Category: Mobile Payments

Mobile payments are gaining momentum in the US and UK

| January 29, 2016

Report highlights the growing power of mobile payments

The popularity of mobile payments is growing in the United Kingdom and the United States. Citigroup and the Imperial College of London have released a new report shows that consumers in many countries are beginning to favor mobile payments when they shop digitally. This is particularly true in the U.S. and the UK, as more consumers are beginning to use their mobile devices to purchase products online. As such, they are becoming increasingly reliant on new payment services that allow them to make purchases online and in physical stores.

Consumer attitudes are affecting the adoption of new payment services

While more consumers have been opting to use their mobile devices to make payments, adoption of mobile commerce has been slow in 2015 overall. Consumer attitudes kept many people from making use of mobile payments services and these attitudes were swayed by security concerns. Many believe that their personal information is at risk when they use new payment platforms, which leads them to avoid mobile payments altogether. the report also suggests that there is a culture barrier preventing the widespread adoption of mobile payments.

UK banks are finding success with their own payment platforms

Mobile Payments US & UKBanks in the United Kingdom have reported a surge in the adoption of new mobile payments service over the past few years. Barclays has its own mobile platform, called Pingit, which now accounts for 1 million transactions as of January of this year. This is an increase over the 100,000 transactions it had been responsible for only one year ago. Payment services in the U.S. have seen similar growth, especially due to the availability of new services like Apple Pay and Android Pay.

Consumers want more security from their mobile payments services

The mobile payments sector is still considered quite young. As such, there is room for growth in its various aspects. For consumers, security remains one of the most important priorities. If services cannot protect their financial information, consumers are unlikely to make use of them. These consumers also want more value added to the mobile payments services they are interested in. This may be accomplished through stronger support for loyalty programs.

Apple is leading the way in mobile payments

| January 28, 2016

Apple Pay has become a success in the United States

Apple has established success in the U.S. mobile payments market. The company has been fighting to find a foothold in the mobile payments space for some time, but successfully did so with the launch of its own payment service, called Apple Pay. The service was launched in late 2014 and adoption has been steadily growing throughout the United States since then. Apple Pay has won praise because of its security features and convenient nature, which has made it one of the most used mobile payments services in the country.

Report highlights the growing power of Apple Pay

Piper Jaffray, and investment bank, has released statistics concerning the mobile payments market, showing that Apple is leading the way. The report from Piper Jaffray shows that approximately 20% of iPhone users have adopted Apple Pay. While the adoption of the payments service among iPhone users may seem low, the report notes that Apple Pay is the overwhelming share leader when it comes to point-of-sale mobile payments. The success that Apple has found has made it more attractive to banks, which are beginning to show more support for its payment services. In September, 515 banks were supporting Apple Pay. Now, however, more than 930 are supporting the service.

Apple expected to continue finding success in the mobile payments market

Mobile Payments - Apple PayThe report predicts that Apple Pay will continue to find success in the mobile payments market. Apple is planning to introduce new features that may secure this success. These features are rumored to include better support for loyalty programs, particularly those that have been put in place by large retailers. Apple Pay may also find success in other countries as Apple attempts to break into new mobile payments markets throughout the world.

Competition in other countries may prove fierce for Apple

Apple has faced strong competition in the mobile payments space. Google, Samsung and several other companies have become involved in this sector and have been vying for the support of consumers and businesses alike. In other countries, Apple may find more ferocious competition, especially as foreign banks have shown relatively little interest in the company’s mobile payments service.