Tag: m-commerce

Google and Apple to improve their mobile payments platforms

| December 18, 2015

Google aims to make changes to its mobile payments products

Google is expected to reveal plans to reform its mobile payments products at its annual developer conference this year. The company has been involved in mobile payments for some time, having launched Google Wallet in 2011. The Wallet was meant to serve as a way for consumers to pay for products online and in physical stores while also storing digital information from retailers and financial information. The product proved relatively unpopular, however, which lead Google to develop Android Pay.

Android Pay and Google Wallet will receive new features in the near future

Android Pay is expected to be the subject of reforms coming from Google. One of the changes the company is reportedly interested in making will allow merchants to accept credit card payments from within their mobile application, while also integrating support for loyalty programs. Google also intends to make further changes to its Wallet platform, reintroducing peer-to-peer payment options that will allow consumers to send money to one another directly through their bank accounts.

Apple also intends to make enhancements to its mobile payments platform

Google Wallet Mobile Payments CommerceGoogle is the not the only company planning to make changes to its mobile payments products, of course. Apple has also announced that it will be unveiling enhancements to Apple Pay. The company has been working to promote its mobile payments service quite aggressively, intending to bring the platform to other markets throughout the world. The enhancements to Apple Pay, which include support for loyalty programs coming from retailers, may make the platform more attractive to consumers, many of whom are becoming more interested in mobile payments as a whole.

Improved platforms will provide Google and Apple a competitive edge

Both Google and Apple are competing in the mobile payments field, which has become flooded with a wide array of platforms that have won the favor of consumers. These companies see great potential in this sector, especially due to the mobile activity being seen in countries like China. Improving their mobile payments platforms may give them the edge they need to establish footholds in these markets.

Mobile payments see little growth during the holidays

| December 11, 2015

Relatively few consumers are using their mobile devices to purchase products online and in physical stores

Mobile payments has become a powerful force in the retail sector, but many consumers remain loyal to conventional forms of commerce. During the holiday season, many retailers saw a significant increase in the number of mobile shoppers they served, but number of mobile consumers was lower than what many companies had been anticipating this year. According to data from Bankrate, only 14% of smartphone owners in the United States actually used their device to make a mobile payment during the Thanksgiving shopping weekend.

28% of smartphone owners made a mobile payment during 2015

Information from the Federal Reserve also highlights the relatively sluggish activity being seen in the mobile payments space this year. According to the agency, only 28% of smartphone users made a mobile payment throughout 2015. Mobile payments were particularly popular among millennials, who have become quite comfortable with mobile technology in general. Older consumers have been slow to embrace mobile payments, largely due to security concerns and basic disinterest.

Security continues to be a major problem for the mobile payments space

Mobile Payments - SlowSecurity has been a cause for concern within the mobile payments space for years. Many consumers have expressed worry that their financial information could be at risk if they make a mobile payment. Retailers and companies responsible for mobile payment platforms have been working to ensure consumer information is kept safe, but sophisticated cyber attacks has made this a relatively difficult endeavor to accomplish. In order for mobile payments to thrive, security measures must be improved, ensuring that the financial data of consumers is guarded against exploitation.

More consumers are expected to make a mobile transaction as new services become available

While the mobile payments sector may have seen relatively slow growth during this year’s holiday season, stakeholders in the growing market expect to see more robust growth in 2016. Next year, promising new mobile payments platforms are expected to enter into new markets, where they will find a consumer base that is willing and eager to use their mobile devices to make purchases.