Tag: apple

Apple’s mobile payments expansion is finding lackluster support from banks

| December 15, 2015

Banks have relatively low interest in Apple Pay

Apple is running into trouble with the expansion of its mobile payments service, Apple Pay. The company has been trying to convince the world’s largest banks to support the service, but the banks have shown relatively little interest. Apple is looking to launch Apple Pay in China in the coming year, but financial institutions have yet to be dazzled by the mobile payments service. Banks in other countries are showing similar disinterest, as well, slowing the expansion of Apple Pay considerably.

Australian banks have yet to show any strong support for Apple’s mobile payments service

Last month, Apple did manage to launch its mobile payments service in Australia, with the aid of American Express. While Apple Pay has come to Australia, it has yet to acquire the support of the country’s four largest banks, ANZ, National Australia Bank, Commonwealth Bank, and Westpac. These banks represent an estimated 80% of consumers in the country that are already using mobile payments systems.

Banks have already established a foothold in the mobile payments market

Mobile Payments - Australia & Apple PayAustralian banks seem uninterested in Apple Pay because they have already done all the work to make mobile payments available in the country/ As such, some of these banks may see Apple as looking to come in and take advantage of a market that has already been established. Australian consumers have had access to a wide range of mobile payments services for some time, most of which have managed to acquire the support of the country’s banks.

Apple continues to face significant competition

Apple has overcome many challenges in the mobile payments space in the past, but without support from banks, Apple Pay may find relatively little traffic in promising markets. When Apple Pay launches in other countries, it will be facing significant competition from other companies that are involved in the mobile payments space, some of whom have already established a significant foothold in several markets. Considering the interest that iOS users have in mobile payments, however, Apple may be able to find success even if banks are relatively wary.

Survey finds that holiday shopping is driving growth of mobile commerce

| November 24, 2015

Inside Secure finds that consumers are using their mobile devices to get their holiday shopping done

A new survey from Inside Secure shows that holiday shopping is having a major impact on mobile commerce. The survey found that 51% of holiday shoppers prefer using a mobile app when they are purchasing products. Doing so is seen as more convenient, as they are able to avoid large crowds when shopping online or accelerate the checkout process when they visit physical stores. Using mobile devices in physical stores, however, is less popular among consumers than using these devices to shop online.

Security concerns keep some consumers away from mobile commerce

According to the survey from Inside Secure, many consumers do not use their mobile devices to pay for products in physical stores because they have security concerns. Some 70% cited identity theft and payment fraud as the reason they avoid mobile commerce in physical stores. Shoppers have also expressed concerns regarding their privacy, as past cyber attacks focused on retailers have highlighted how easily some malicious groups can acquire consumer information and exploit this data for personal gain.

Mobile shopping is on the rise as holiday season approaches

Mobile Commerce Survey - Holiday ShoppingWhile consumers have concerns regarding security, many believe that mobile commerce is the wave of the future. The mobile commerce space is experiencing healthy growth, powered by the holiday shopping seasons of past years. This year, some 39% of mobile consumers are planning to make an in-store purchase with their smartphones, an increase from the 33% that did so last year. A greater portion of consumers are planning on purchasing products online, using their mobile devices as their primary shopping platform.

Younger consumers are more comfortable with mobile commerce

Notably, the survey found that mobile commerce is most popular among those between the ages of 18 and 44. This demographic tends to be more comfortable with mobile technology, having had a great deal of experience with smartphones and the digital world. The survey also found that iOS users are more likely than their Android counterparts to participate in mobile commerce over the holiday season, making use of Apple’s new mobile payments service, Apple Pay.