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Mobile payments may go mainstream in 2015

Stephen | January 20, 2015

Deloitte report suggests that mobile payments will become a mainstream success this year

This year, mobile payments may experience strong growth, even becoming mainstream in some parts of the world. According to a report from Deloitte, a global professional services firm, mobile payments is expected to see phenomenal growth in 2015. In-store mobile transactions, in particular, will experience global growth, as more retailers begin to use mobile point-of-sale systems in order to engage mobile consumers more effectively.

In-store mobile transactions expected to grow by more than 1,000%

According to the report, global in-store mobile payments will grow by more than 1,000% this year. An estimated 10% of all smartphones throughout the world will be used to make a mobile transaction in a physical store at least once a month. Last year, less than half of these devices were used to make mobile payments in stores. Retailers are embracing new payment services in order to connect with a growing audience of mobile consumers. These people are beginning to heavily rely on their mobile devices in their daily lives, and their interest in mobile shopping has been growing aggressively over the past several years.

Mainstream acceptance of mobile commerce may be possible

In 2015, many of the prerequisites needed for mobile payments to go mainstream are expected to be satisfied. Financial institutions are expected to become more comfortable with mobile transactions and the safety of new mobile services, encouraging their support for this growing sector. Merchants are expected to place more focus on the mobile space, embracing new payment services that are becoming popular with consumers. The growing number of NFC-enabled mobile devices is also making it easier for consumers to participate in mobile commerce.

Security remains a major challenge for the growing mobile commerce industry

There are still challenges that the mobile payments space must overcome. One of the most significant of these challenges is security. Because mobile commerce deals in the trafficking of financial information, it has become a popular target for those that would exploit this financial information. As such, security is becoming a major priority for firms that offer mobile payment services.

2015 may be the tipping point for mobile payments in Canada

JT | January 16, 2015

Canada may soon become a prominent mobile payments market

Mobile payments may reach a tipping point in Canada, according to a report from professional services firm Deloitte. The report notes that more Canadians are beginning to use their mobile devices to pay for products. This may not be surprising, as many consumers have begun to use these devices in every aspect of their daily lives. Smartphones and tablets are used for social and entertainment purposes, but are also attracting attention as alternatives to traditional physical wallets.

Report shows that more businesses are beginning to support mobile commerce

The report predicts that 2015 will be the year when mobile payments begins t see widespread support in Canada. Retailers, banks, and telecommunications companies are beginning to adopt mobile technology at a rapid pace, allowing more consumers to take advantage of mobile services. The retail space, in particular, has shown a strong interest in mobile commerce because of the large number of mobile consumers that flocked to retail sites during the last holiday shopping season.

NFC technology is becoming more prolific in Canada

mobile payments - NFC technology The report notes that the number of NFC-enabled mobile devices is growing throughout the country. As these devices become more available, a larger number of people are gaining the ability to participate in mobile commerce. NFC technology has made up the majority of the mobile commerce infrastructure for years, but this technology has only recently begun to receive the support of the retail and financial services industries. The report shows that a growing number of retailers are beginning to acquire NFC-enabled point-of-sale systems in order to accept mobile payments more effectively.

Mobile commerce is growing, but cannot yet be considered a mainstream success

While mobile payments are gaining momentum in Canada, this sector is not yet mainstream. Consumers continued to favor traditional forms of commerce when doing business with retailers, seeing little benefit in the availability of mobile wallets and other such services. The primary benefit of mobile commerce, however, may be convenience, as it can allow consumers to purchase products relatively quickly and with little trouble.