Monitise, a developer of mobile payments technology, has announced that it has secured a partnership with a leading bank in the United Kingdom as well as extending a commercial contract with one of the country’s leading financial organizations. The company notes that the demand for mobile payments technology has been growing dramatically over the past year. With 2013 over, many retailers and other businesses have been exposed to the benefits of mobile commerce and these organizations are showing their eagerness to embrace the mobile space in 2014.
Mobile commerce continues to grow
Mobile payments are not only growing more popular among businesses. Consumers have become quite interested in mobile commerce and the demand for new services is beginning to reach new heights. Companies are beginning to feel the pressure to accommodate consumer demand or risk losing ground to their competitors that are more mobile-conscious. Mobile commerce is growing at a quick pace due to the importance smartphones and tablets have come to play in the daily lives of consumers.
Monitise has high hopes for 2014 and beyond
Monitise expects to see its revenue increase by 50% in 2014 as it forms new partnerships in Europe and the U.S. The firm expects 2014 and 2015 to be major years in terms of mobile commerce, but also notes that it will likely see fierce competition emerge onto the scene. Companies like Square, which currently only operates in North America, have established a strong presence and major retail organizations like eBay and Alibaba are beginning to take mobile payments more seriously. While Monitise is behind the technology that is used by several large brands interested in mobile commerce, it is just one among several similar firms that are vying for attention.
Uncertainty lingers in the mobile commerce space
The future of mobile commerce is often painted as bright and fortuitous, but there are still many uncertainties and risks that exist in the sector. Security threats abound as malicious groups become more focused on mobile commerce and stealing financial information from businesses and consumers alike. The capabilities of mobile commerce platforms and how they provide a positive experience to consumers is also called into question quite frequently as retailers and other groups continue to struggle with their adaptation to the mobile space.
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