Tag: mobile commerce news

Mobile payments service Paym reaches new milestone

| February 6, 2015

Paym records more than $39 million in mobile transactions

Paym, a mobile payments service in the United Kingdom, has announced that its users have made more than $39 million in transactions since the service was launched in April o last year. Consumers can use Paym to make purchases or transfer money to their friends and family. The service has experienced strong growth over the past several months, becoming one of the more popular mobile payments services that is currently available in the United Kingdom.

Service now has nearly 2 million users that are participating in mobile payments

According to Paym, the service now boasts of nearly 2 million users. The service has won strong support because it is compatible with a wide range of financial institutions throughout the country. Banks showing support for Paym has made it possible for their customers to participate in mobile payments, which is becoming a popular practice among consumers. The demand for mobile payments support coming from consumers has encouraged banks to embrace services like Paym, which allow these banks to accommodate consumer interest.

66% of UK population claims to be aware of mobile payments

Mobile Payments - SurveyA recent survey commissioned by Paym found that approximately 66% of the population of the United Kingdom is aware of mobile payments. Of these, 52% of consumers are aware of Paym. Awareness of mobile payments has been growing relatively modestly over the past few years, though as people become more aware of this practice they are showing strong favor for it. Paym is beginning to attract more attention because of the growing awareness of mobile payments.

Paym may experience some strong competition once Apple launches its mobile payments service in the UK

Paym is not the only mobile payments service that is available in the United Kingdom, but it is one of the most popular. The service is expected to continue attractive users over the coming months, reaching new heights of success and establishing a strong foothold in the competitive mobile commerce market. Paym may experience some turbulence from Apple Pay, which is expected to launch in the United Kingdom later this year.

Mobile payments is growing slowly among consumers

| February 5, 2015

Unfamiliarity with payment platforms is slowing the adoption of mobile commerce

Wakefield Research has released a new survey that it has conducted on behalf of Verifone. The survey is focused on the mobile payments space, which has been experiencing a period of aggressive growth over the past year. Many people have shown interest in mobile payments, but the survey suggests that the actual adoption of new payment services is somewhat slow. People appear to be unfamiliar with these payment services, which place them somewhat outside the realm of mobile commerce.

50% of consumers report that they are unfamiliar with mobile payment services

According to the survey, some 50% of consumers polled noted that were unfamiliar with mobile payments. Many claimed that they did not know about services like Apple Pay or how these services work. Mobile wallets were a relatively unheard of platform among these consumers as well, suggesting that their familiarity with other payment services was quite low. Those that were aware of mobile payment services, however, noted that Google Wallet was their preferred platform.

Lack of mobile payment support among retailers is slowing adoption

Mobile Payments- Slow among consumersThe survey also shows that those that are interested in mobile payments are still restricted in actually making transactions from their mobile devices. While there are many opportunities to shop and pay for products online from a mobile device, making mobile payments in physical stores is relatively rare. Many retailers lack the point-of-sale terminals they need to accept mobile transactions, which limits the capabilities of mobile consumers.

Consumers may become more involved in the mobile commerce space in the coming years

A recent survey conducted by Lightspeed Research suggests that unfamiliarity with mobile payments may diminish over the coming years. The survey noted that 42% of people made a mobile transaction at some point in 2014, up from the 17% of people that did so in 2012. A report from eMarketer suggests that 25% of smartphone users will make a mobile payment by 2018. As consumers become more familiar with payment platforms, they are likely to begin participating in mobile commerce more frequently.