Tag: mobile commerce news

JPMorgan is showing more support for mobile payments

| December 7, 2015

JPMorgan announces its support for Samsung Pay

JPMorgan has announced that it will be supporting Samsung Pay, adding to the number of mobile payments services it is backing. The financial institution already offers support for Apple Pay and Android Pay and is developing its own mobile payments platform through Chase, which will be called Chase Pay. Adding support for more payment services is expected to encourage more consumers to participate in mobile commerce as they will have more options to do so.

Millennials are powering the growth of the mobile payments space due to their comfort with mobile technology

The company has taken note of the significant growth in the mobile payments field. One of the driving factors of this growth is the popularity of mobile technology among young consumers. Millennials, in particular, have shown a great deal of comfort with mobile services and the demand for new payment services has grown among these consumers. Banks throughout the country are eager to engage these consumers by showing support for their favored mobile payments services.

Bank continues to see strong growth in its mobile consumer base

Mobile Payments - Image of JPMorgan Chase TowerJPMorgan has seen their mobile customer base grow by 21%, reaching 22.2 million by the third quarter of this year. Consumers want to use mobile payments services because they are seen as more convenient than traditional forms of commerce. These services also double as a type of digital wallet, allowing consumers to store their financial data for easy access. They can also use these digital wallets to store information from retailers, such as mobile coupons or data concerning loyalty programs.

Mobile payments will see significant growth throughout the US in the coming years

Mobile payments is likely to continue growing throughout the U.S. in the coming years. Over the holiday season, many consumers opted to use their mobile devices to make purchases online and in physical stores. Mobile payments services have proven to be quite popular, as they allow consumers to shop with more convenience. One of the issues preventing consumers from embracing mobile commerce, however, are security issues that exist in this sector.

Mobile commerce continues its aggressive expansion in China

| December 4, 2015

China is leading the way in mobile commerce growth

China is becoming more aggressive when it comes to mobile commerce. Until very recently, the country has relied heavily on cash rather than other forms of commerce. Many shoppers throughout the country had preferred paying in cash because they considered it more secure and convenient. As smartphone penetration grows, however, more consumers are beginning to use their mobile devices to shop for and purchase products. Large companies are beginning to take advantage of this, offering consumers new services that allow them to participate in mobile commerce.

WeChat is finding success by encouraging consumers to use its mobile payments service

WeChat is one of the companies looking to bring consumers into the mobile commerce field. WeChat is China’s largest messaging application and social network and the company launched an ambitious campaign last year to highlight its new payments service. During Chinese New Year last year, some 400 million people sent hongbao, traditional gifts containing money sent during the holiday, to their friends and families. This year, however, more than 1 billion digital hongbao were sent through WeChat’s service.

Consumers are finding it easier to shop for and purchase products with their mobile devices

China Mobile Commerce Booming GrowthConsumers are becoming more comfortable with the concept of mobile commerce, using services like Alipay to purchase products that they are interested in. The companies and retailers behind these services are quickly expanding, looking to find every greater degrees of success in the mobile commerce market. Some of these companies, such as Alibaba, are also investing in foreign mobile commerce firms, hoping to establish a foothold in new markets and encourage the further growth of the mobile commerce field.

Young consumers are more likely to participate in mobile commerce

While many consumers still prefer to pay for products with cash, young consumers are embracing mobile commerce quite aggressively. These consumers have been exposed to technology from a young age, making them more comfortable with digital services. Older consumers are also embracing mobile commerce, but at a slower pace. As new services become available, more consumers are expected to become involved in mobile shopping.