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Tag: mobile payments

Wearable technology may be advancing mobile payments

Retailers may need to change their strategies to engage consumers more effectively

Apple has released its new wearable device, called the Watch, and many consumers have shown interest in the product. Though Apple Watch has received criticism for its expensive nature, many consumers have found the device useful, especially because it can be used to make mobile payments. While consumers may be showing favor in Watch, retailers may have to revise their marketing strategies in order to better engage mobile consumers with this device.

Micro-moments are becoming more important to retailers

Julie Ask of Forrester Research suggests that retailers need to focus on “micro-moments” when it comes to Apple Watch. The micro-moments are times when consumers interact with mobile devices. These interactions tend to be short-lived, as consumers often check their devices to see social media updates and access their email accounts. Advertisements could be quite effective if  they are situated in these micro-moments, as consumers will be exposed to these ads when they check their mobile devices, including wearable devices.

Consumers are showing greater interest in mobile payments

Mobile Payments and Wearable TechnologyConsumers are becoming increasingly interested in mobile payments, which is a trend that is making micro-moments more important. If retailers can effectively leverage these moments to their advantage, they may establish a much stronger position in the mobile market. They will have to change their marketing strategies, however, if they want to engage mobile consumers, especially those with wearable devices. These consumers tend to be somewhat resistant to traditional marketing endeavors, but their attention is often capture by mobile-centric strategies that take note of the importance of mobile technology.

Wearable technology could drive further growth in the mobile payments space

According to a recent report from Forrester Research, 40% of online consumers are tired of pulling out their smartphones to make a purchase. As such, wearable devices are becoming more popular. These devices act in much the same way that conventional smartphones do and have the ability to make mobile payments. Consumers are aligning themselves with wearable technology quite readily, which could lead to significant growth in the wearable sector in the coming years.

Visa to expand its mobile payments service to the UK

Visa will be launching its mobile payments platform in the UK in June of this year

Visa has announced that it will be expanding its mobile payments service in Europe. Visa Europe has formed numerous partnerships with retailers and merchants in the United Kingdom, where mobile payments are beginning to gain momentum. The company has also formed partnerships with British banks in order to better compete with other mobile payment platforms that have launched in the country. Visa plans to launch its expanded service in the United Kingdom in June of this year, with 60,000 people being able to use the service at that time.

Digital wallet helps make payments more convenient

Visa’s mobile payments platform, which serves as a digital wallet, was initially launched in 2013. The platform allows users to make purchases online without having to provide their financial information more than once. One of the attractive features of the platform its use of digital tokens, which are used in place of financial information, making mobile transactions more secure. Visa suggests that its platform is more convenient than others, as it can save consumers time when making a purchase online.

Mobile spending is on the rise in the United Kingdom

UK Mobile Payments - VisaAccording to a recent report from Barclays, consumers in the United Kingdom are expected to spend more than $60 billion a year using their smartphones and tablets by 2024. Last year, British consumers spent a combined $10 billion from their mobile devices. Mobile payments are becoming a more attractive option to consumers in the UK, largely due to how convenient nature of mobile commerce and the services that are being offered by numerous companies participating in this space.

Security concerns lead to better protection for consumers

Though mobile payments are becoming more popular, there are security concerns that could slow its growth and adoption. Visa has been working to address these security concerns, using tokenization as a way to protect consumers and their financial information. Biometric technology, such as fingerprint scanners are also becoming more important in the mobile space, as this technology can be used to provide more protection to the mobile commerce space.