Tag: mobile apps

7-Eleven, PChome, and CTBC have all introduced this new smartphone payments option.

PChome Online Inc subsidiary, Pi Mobile Technology Inc. has now launched the Pi mobile wallet app for consumers to use to may payments at over 5,000 convenience stores throughout Taiwan.

The application is the result of a collaborative effort among some of the major players in the country.

The Pi mobile wallet has come about because PChome, CTBC, and Uni-President Enteterprises are all working together to launch it. PChome is the top online shopping portal in Taiwan. CTBC Bank is the leading issuer of credit cards in the country. Uni-President Enterprises is the operator of Taiwan’s 7-Eleven franchise. According to Jan Hung-tze, the chairman of PChome, at a press conference, “The partnership with 7-Eleven is expected to accelerate growth in mobile payment usage in Taiwan, as smartphones and convenience stores have become an integral part of our daily lives.”

When the mobile wallet is combined with a credit card from CTBC, small purchases can be made.

These mobile payments have a maximum limit of NT$1,000 (almost US$32.00). The wallet app allows consumers with a CTBC Bank credit card to buy products at the 7-Eleven stores across the country. All they need to do is have the Pi application running on their smartphones. When the user is ready to make a purchase, a unique barcode is displayed on the smartphone screen. It is then scanned at the checkout counter and the payment is automatically made. The transaction is then verified and completed when the user enters a four digit code.

In the country, cash payments currently make up an estimated 75 percent of all transactions, according to Jan. They are considerably behind the times when compared to the trends in other countries in the Asia Pacific region as well as in many nations around the world. In Singapore, South Korea, and Hong Kong, for example, cash payments have dropped to about 50 percent.

All credit card information from this mobile wallet is stored remotely, and transactions can be completed only if the four digit code is used. In that way, the mobile security features are in place to stop the device from being used to make purchases by the wrong person. Furthermore, the fact that it can be used only at 7-Eleven and it has a maximum transaction limit further reduces the risk of fraudulent charges.

Millenials show significant interest in mobile commerce and shopping online

As mobile commerce continues to grow, more Millenials are beginning to use their smartphones and tablets to purchase products online. Millenials represent a demographic that has been born around the year 2000, and these consumers tend to be tech savvy and very comfortable with mobile devices. Shopping applications are becoming one of the most favored way for these consumers to shop for and purchase products. A recent survey from Forbes suggests that mobile shopping apps are becoming the most popular category of applications in the mobile space.

Survey shows that many consumers opt to download mobile shopping applications

The survey from Forbes shows that 47% of consumers have downloaded a mobile shopping application. Women are more likely to download these applications than their male counterparts, and the iOS platform was most popular among male shoppers. Notably, retailers are  the most aggressive demographic in the app space, as merchants are working aggressively to find ways to effectively engage mobile consumers.

E-commerce proves to be very popular among young consumers

Among young consumers, mobile apps represent a convenient way to purchase products online. E-commerce has long been a sector that Millenials have been comfortable with, but the advent of mobile commerce is beginning to change the behavior of consumers. As more people begin to use apps to shop online, retailers are working to find ways to provide consumers with enjoyable shopping experiences that will ensure the loyalty of consumers.

Retailers are finding effective ways to engage mobile consumers

Retailers will have to find new ways to participate in the mobile commerce space, as many consumers have shown that they quite fickle when it comes to the kind of applications they use to shop online. Notably, companies like Amazon, Etsy, and Forever21 have managed to capture the attention of the mobile audience. These retailers have shown that they have the ability to compete in the increasingly aggressive mobile commerce market. Apps are likely to continue playing a major role in the mobile space for years to come.