Tag: barclays

UK mobile commerce market may hit $60 billion by 2024

| April 16, 2015

Consumers are enthralled with mobile commerce, but retailers are not

Consumers in the United Kingdom are beginning to show more interest in mobile commerce. Smartphones are now having significant influence over the way people shop for products, both online and in physical stores. Retailers have begun taking notice of this trend and have made efforts to engage mobile consumers in meaningful ways. A new report from Barclays, compiled with the aid of Conlumino, suggests that mobile spending in the retail sector will reach new heights in the coming years.

Retailers have yet to show significant interest in the mobile sector

According to the report, mobile spending in the retail sector will reach approximately $60 billion in 2024. While mobile spending may be on the rise, a relatively small number of retailers are positioned to take advantage of this trend. The report notes that only 3% of retailers said that they are using mobile-ready point-of-sale systems. Another 70% claimed that they do not have mobile friendly websites or applications in place to engage mobile consumers. As such, these retailers may be missing out on significant opportunities in the mobile commerce space.

Consumers are spending mroe through a mobile device

UK Mobile Commerce MarketThe report notes that consumers throughout the United Kingdom collectively spend $10 billion while shopping on their smartphones and tablets. Those with tablets are twice as likely to make a purchase, while smartphone users are less likely to make a purchase. Tablets tend to offer a more enjoyable shopping experience for consumers, as their larger screens provide better navigation options and these devices have better representation in the retail space.

Many retailers have no plans for the mobile space

Less than one-third of retailers in the UK have clear plans for their investments in the mobile sector. The report shows that 68% of retailers have no plans at all, with only a small number of these companies considering mobile to be a priority. These companies are developing mobile websites that are able to accommodate the needs of consumers with smartphones and tablets. They are also making efforts to embrace mobile commerce, making it possible for consumers to use their devices to pay for products.

Barlcays links India and the UK through mobile payments

| August 12, 2014

Barclays launches Pingit service in India to take advantage of the remittance market

Prestigious British creditor Barclays is launching a new mobile payment service between the United Kingdom and India. The financial organization sees promise in the mobile commerce space and has found some degree of success with its mobile payment services in the UK recently. India is currently the largest remittance market for the United Kingdom, with some $3 billion in payment volume reported in 2013. Barclays is working to make its Pingit service available in India in order to take advantage of the activity in the remittance market.

UK consumers show favor for the Pingit service and its ability to facilitate mobile payments

Pingit has been available in the UK for some time. The service allows consumers to spend money in a quick and efficient way using their smartphones. The service will have a similar function in India, and those using the service will be able to use nothing more than their phone numbers to transfer funds between the two countries. The benefit of the service is that neither those sending or receiving funds need to be a Barclays customer.

Mobile commerce continues to gain ground in India and the United Kingdom

Mobile Payments - BarclaysMobile commerce is becoming a powerful force in both the UK and India. Smartphone penetration in both countries is on the rise and more consumers are looking to take advantage of new services that cater specifically to a mobile audience. The demand for mobile payments services is on the rise and large companies like Barclays are looking to accommodate this demand.

Maximum payment that can be processed through the Pingit service is $2,000

According to Barclays, the minimum transaction that can be made for its Pingit service is $30. The maximum transaction is nearly $2,000. Mobile payments made through the service can take as long as 48 hours to process. After the payment is processed, those receiving funds will be able to use their money in any way they see fit. Pingit is currently one of the most popular mobile commerce services in the United Kingdom.