Tag: barclays

Promising new mobile commerce service officially launched in the UK

Paym has been officially launched this week

One of the United Kingdom’s most anticipated mobile commerce applications has been officially released this week. The Paym platform has reached more than 360,000 registered users as of Tuesday morning, making it one of the most quickly adopted mobile payment services in the country. One of the reasons behind Paym’s early popularity has to do with the fact that it is backed by some of the country’s largest financial institutions, all of whom have serious interests in mobile commerce.

The UK has become a very attractive mobile market

The United Kingdom has become a very active market for everything mobile. Consumers throughout the country are becoming more mobile-centric, opting to use their smartphones and tablets for a wide variety of activities. As such, commerce has begun to evolve in the United Kingdom, with retailers and other businesses adapting to the changing times and working to engage mobile consumers more effectively. The country’s financial institutions are particularly interested in the mobile space because of emerging trends in consumer behavior.

Paym has the backing of many of the country’s largest banks

Mobile Commerce Service UK Paym is backed by Lloyd’s, Barclays, HSBC, and several other large banks that have an interest in the mobile space. The service allows consumers to make payments from their bank accounts using nothing more than a phone number. Paym won early praise before its launch because of its efficient nature and security features. The platform has managed to acquire a significant level of momentum ahead of its launch and this momentum may help Paym find success among consumers interested in mobile commerce.

Paym expected to process more than $1 billion in payments by 2018

According to the Payments Council, which was responsible for the launch of Paym, the new platform is expected to process more than $1 billion in mobile payments by the end of 2018. The platform is expected to see more use as more bank customers become aware of its existence. The banks supporting Paym will continue promoting the service to their customers in the hopes of making the platform the premier mobile commerce service in the United Kingdom.

O2 to shut down mobile wallet service and continue work on mobile commerce platform

O2 Wallet is shutting down in March

O2, a prominent communications company in Europe, has announced that its mobile wallet service will be shut down at the end of March this year. Mobile wallets have been growing in popularity, but the market is currently saturated with a wide variety of these mobile applications, making it difficult for any one service to stand out. Continued focus on a mobile wallet platform that is, essentially, identical to others is becoming an increasing dangerous trap for companies are heavily investing themselves int he world of mobile commerce.

Wallet applications are becoming more plentiful

While O2 is shutting down its mobile wallet service, the company is not expected to pull out of mobile commerce entirely. The O2 Wallet was launched approximately 18 months ago and was considered one of the first wallet applications from a large company. The app was meant to provide consumers with a way to manage their money and other financial information and received a strong following. Over the past year, however, much about the mobile commerce market has changed, leading O2 to believe that its wallet is no longer viable for consumers.

O2 begins focusing more heavily on Weve platform

O2 shut down mobile commerce platformO2 is now looking for ways to help people manage their money more effectively. Currently, O2 is involved in a joint venture with mobile network operators EE and Vodafone. Through this venture, the companies are working to develop a new mobile commerce platform called Weve. The platform is set to launch in spring of this year and promises to provide consumers with a variety of features that makes managing their financial information and shopping online with a mobile device easier.

Weve attracts strong support

Weve has already won the support of several major banks in the United Kingdom, including Barclays, HSBC, and Lloyds. The mobile commerce platform has also managed to overcome some legal issues concerning Europe’s competition laws. Whether or not O2 will devote the majority of its focus to the mobile commerce platform or decide to develop a new mobile wallet has yet to be seen.