumers throughout the country began realizing the benefits associated with mobile payments technology. The most notable benefit of this technology can be found in mobile wallets, which serve as digital versions of their physical counterparts. These wallets can be used to store a wealth of information, including financial details and special deals being offered by merchants. Mobile wallets have helped power the growth of the mobile payments space in India.

Mobile wallets have become quite popular with consumers

Currently, there are 12 mobile wallets available in India, coming from Paytm, MobiKwik, Oxigen, M-Pesa, and mRupee. Throughout India, some 125 million people use these mobile wallets, with Paytm accounting for the largest share of these consumers. Research and consultancy firm RNCOS recently released a study concerning the mobile wallet market in India. The study found that Indian consumers are quite interested in mobile payments, which has lead to a dramatic rise in the demand for digital wallets.

Mobile wallet market expected to reach $183 million by 2019

Mobile Payments Mature in IndiaAccording to the study from RNCOS, India’s mobile wallet market currently stands at $53 million. The market is expected to reach $183 million by 2019. Several companies are beginning to provide mobile payments services to consumers. As more people gain access to smartphones and tablets, they are becoming more active in the mobile commerce space. This has created an incentive for retailers and other businesses to support mobile payments in order to effectively engage consumers that are becoming increasingly mobile-centric.

More consumers are gaining access to smartphones and bank accounts

Some 400 million new consumers will have smartphones and bank accounts in the near future, making India a very attractive mobile commerce market. Retailers and financial institutions are expected to take advantage of this by offering new services that appeal to the needs of consumers. Competition may ensure that innovation comes to the mobile payments market, allowing mobile wallets to become more capable than they are currently.