Tag: mobile commerce news

Survey highlights the growth of Apple’s mobile payments service

| March 16, 2015

Apple Pay is gaining momentum among iOS users

Baird Equity Research has released the results of a new survey concerning iPhone users and Apple Pay. Apple’s mobile payments service was released in October of last year and has managed to find significant momentum despite the short period of time it has been available for. The service can be used on both the iPhone 6 and iPhone 6 Plus, but it is not available for other iOS devices at this time. Apple Pay is expected to be compatible with a smartwatch that Apple is planning to release at some point in the future.

PayPal leads in mobile payments, but Apple Pay accounts for 6% of all in-store mobile transactions

According to the survey, 40% of online consumers made an in-store purchase with a mobile device. PayPal was the most preferred application among this consumers, with Google Wallet accounting for 11% of these transactions. Apple Pay only accounts for 6% of in-store mobile payments, but a significant portion of iOS users currently use the platform regularly. Approximately 40% of iPhone 6 users  make use of Apple Pay to purchase products in physical stores as well as online.

Apple Pay is beginning to become more popular among retailers

Mobile Payments Survey - highlights growthThough PayPal remains the leading entity in mobile payments, Apple Pay is expected to catch up quickly. The service has the support of several major retailers, many of whom want to engage mobile consumers more effectively. These retailers partnered with Apple for the launch of the mobile payments service and have begun to find significant success in the mobile space as a result. As more retailers show support for Apple Pay, the service may begin to play a larger role in the overall mobile payments space.

Young consumers are more likely to participate in mobile payments

Notably, young consumers, between the ages of 18 and 24, are the most likely to make in-store mobile payments. Such transactions had the highest frequency among this demographic, according to the survey from Baird Equity Research. The survey notes that these consumers tend to make a mobile transaction in a physical store as many as four times per month.

Consumer behavior about mobile commerce is changing

| March 13, 2015

Study highlights the changing support that is coming from mobile consumers

When it comes to commerce security, Bitcoin may be safer than mobile wallets, according to a new study from Walker Sands. Security has become a major topic among consumers since the advent of mobile commerce. More people are using their mobile devices to shop for and purchase products, which has highlighted the security risks that exist in the digital space. When it comes to protecting financial information, the study shows that consumers believe that cryptocurrency is the safest way to stay protected.

Cyrptocurrency is considered more secure for mobile commerce than mobile wallets

Cyrptocurrency is a medium of exchange that leverages cryptography to make transactions more secure than they would be on their own. Bitcoin is one of the more popular forms of this currency, but these currencies are not generally well supported by government and banking organizations. The study from Walker Sands shows that 3% of consumers believe that Bitcoin, and similar currencies, are more secure when making transactions online. By comparison, 1% of consumers believe that mobile wallets are safe to use.

Mobile commerce has become a target for malicious groups that want to steal financial information from consumers and businesses

Consumer opinion about mobile commerce changingMobile commerce has become a very attractive target for malicious groups that want to exploit the financial information of consumers. Some mobile wallets have been targeted by these groups, some of whom are exploiting the security flaws of mobile commerce platforms. Not all platforms are dangerous to use, of course, and those that are targeted tend to become more secure in a very short amount of time after a malicious attack.

Businesses are becoming more active in making mobile commerce more secure

The study shows that the majority of consumers (56%) believe that cash is still the most secure way to make a purchase. Credit cards follow behind cash. The study has taken note of the changes in consumer behavior, especially concerning security issues. The study also shows that retailers and other businesses are taking steps to make mobile commerce more secure and attractive to consumers.