Category: Mobile Payments

UnionPay to launch new mobile payments platform in China

| December 22, 2015

UnionPay and Powa Technologies team to expand mobile payments options in China

China’s UnionPay is entering into the mobile payments space. The bank, which is one of China’s largest financial institutions, has entered into a partnership with Powa Technologies, a company that has been involved in the mobile payments space for some time. Together, the two organizations will be working with one another in order to bring new solutions to consumers in China, which will bring more competition into the mobile payments sector and ensure the continued growth of this sector in the coming years.

Companies will launch joint venture in the Guangdong Province next year

UnionPay accounts for some 1.3 million credit and debit card users in the country and is also the world’s largest merchant acquirer, representing some 6 million merchants. Powa Technologies notes that the two companies are expected to launch a joint venture in the first quarter of 2016. This joint venture will be responsible for the launch of a new mobile payments platform, which will initially be available in the Guangdong Province, which has a population of more than 106 million, many of whom are beginning to rely on their mobile devices to shop and pay their bills.

PowaTag will be used for the new mobile payments platform

Mobile Payments PartnershipThe new mobile payments platform will be using technology developed by Powa Technologies, called PowaTag. The company is working with UnionPay to develop a special version of PowaTag, which will be more attuned to the needs of consumers in China. The platform will focus on the online-to-offline (O2O) market, which is generated some $47 billion in China alone during the first half of this year.

China continues to show itself as a leading mobile payments market

Mobile payments have experienced explosive growth in China, where large companies like Alibaba and Tencent have established a major lead in the sector. Foreign companies have been attempting to enter China’s mobile payments markets, but many of the country’s banks have proven to be resistant to their efforts. China is expected to continue growing as a leading mobile commerce market in the coming years, especially as smartphone penetration continues to grow.

More consumers are involving themselves in mobile payments, survey finds

| December 21, 2015

Retale survey shows that consumers are embracing PayPal as the leading mobile payments service

Consumers are showing more interest in mobile payments, according to research from Retale, a location-based mobile platform. The research shows that 43% of consumers in the United States have used a smartphone or tablet to make an in-store mobile transaction. This is an increase from the 36% of consumers that did so last year. PayPal has become the most popular mobile payments services among these consumers, through shoppers tend to use a wide variety of solutions.

61% of shoppers will be using their mobile devices to make holiday purchases

Retale surveyed some 1,000 shoppers in the U.S., finding that 61% of these shoppers said that they would be using their mobile devices to purchase a gift this holiday season. Many consumers have been showing interest in mobile payments because they see it as more convenient, with payment services allowing them to simply tap a mobile device to a payment terminal to make a purchase. The survey from Retale shows that 63% of consumers believe that retailers should provide some sort of in-store mobile payment support, as this may improve the shopping experience.

Mobile shoppers use their smartphones to purchase clothes, food, and send gift cards

Consumers using mobile payments more - studyAmong mobile shoppers, clothing is the category that experiences the most activity. Approximately 44% of consumers have used their mobile devices to purchase clothing products during this holiday season. Another 41% have used their smartphones or tablets to purchase food. Gift cards have also become a popular item for consumers doing their holiday shopping, with 30% sending gift cards via their mobile devices.

Retailers will have to make mobile payments more secure in order to find continued success

The mobile payments sector has generated a great deal of momentum during the holiday season, which is likely to carry over into the beginning of next year. Retailers are becoming more mobile-centric, hoping to better engage mobile consumers. These retailers will have to find ways to protect consumer information in order to ensure that they continue to find success in the mobile payments field.