Tag: mobile money

Banks are falling behind on mobile commerce

Mobile payments are evolving and many banks may be in danger of getting left behind by consumers

The mobile payments space is evolving at a rapid pace and banks are struggling to keep up. Innovative mobile services appear to be launching on a daily basis and many of these services are changing the way people pay for products online and in the real world. Those finding the most success in this field are those outside of the financial service industry, but banks still have a chance to establish a stronger presence in the mobile commerce market.

Rapid adoption of mobile payment services highlights the slow progress banks have made

The rapid adoption of mobile commerce among consumers is pressuring banks to become more mobile-centric. Money transfers are becoming more common on mobile platforms and fewer people are relying on banks for their financial needs. Moreover, those participating in mobile commerce are making use of platforms developed by software firms and not those made by banks. Typically, the platforms developed by banks are seen as cumbersome and somewhat inconvenient to use regularly.

Many banks have an opportunity to engage mobile consumers through simple services

Banks falling behing in mobile commerceBanks have existed as the primary money service provider for years. As such, many people still look to banks for the financial institutions that they are and many have faith in their bank’s ability to provide attractive mobile services. Some banks have found success in engaging mobile consumers through the use of simple banking applications. These apps have served as a way for banks to expose themselves to the mobile spectrum and examine what mobile consumers are interested in and what types of services they do not like.

Some banks may have to emulate companies like PayPal that have had success in engaging a mobile audience

In order for traditional banks to remain relevant in a world where mobile technology is becoming a dominant force, they will have to find ways to mimic other financial service providers that have an overarching focus on the digital space. PayPal is a primary exemplar of what can be accomplished through an unconventional focus on the mobile space.

Apple may be ready for mobile payments with new iPhone 6

New report highlights the features of the upcoming iPhone 6

New information concerning the iPhone 6 has been released in a report from Venture Beat. The information comes from an as yet unidentified source that claims to have inside knowledge concerning Apple’s operations. The report adds fuel to the already widespread rumors concerning the forthcoming iPhone 6, such as its operating system, and its viability in mobile payments. Notably, the report suggests that the new iPhone will be equipped with NFC technology, which is something Apple has avoided in the past.

New iPhone to finally support NFC technology

According to the report, the iPhone 6 will support NFC technology. Apple had been leery of the technology in the past because of security concerns regarding mobile payments. These concerns seem to have been allayed, however, as the company now believes that NFC may be suitable for a new form of commerce. The technology will allow the iPhone 6 to facilitate mobile payments and support a variety of mobile wallets and similar applications.

Mobile security may be less of an issue thanks to biometric technology

Mobile Payments - iPhoneThe report notes that the iPhone 6 is slated for launch in fall of this year and will be equipped with the iOS 8 operating system. The device will feature wireless charging technology, a bigger and more durable screen, and several other hardware upgrades over its predecessor. The device will also be equipped with Apple’s new biometric sensors, which may be why the company is so keen to support NFC technology as biometrics will help made mobile payments more secure.

Apple finds a solution to its security concerns regarding mobile payments and consumer protection

Apple had opted not to rush into the emerging mobile money scene in order to avoid the pitfalls that other large companies have fallen victim to. Security has been a major issue in the mobile space and large companies have failed to find ways to sidestep some simple problems when it comes to providing consumers with protection against exploitation. With biometric technology, Apple may have found a way to alleviate the security problem.