Tag: mobile commerce news

Study highlights the growth of mobile payments through 2017

| February 24, 2014

New report paints a promising future for mobile commerce worldwide

Mobile Payments Study - 2017WorldPay, a payment service provider based in the United Kingdom, has released a new report, called “Your Global Guide to Alternative Payments,” concerning the potential future of the mobile commerce space. Mobile payments have been growing in prominence throughout the world and as more consumers gain access to smartphones and tablets, they are beginning to show more interest in shopping with these devices. Wearable devices, such as smartwatches, are also coming into play, providing further accessibility to the mobile commerce space.

Mobile commerce market expected to reach $117 billion by the end of 2017

The report from WorldPay predicts that mobile payments will reach $117 billion worldwide by 2017, a major increase from the $18 billion recorded in 2012. Mobile commerce is expected to make up at least 3% of the global e-commerce market by 2017. The report highlights the growth in popularity of mobile wallets, which consumers are using to manage their finances on a mobile device. These platforms are capable of storing and accessing financial information. This information is used to complete a mobile transaction.

Smartphones continue to be the most prominent mobile commerce platform in the world

Smartphones are currently considered to be the most popular mobile commerce device, but tablet devices are beginning to gain more support from consumers. Many people have reported a more favorable experience when shopping from a tablet device over a smartphone. Despite this, smartphones are expected to continue leading the way in mobile commerce, especially in the Asian market where smartphone penetration is accelerating at a rapid pace.

Security remains one of the most serious issues facing the mobile commerce sector

The report shows that consumers are becoming more comfortable with mobile payments despite high profile security issues that have been somewhat common in the past. Mobile commerce platforms are becoming more capable of protecting consumer financial information, thereby making them more likely to participate in online shopping from a mobile device. While security for many platforms has been improving, many people have still expressed their concerns regarding the safety of mobile commerce in general.

Voicekey to develop new mobile commerce platform in the UK

| February 20, 2014

Voicekey wins contract from UK government concerning development of new m-commerce platform

Mobile Commerce - Contract AwardedVoicekey, a developer of biometric security solutions, has been awarded a commercial contract from the United Kingdom’s Technology Strategy Board. The contract represents the second phase of a mobile commerce initiative in the United Kingdom. During the first phase, Voicekey was able to introduce new technologies and security features to the mobile space. The second phase will focus on the development of a market-ready mobile commerce solution that will be easily accessible to consumers as well as secure.

UK consumers are becoming more interested in comprehensive m-commerce services and platforms

Consumers throughout the United Kingdom have become very interested in the concept of mobile payments and purchasing products from merchants using only their mobile devices. Many consumers have encountered troubling problems with the mobile commerce platforms that they use on a regular basis, however. Lackluster security has put consumer’s financial information at risk of exploitation and poorly designed platforms have created an unfavorable experience for many people. The demand for easy to use, well developed, and secure platforms has been on the rise.

Merchants and consumers are somewhat reluctant to engage in the mobile commerce space

Voicekey aims to address that merchants and consumers have when it comes to mobile commerce. For consumers, accessibility has become a serious issue. Many platforms make use of NFC technology, but few people actually have the NFC-enabled mobile devices needed to use these platforms. For merchants, security is a major issue. Merchants are also somewhat uncertain about the potential revenue growth they could see by engaging mobile consumers more aggressively.

Platform expected to be equipped with biometric security technology but will not be based on NFC technology

Voicekey is expected to develop a platform that will address many of these issues. The platform is likely to make use of the company’s biometric security technology, alleviating some of the security concerns that merchants and consumers have. The platform is also expected to be more accessible to consumers without NFC-enabled devices. The platform may use NFC to some extent, but it will not be entirely based upon the technology.