Tag: mobile money

Payments Council prepares to step into the mobile commerce arena

Organization set to launch a new mobile service in the UK

The Payments Council, an organization comprised of financial institutions based in the United Kingdom, is set to launch a new mobile commerce service named Paym. The service is meant to provide consumers with a more secure way to make mobile payments. Security remains one of the most outstanding and problematic issues that faces the mobile space. Because mobile commerce has become so popular among consumers, it has also become a popular target for malicious groups that seek to exploit financial information.

Paym aims to make money transfers quick and easy

Paym has the backing of several prominent financial institutions due to their association with the Payments Council. The service is designed to allow consumers to send money directly to a bank account as quickly as other forms of money transfer would work. The Payment Council notes that the service is linked to an overarching initiative in the United Kingdom that involves associated all bank accounts with a mobile device. Money transfers through Paym can be done through the use of a mobile number.

Collaboration may help companies avoid unnecessary competition in the mobile space

UK Mobile Commerce - Mobile PaymentsCompetition in the mobile commerce sector is quite fierce, if somewhat in overabundance. Many startups are fighting one another to win the attention and support of consumers while large companies are doing the same. The Payments Council believes that collaboration in necessary in order for mobile payments to become mainstream. These collaborations could allow organizations to sidestep much of the competition that exists in the mobile space, but whether these collaborations can produce services that consumers are interested in has yet to be seen.

Paym may be able to lay some security concerns to rest

Paym is expected to be made available later this year. The service is currently undergoing a final stage of testing before it is officially released. Concerns regarding security remain high, however, but with the regulations that banks must adhere to, these concerns could be dispelled once the service is launched. Banks have long focused on financial security and are typically required to meet the security standards of whatever country they are operating in.

Study highlights the growth of mobile payments through 2017

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.