Tag: mobile payments

China developing a national mobile payments platform

| February 17, 2014

China to be one of the few countries to have a unified, national payments platform

China is currently working to develop a national mobile payments platform. Once the platform is launched, China will be one of the very few countries in the world to have a unified mobile payments system. Chinese consumers have been involving themselves in mobile commerce quite heavily in recent years. As mobile devices become more common throughout the country, people are using these devices to shop online more regularly. The country’s retailers have also been embracing mobile commerce in an effort to connect with a new generation of consumers.china - national mobile payments platform

Payment platform expected to make use of NFC Technology

China’s mobile commerce platform is to make use of NFC technology. The country believes that NFC has a bright future in mobile commerce because of the growing number of devices that are making use of this technology. NFC has formed the backbone of mobile commerce for some time and has been praised for its ability to transmit digital information over short distances efficiently. Unfortunately, mobile devices that do not support NFC technology are unable to use NFC-based platforms unless these platform offer support for devices that are not NFC-enabled.

Several organizations come together to help develop national payments platform for China

The China Constrction Bank, China CITIC Bank, China Everbright Bank, China UnionPay, and China Mobile have been linked to the development of the country’s national payments platform. These organizations already have some experience in mobile payments and have been promoting mobile finance for some time. According to the People’s Bank of China, mobile commerce is currently undergoing a standardization process wherein consumers are becoming more comfortable with purchasing products from their mobile devices.

Chinese consumers favor platforms that do not rely solely on NFC technology

Payments processed through NFC-based services represent approximately 0.8% of mobile spending throughout China. Many retailers have opted to support other mobile commerce services that do not rely entirely on NFC technology to engage consumers. Given the low availability of NFC-enabled devices, consumers have shown favor for NFC-free platforms that allow them to shop for and purchase products online.

Survey highlights growth of mobile commerce in the UK

| February 14, 2014

Mobile shopping is on the rise throughout the United Kingdom

Cheil Worldwide has released the results of a recent survey concerning the growth of mobile commerce in the United Kingdom. Consumers in the UK have been growing increasingly mobile as they begin to rely more heavily on their smartphones and tablets. As such, they have begun using these devices to shop more frequently. Mobile commerce allows consumers to shop online from a mobile device wherever they are and this concept has become quite attractive to many people in the United Kingdom.UK - Mobile Commerce Growth

Mobile devices are becoming strong shopping tools for consumers

According to the survey, the mobile commerce market has grown by 63% over the past five years. The majority of this growth was seen over the past two years, driven heavily by the results that retailers had seen during the holiday seasons of 2012 and 2013. The survey shows that approximately 55% of shoppers claimed to have used a mobile device in store, with 54% of these shoppers using their devices to compare prices of products online. Many mobile shoppers also use their devices to research products being offered by multiple retailers.

Many people purchase their mobile devices with shopping in mind

The survey suggests that mobile devices have become one of the most favored shopping tools among consumers. The survey shows that 50% of consumers had shopping in mind when they purchased their mobile devices. These devices are not only being used to research products and compare prices, of course, as many consumers have used their smartphones and tablets to outright purchase the products they are interested in. In the United Kingdom, mobile payments are becoming much more common.

Mobile spending is on the rise

The amount of money people are spending through their mobile devices has more than doubled over the past five years. Consumers appear to favor mobile commerce because of its convenience. Shopping on a mobile device allows them to avoid lines at checkout and the chaos that is often associated with physical stores. During the holiday season, mobile shopping becomes much more common as consumers look to avoid crowds at large stores.