Category: Mobile Commerce

Google and Apple to improve their mobile payments platforms

| December 18, 2015

Google aims to make changes to its mobile payments products

Google is expected to reveal plans to reform its mobile payments products at its annual developer conference this year. The company has been involved in mobile payments for some time, having launched Google Wallet in 2011. The Wallet was meant to serve as a way for consumers to pay for products online and in physical stores while also storing digital information from retailers and financial information. The product proved relatively unpopular, however, which lead Google to develop Android Pay.

Android Pay and Google Wallet will receive new features in the near future

Android Pay is expected to be the subject of reforms coming from Google. One of the changes the company is reportedly interested in making will allow merchants to accept credit card payments from within their mobile application, while also integrating support for loyalty programs. Google also intends to make further changes to its Wallet platform, reintroducing peer-to-peer payment options that will allow consumers to send money to one another directly through their bank accounts.

Apple also intends to make enhancements to its mobile payments platform

Google Wallet Mobile Payments CommerceGoogle is the not the only company planning to make changes to its mobile payments products, of course. Apple has also announced that it will be unveiling enhancements to Apple Pay. The company has been working to promote its mobile payments service quite aggressively, intending to bring the platform to other markets throughout the world. The enhancements to Apple Pay, which include support for loyalty programs coming from retailers, may make the platform more attractive to consumers, many of whom are becoming more interested in mobile payments as a whole.

Improved platforms will provide Google and Apple a competitive edge

Both Google and Apple are competing in the mobile payments field, which has become flooded with a wide array of platforms that have won the favor of consumers. These companies see great potential in this sector, especially due to the mobile activity being seen in countries like China. Improving their mobile payments platforms may give them the edge they need to establish footholds in these markets.

In-store mobile payments are booming in the US

| December 16, 2015

More consumers are using their mobile devices to make purchases in physical stores

In-store mobile payments are becoming more common in the United States, according to a new report from Deloitte. The report shows that more consumers are beginning to use their smartphones in stores, taking advantage of the mobile payments systems that retailers have in place. Retailers have been reporting an increase in mobile traffic in their digital channels, but more merchants are beginning to see consumers making payments with their smartphones and other devices in physical stores.

Report shows that in-store mobile transactions have grown by 18% in 2015

According to the report from Deloitte, the use of mobile payments in physical stores has grown by 18% this year. The report shows that 3% of shoppers are making in-store mobile payments every day, with 5% doing so every week. The most popular use of mobile payments among these consumers was for public parking. Consumers are also using their mobile devices to make purchases at gas stations, coffee shops, and fast food restaurants. Consumers between the ages of 25 and 34 are the leading demographic in the mobile payments sector.

Consumers still have significant security concerns regarding mobile payments

Mobile Payments - In StoreThough consumers are beginning to show more support for mobile payments, they also have significant security concerns. The report shows that these concerns are the leading reason many people do not make mobile transactions. Approximately 49% of consumers place their trust in banks and other financial institutions for the provision of the payment services they use. Companies involved in the mobile commerce space have taken note of the security concerns that consumers have, with many introducing new technology to ensure the safety of consumer information.

Retailers are embracing mobile payments in order to engage consumers

Deloitte has noted that mobile devices are becoming much more than communication tools. More consumers are beginning to rely heavily on their smartphones and tablets for commerce. With more consumers entering into the mobile commerce space, retailers are expected to show more support for mobile payments system, ensuring that they have the ability to engage mobile consumers.