Tag: apple

Mobile payments could see strong growth in 2016

| January 12, 2016

The mobile payments space failed to find mainstream success in 2015

Last year, mobile payments managed to gain momentum, but failed to become mainstream. Several companies, including Apple, Google, and Samsung, introduced new mobile payments services in 2015, but interest among consumers has been somewhat limited. Indeed, these consumers opted to use an existing platform provided by PayPal to spend their money on their mobile devices. While mobile payments may not have gone mainstream in 2015, this could change this year, as new services become available and companies begin offering better benefits to consumers.

Many consumers remain concerned about the security of mobile payments

One of the reasons that consumers have been avoiding mobile payments is because they are not convinced of its overall security. In the past few years, major retailers have reported major data breaches, which lead to the financial information of consumers being compromised. This has sown fear among consumers, who believe that mobile payments services may be exposed to exploitation. As such, they have shied away from services, despite the availability of new technology that ensures the protection of consumer information.

Consumers want to see more value from the services that they use

Mobile Payments - 2016 GrowthAnother problem that consumers have with mobile payments is that they do not see the benefit that services offer. While many services also function as a type of digital wallet, they do not consider the ability to store financial information valuable. Being able to take advantage of special deals being offered by retailers has added more attraction to certain mobile payments services, but consumers want more out of the products that they are using.

Supporting loyalty programs and improving security features may ensure the mainstream success of mobile payments

Companies involved in mobile payments may need to ensure that their services offer a worthwhile experience while also being able to keep consumer information safe. These companies will also have to show more support for loyalty programs, which have become quite popular among consumers. In doing so, these companies may be able to find more success in the mobile payments space in 2016.

Apple’s mobile payments platform gains support in Canada

| January 8, 2016

Elavon announces support for mobile payments service from Apple

Elavon, a provider of payment technology in Canada, has announced that it has become one of the first payment processing companies to support Apple Pay for Canadian businesses. This means that Apple Pay will now be able to be used at existing EMV point of sale terminals in Canada. Apple launched its new mobile payments service in Canada late last year, but has yet to find any significant support among consumers. This is similar to what apple is experiencing in the U.S., where mobile payments have yet to become mainstream.

Support may provide Apple with the momentum it needs to find success in Canada

Backed by Elavon, Apple’s mobile payments service may gain the ability to reach more consumers. This may be a boon for retailers using Elavon terminals, as this will allow them to connect with consumers that are becoming increasingly mobile-centric. These consumers are beginning to use their mobile devices to get their shopping done as they see mobile payments as more convenient. Mobile payments are still relatively uncommon in Canada, but consumers are showing a great deal of interest in services that allow them to use their mobile devices as digital wallets.

Apple Pay security features may make consumers feel safer about mobile payments

Canada Mobile Payments - AppleOne of the reasons that consumers in Canada, as well as elsewhere, are somewhat weary of mobile payments has to do with security concerns. In the past, consumers have fallen prey to malicious groups that sought to exploit their financial information, which was acquired through compromised payment systems. Apple Pay, however, has won praise for its security features, particularly its use of biometric technology.

Apple may face competition from other companies that are involved in the mobile payments space

Mobile payments services are likely to gain more momentum in Canada as new services become more available. Apple is likely to experience some competition in Canada, as there are already mobile payments services available in the country. The company may be able to overcome this competition, however, by leveraging the security of its service.