Mobile payments to reach $100 billion in 18 months

HSBC predicts growth in the mobile payments space for India

As mobile technology continues to expand throughout India, the number of payments being made through mobile applications is increasing. According to HSBC, a leading bank, mobile payments are expected to reach $100 billion within the next 18 months. People are becoming more comfortable with paying for products and sending money to others via apps, and these apps are becoming more plentiful and some are offering consumers robust services. Banks could have much to gain from the continued growth of mobile payments.

Corporate employees are showing favor for mobile banking

HSBC notes that corporations are beginning to see significant promise in mobile payments. High-ranking staff members, such as CEOs and treasurers, are becoming mobile-centric, basing much of their lives on their smartphones and tablets. As such, they are abandoning old methods of managing money and issuing payments, such as writing checks. Instead, these people are becoming more likely to make a mobile payment as it represents an easier and more convenient form of commerce.

Mobile services are becoming a significant focus for banks

Mobile Payments - HSBC PredictionsMobile banking is gaining favor among many people. Banks are releasing mobile applications that allow customers to access their services and these apps have managed to win praise. As banks continue to see growth in the mobile commerce sector, these organizations are expected to invest more into mobile services and applications. This will allow banks to better engage a new generation of consumer that has become heavily involved in mobile technology.

Smartphone penetration is leading to a rise in mobile commerce

India is one of the world’s leading mobile payments markets. This is largely due to accelerated smartphone penetration. As more people obtain smartphones, they are becoming exposed to the concept of mobile commerce and the convenience of this concept has proven quite attractive to millions of people around the world. Competition is fierce in the mobile payments sector, which has lead to a wide variety of mobile apps being made available, giving consumers  many choices when it comes to determining which app they want to use.

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.