Category: Mobile Payments

Samsung acquires mobile payments firm LoopPay

| February 23, 2015

Samsung has confirmed that it will be acquiring LoopPay

Samsung has announced that it will, indeed, be acquiring mobile payments technology firm LoopPay. Rumors concerning this acquisition have been circulating for some time, bolsters by Samsung’s growing interest in mobile payments. The acquisition is expected to help Samsung better compete in the mobile commerce space, which has become filled with companies that are seeking to gain the favor of mobile consumers throughout the world. The acquisition may also hint at Samsung’s future efforts in the mobile commerce space.

Firm develops technology that can turn conventional point-of-sale systems into mobile payments terminals

LoopPay develops technology that is capable of giving 90% of conventional point-of-sale systems the ability to accept mobile payments. This technology has become quite valuable, as more retailers are looking to accept mobile transactions in their physical stores. Many of Samsung’s most recent devices are able to conduct mobile transactions, but relatively few retailers support these payments physically. That is changing as mobile commerce continues to prove that it is a powerful force, pressuring more retailers to embrace mobile point-of-sale systems.

Samsung may be developing its own mobile payments system in order to compete with other companies

Mobile Payments - Samsung acquires LoopPaySamsung is rumored to be developing its own mobile payments platform, called Samsung Pay. This platform is likely to be based off technology developed by LoopPay. This technology would be used by retail partners in order to accept mobile payments through the new service. Samsung has not yet revealed details concerning this potential platform or whether or not it will be working with retailers to launch a new mobile payments service.

Competition may be difficult, as other companies have a well established place in the mobile commerce field

Samsung has been relatively slow to enter into the mobile commerce field on its own. The company is currently set to compete with others, such as Apple and Google, in order to gain the favor of mobile consumers. Competition is likely to be fierce, as both Apple and Google already have a well established presence in the mobile payments space.

Mobile commerce is gaining momentum

| February 20, 2015

IBM report shows that mobile traffic and shopping is on the rise in the US

Mobile now accounts for nearly half of all online retail traffic in the United States, according to the latest IBM Digital Analytics Benchmark. The report highlights the growing importance of the mobile space and how it is having a major impact on commerce in the digital world. The report makes note of the mobile commerce activity on Valentine’s Day, showcasing an increase in mobile shopping over what was recorded on the same day in the previous year.

Mobile traffic accounts for nearly half of all online retail traffic this year

According to the report, online shopping, as a whole, grew by 10% on Valentine’s Day. This may be due to numerous factors, including cold weather and powerful storms in some parts of the country. The report shows that mobile traffic accounted for 46.5% of all online traffic, highlighting the fact that many consumers are now using their smartphones and tablets to shop online. Higher traffic does not represent more sales, however.

Mobile commerce still represents a small portion of digital sales when compared to PC

Mobile Commerce - Mobile ShoppingThe report shows that mobile commerce represented 23% of all online sales, which is a 35% increase over mobile commerce sales last year. Mobile still represents a relatively small portion of online retail sales, however, as sales made from PCs remain the most significant force in online retail. The report shows that tablet users typically spent more than their smartphone counterparts. Tablet users spend an average of $98.56 per order, whereas smartphone users spent an average of $92.37 per order.

Mobile commerce continues to thrive because of its convenient nature

While PC still dominates the online retail space, mobile commerce is beginning to become a more prominent force. Many consumers are opting to shop for and purchase products from their mobile devices because of how convenient such a practice is. In the coming years, it is likely to become more common for consumers to participate in mobile commerce, especially during the holidays, when they want to avoid crowds and enjoy a convenient shopping experience.