Tag: mobile commerce news

In-store mobile payments are booming in the US

| December 16, 2015

More consumers are using their mobile devices to make purchases in physical stores

In-store mobile payments are becoming more common in the United States, according to a new report from Deloitte. The report shows that more consumers are beginning to use their smartphones in stores, taking advantage of the mobile payments systems that retailers have in place. Retailers have been reporting an increase in mobile traffic in their digital channels, but more merchants are beginning to see consumers making payments with their smartphones and other devices in physical stores.

Report shows that in-store mobile transactions have grown by 18% in 2015

According to the report from Deloitte, the use of mobile payments in physical stores has grown by 18% this year. The report shows that 3% of shoppers are making in-store mobile payments every day, with 5% doing so every week. The most popular use of mobile payments among these consumers was for public parking. Consumers are also using their mobile devices to make purchases at gas stations, coffee shops, and fast food restaurants. Consumers between the ages of 25 and 34 are the leading demographic in the mobile payments sector.

Consumers still have significant security concerns regarding mobile payments

Mobile Payments - In StoreThough consumers are beginning to show more support for mobile payments, they also have significant security concerns. The report shows that these concerns are the leading reason many people do not make mobile transactions. Approximately 49% of consumers place their trust in banks and other financial institutions for the provision of the payment services they use. Companies involved in the mobile commerce space have taken note of the security concerns that consumers have, with many introducing new technology to ensure the safety of consumer information.

Retailers are embracing mobile payments in order to engage consumers

Deloitte has noted that mobile devices are becoming much more than communication tools. More consumers are beginning to rely heavily on their smartphones and tablets for commerce. With more consumers entering into the mobile commerce space, retailers are expected to show more support for mobile payments system, ensuring that they have the ability to engage mobile consumers.

Apple’s mobile payments expansion is finding lackluster support from banks

| December 15, 2015

Banks have relatively low interest in Apple Pay

Apple is running into trouble with the expansion of its mobile payments service, Apple Pay. The company has been trying to convince the world’s largest banks to support the service, but the banks have shown relatively little interest. Apple is looking to launch Apple Pay in China in the coming year, but financial institutions have yet to be dazzled by the mobile payments service. Banks in other countries are showing similar disinterest, as well, slowing the expansion of Apple Pay considerably.

Australian banks have yet to show any strong support for Apple’s mobile payments service

Last month, Apple did manage to launch its mobile payments service in Australia, with the aid of American Express. While Apple Pay has come to Australia, it has yet to acquire the support of the country’s four largest banks, ANZ, National Australia Bank, Commonwealth Bank, and Westpac. These banks represent an estimated 80% of consumers in the country that are already using mobile payments systems.

Banks have already established a foothold in the mobile payments market

Mobile Payments - Australia & Apple PayAustralian banks seem uninterested in Apple Pay because they have already done all the work to make mobile payments available in the country/ As such, some of these banks may see Apple as looking to come in and take advantage of a market that has already been established. Australian consumers have had access to a wide range of mobile payments services for some time, most of which have managed to acquire the support of the country’s banks.

Apple continues to face significant competition

Apple has overcome many challenges in the mobile payments space in the past, but without support from banks, Apple Pay may find relatively little traffic in promising markets. When Apple Pay launches in other countries, it will be facing significant competition from other companies that are involved in the mobile payments space, some of whom have already established a significant foothold in several markets. Considering the interest that iOS users have in mobile payments, however, Apple may be able to find success even if banks are relatively wary.