Consumers continue to worry about the security issues associated with mobile commerce

Mobile commerce is growing in popularity, but this does not mean that new payment platforms are perfect. Over the past few years, consumers interested in mobile payments have expressed concern regarding security issues. Primarily, consumers are worried that their financial information is at risk of being exploited if they make use of a mobile payment service. This has been true in the past, as malicious groups have targeted such services and have gained access to sensitive information.

Some cash through Paym is going to the wrong accounts

NatWest, the United Kingdom’s largest retail and commercial bank, admits that mobile payments are not perfect. The bank’s own service, called Paym, is included in this, with the bank noting that, at times, money could be put into the wrong account due to a glitch. Before consumers can use Paym to make a purchase, they must funnel money into their accounts that are linked to the service. The glitch caused this money to be sent to accounts that were not linked to the service, much to the surprise of the owner of that bank account. NatWest is now working on fixing this problem in order to ensure that money goes where it is meant to.

Paym has become very popular among consumers

Paym launched in April of 2014 and more than $150 million in payments have been sent through the service since that time. Approximately 40 million people use the service, making it one of the most popular services of its kind in the United Kingdom. Paym does not only work with NatWest accounts, of course, and those with accounts with Barclays, Lloyds Bank, and several other organizations can use the service.

Glitch highlights security concerns that exist in the mobile commerce space

The glitch suffered by Paym highlights ongoing concerns regarding the mobile commerce sector. Because new payment systems are electronic and, in many cases, automated, they are susceptible to faults in software. Glitches can lead to a major financial impact for consumers and businesses alike, which could result in liability issues for organizations responsible for these payment systems.

According to a recent report from BI Intelligence, the company’s wearables will stay at the top of the market.

The wearable technology market has been growing in a direction that had not been predicted by many industry analysts, especially when it comes to the impact that smartwatches were supposed to have, following the release of the Apple Watch.

Fitness trackers have remained well in the lead of wearables and it is Fitbit that has been keeping ahead of the pack.

Fitbit recently reported its Q4 2015 revenue as being $712 million. That figure was hugely greater than the average prediction from analysts, which had been $648 million. Throughout all of last year, the company brought in a massive revenue of $1.86 billion. To do this, it sold 8.2 million of its wearable technology devices in the last quarter, bringing its total number of sales for 2015 to 21.4 million. According to analysts, that figure will only continue to rise, this year as the company adds more products to its offerings, such as its very own smartwatch, the Fitbit Blaze, as well as a more fashion-focused fitness band, the Fitbit Alta.

Currently, Fitbit’s wearable technology products are most popular in the United States, where it generated 75 percent of its revenue.

That said, Europe, Africa and the Middle East, combined, made up 12 percent of the company’s revenue. Still, that represents a 191 percent year over year growth in Q4 for those regions, revealing a tremendous rise in popularity within those parts of the world. This indicates that 2016 may be seeing action in far greater markets than the United States. According to BI Intelligence research analyst, Jonathan Camhi, the company’s wearables are seeing considerable traction being gained outside the U.S.

Last year, the company’s focus was aimed at establishing and growing its Fitbit Wellness program. This allowed it to boost its healthcare market customer base by 1,000 in 2015. This shows the growing appeal of the wearable devices within that industry, as well.

Now, BI Intelligence has predicted that the most promising area for growth for these wearable technology devices will be within the health sector. As a number of trends form both among customers and professionals in the healthcare industry, the interest in these gadgets is expected to rise considerably.