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Mobile wallets losing favor in the world of mobile payments

| April 20, 2013

wallet mobile payments declineMobile payments sector seeing a decline in wallet applications

Mobile commerce is quickly becoming a major trend among consumers around the world. Many people consider mobile payments to be a simpler, more convenient way to pay for goods and services, partly due to the fact that mobile technology is so prolific. Much of mobile commerce has been powered through the use of mobile wallets, lightweight mobile applications meant to store and use financial information. While mobile commerce has been seeing strong growth over the past two years, these mobile wallets have not been growing more popular among consumers.

Wallets had been popular, but focus on NFC drives consumers away

In the advent of mobile payments, mobile wallets had been considered a necessary platform for mobile commerce as they provided much of the needed infrastructure for this form of commerce to work. Many of these applications are based on NFC technology, which allows for digital information to be transmitted over short distances. The problem, however, is that NFC technology is not universally supported throughout the mobile space. Indeed, the technology has been losing support from many of the companies and organizations that have emerged as strong players in the field of mobile payments, such as PayPal.

Consumers, as well as device makers, are favoring options free from NFC

Mobile wallets are beginning to give way to other applications that take a more accommodating approach to mobile payments. These applications seek to enable a wider range of consumers to participate in mobile commerce, which had, in the past, been largely restricted to those with NFC-enabled devices. These devices are still rare despite the efforts of companies invested in mobile commerce to see their expansion. A growing number of device manufacturers are beginning to abandon NFC technology, favoring mobile commerce platforms that offer some alternative.

Wallets may still be valid in mobile payments if an alternative to NFC is found

As device makers, like Apple, begin to move away from NFC technology, mobile wallets may be due for some change. These applications still receive significant support from Google and Isis, but the NFC-capabilities of these platforms make them unaccommodating to the growing interests of consumers. If organizations focused on mobile commerce want to retain the foothold they have established in this still emerging sector, they may soon have to consider finding an alternative to NFC technology.

Social media behavior tracked in new study

| April 8, 2013

social media studySocial media study sheds some light on the interests of consumers

Digital agency iAcquire recently partnered with SurveyMonkey, a market research firm, in order to shed some light on how people use social media. Years ago, as consumer electronics first began growing more popular, there were concerns that technology would lead to the society’s isolation from itself; people becoming more enthralled by technology and less integrated into their communities and society as a whole. The advent of mobile technology appears to have put those concerns to rest, as smartphones and tablets have enabled people to stay in constant contact with one another no matter where they are or what they are doing. Social media plays a major role in this constant connection.

Social media engagement increased 30 billion minutes between 2011 and 2012

According to a new study produced by iAcquire and SurveyMonkey, the time consumers spend engaged in social media has increased by 30 billion minutes from 2011 to 2012. The two firms have studied the way people use social media, tracking what they share, how they share, and what they search for. The firms also took note of age demographics and which of these demographics favored particular social networking sites.

Older consumers are more connected to social networks

According to the study, those between the ages of 18 and 29 favor Orkut, a social media site operated by Google. Reddit, DeviantArt, and Github follow closely behind. For those older than 30, LinkedIn, Pinterest, and Twitter are the most favored social networks. Facebook is not strictly preferred by either demographic, but is still used regularly. The study shows that social media is most prolific among those over the age of 30 and that the majority of all social media users, across all ages, do not use Facebook search or the search functions of other social networking sites.

Facebook begins slipping

The study shows that Facebook is beginning to lose traction with social media users, with its time engagement falling 4% between 2011 and 2012. During the same time, engagement in Google+ rose by 80% and engagement in Pinterest rose a staggering 1,000%. Social media behavior is expected to continue evolving, especially as social networks begin to focus more heavily on the mobile space as a way to engage a new generation of consumer.