Tag: mobile payments

Report highlights the growth of mobile commerce in the US

| August 21, 2015

Mobile shopping is accelerating at a rapid rate throughout the country

Internet Retailer has released its latest report concerning the mobile commerce space in the United States. More consumers have begun using their mobile devices to purchase products in the retail space, as well as several other sectors. As such, the market has been experiencing healthy growth and more merchants are beginning to focus on the mobile space in order to adequately engage consumers. This growth has shown no signs of slowing down in the foreseeable future.

Mobile commerce sales predicted to reach $104 billion by the end of this year

According to the report from internet Retailer, mobile commerce sales in the U.S. are expected to reach $104 billion this year. This represents a 38.7% increase over the mobile commerce sales that were reported last year. The report estimates that mobile commerce is growing 2.58 times faster than the e-commerce market, which is predicted to grow by 15% this year, reaching $350 billion. While e-commerce still represents a stronger force in the retail sector, mobile is becoming a more important focus for retailers.

US lags behind other countries in terms of mobile spending

U.S. Mobile Commerce Report While mobile commerce is growing quickly in the United States, this growth is lagging significantly behind other markets around the world. The report shows that the mobile commerce market is growing much quicker in Asia, with 14 of the region’s most prominent retailers reporting mobile sales growing by a compound annual growth rate of nearly 250%. In Europe, the mobile commerce market is growing 1.82 times faster than what is being seen in the U.S.

Retailers are becoming mobile-centric

By the end of this year, mobile commerce is expected to account for nearly 30% of all e-commerce sales made in the United States, an increase of 24.6% over what was reported in 2014. Many retailers are beginning to focus their efforts on mobile consumers, offering them new ways to shop for products online and in a convenient fashion. As these services become more available, mobile commerce is expected to continue experiencing healthy growth throughout the country.

Apple faces challenges in Australia’s mobile payments market

| August 20, 2015

Banks may have serious concerns regarding Apple’s mobile payments service

Some of Australia’s major banks may have a problem with Apple and its new mobile payments service. According to a report from the Financial Review, banks have taken issue with the interchange fees associated with Apple, and if the problem persists, banks may begin looking for alternatives to Apple Pay, which are becoming more plentiful with each passing month. With Samsung and Google launching its own mobile payments services, Apple may have to work to satisfy banks in order to maintain its position in the mobile market.

Banks have no wish to provide Apple with significant fees on transactions being made

The crux of the issue between Apple and Australia’s major banks is $2 billion in interchange fees that the banks make every year. In the United States, it is estimated that Apple earns 15 cents for every $100 that is spent through Apple Pay. In Australia, however, banks are not willing to provide Apple with the cut of the fees that it is asking for. If this problem continues, Apple may have trouble establishing an effective foothold in the Australian market, where consumers are becoming very interested in mobile payments.

Australian banks may be ahead of the curve when it comes to mobile payments

Apple Australia mobile paymentsAccording to Ian Narev, CEO of the Commonwealth Bank of Australia, Apple Pay may face significant challenges in the country due to the existence of other mobile payments products. Narev suggests that many Australian banks are far ahead of others in the world when it comes to mobile payments services. As far as Apple Pay is concerned, there are other services in the country that have the same functionality as Apple’s service that have been available to consumers for 18 months or more.

Banks want Apple to help support the development of a new payments infrastructure

One of the major concerns that banks have concerning Apple Pay in Australia is that the Reserve Bank of Australia is forcing the country’s banks to help cover the cost of development a real-time payments infrastructure. Banks do not want Apple to benefit from the development of this infrastructure without investing into its establishment itself.