Tag: apple

Mobile payments to reach $3 trillion in the next five years

| December 10, 2014

New report predicts the global growth of mobile commerce and payments volume

Market research firm yStats has released a new report that predicts that mobile payments will continue to boom globally. A growing number of consumers are becoming more prone to shopping online and using their mobile devices to pay for products they are interested in. These consumers are also using their mobile devices to pay for products in physical stores. As this becomes more common, the mobile commerce market is expected to reach new heights in terms of payment volume.

Mobile payments will outpace online payments in terms of growth

The report predicts that online payments will exceed $3 trillion within the next five years, with the mobile space driving growth. Mobile payments are expected to outpace online payments in terms of growth over that period of time. New mobile commerce platforms being supported by retailers are making it easier for consumers to pay for products in physical stores. Some of these platforms have managed to find a great deal of success among consumers and the demand for new, mobile-centric services offered by retailers is growing.

Mobile commerce proves to be an attractive concept to many companies

mobile payments to growThe mobile commerce market shows so much promise that companies that had not been involved in commerce are beginning to show interest therein. Snapchat is one of the latest organizations to break into the mobile payments field. The company recently unveiled its new Snapcash service, which allows users of the Snapchat application to send money to one another. Apple also recently entered into the mobile payments space with its own platform, called Apple Pay.

Asia-Pacific region may be the leading market in the mobile commerce field

The Asia-Pacific region is expected to be the leading market wherein mobile commerce thrives. The report from yStats notes that online payment users in China has reached 300 million, with mobile payment users reaching 200 million. In Japan, mobile commerce has been quite common for several years now, but new services are making it possible for consumers to purchase products in stores with nothing more than their mobile devices.

China’s UnionPay to launch new mobile payments service

| December 2, 2014

Competition is heating up in the mobile commerce field as large companies launch their own payment services

Competition among large companies participating in the mobile commerce field is heating up. Apple has delivered a strong blow to its competitors by entering into the field with its own mobile payments service, called Apple Pay. The service has a veritable armada of retailers supporting it and has also helped many consumers participate in mobile commerce. The service has also had an unintended effect, as Apple competitors have reported that they have seen a dramatic increase in mobile payments made through their own services since Apple Pay was launched.

UnionPay announces plans to launch new payment service called Android Pay

Apple Pay may soon have a very powerful competitor that aims to establish dominance in the burgeoning Asian market. China’s UnionPay, the largest financial service institution in the region, has announced that it will be launching its own mobile payment service, based on the Android operating system. The service, simply called Android Pay, us expected to significantly increase mobile commerce adoption throughout China.

New payment service is expected to use NFC technology to facilitate transactions

Mobile Payments launched in ChinaAndroid pay is expected to make use of NFC technology. If this is the case, UnionPay is likely to subsidize the cost of NFC-enabled SIM cards or other solutions, allowing consumers to make use of the service even if their mobile device does not have NFC capabilities of its own. The new platforms security features are still unknown, but it may be difficult for the Android platform to compete with Apple’s use of biometric technology to keep consumer information safe.

China continues to grow as a prominent mobile commerce market

China has become one of the most attractive and active mobile commerce markets in the world. Large retail groups, such as Alibaba, have been promoting mobile shopping among consumers for some time now and Chinese consumers have shown that they are willing to embrace mobile commerce. UnionPay may find significant success with its new mobile payments venture, if it can find a way to ensure the security of consumer information.