ZooZ receives more funding to support mobile payments push
ZooZ, a startup focused on mobile payments, has secured more than $2 million in its Series A funding, which closed this week. The funding is considered a major success for ZooZ, which aims to make mobile payments easier to use for consumers as well as more secure. The money garnered through Series A funding is expected to help ZooZ better establish itself in the competitive mobile commerce market. ZooZ will have to provide a significantly valued service in order to beat out the crowds of other startups that are emerging in the mobile commerce field.
More consumers becoming interested in mobile commerce
Mobile payments are becoming more popular as more consumers begin to rely heavily on their mobile devices. Smartphones and tablets are making it easier for consumers to shop online no matter where they are in the world. As mobile payments become more common, consumers are beginning to demand more comprehensive services that allow them to participate in mobile commerce. Security is also a major issue with consumers, many of whom are concerned for the safety of their financial information while making mobile payments.
Funding to help ZooZ establish more momentum
ZooZ will use the funding it has acquired to add new product functionality to its mobile payments platform. The goal is to increase its appeal to retailers and find new partnerships where the platform can be put to use. ZooZ has ambitions to become the most widely used mobile payments platforms among consumers and merchants. If the startup can develop an easy-to-use and secure system, this may well become a reality.
As ZooZ grows, it may become a competitor with other mobile commerce platforms
ZooZ currently covers much of Europe and Asia and is gaining some momentum in the U.S. The startup is currently competing with a multitude of other mobile commerce startups that are seeking to find success in their own markets. As ZooZ becomes more popular, it will begin to butt heads with larger companies, like Google, that are investing heavily in the mobile payments field.
Businesses show lackluster interest in mobile commerce
Businesses in the United Kingdom may be woefully unprepared for the shift toward mobile, especially considering that many businesses do not consider mobile to be a significant area and most have no idea of the coming generation of 4G mobile networks. Barclays, a global financial services firm based in the UK, has released its “Online Business Outlook 2013” report, which highlights the attitude that businesses, both large and small, have concerning the mobile space. The report suggests that mobile commerce, while an interest to some companies, is not strongly supported with many UK businesses.
Report highlights the lack of support businesses have for the mobile space
According to the report, only 6% of business executives see mobile as a significant opportunity for growth this year. By contrast, a staggering 82% consider existing websites and online services to be worthy of the majority of their focus. The report also shows that a quarter of business executives have not heard of a 4G mobile network, despite the fact that such a network is finding expansion in some parts of the country. Many executives are aware of the emerging 4G network and the potential benefits it could bring to online retail, but are unwilling to support it.
Online businesses are already showing concern for the mobile space
While many businesses may not be concerning themselves with mobile, those that have a strong online presence are showing more interest in mobile commerce. The report shows that 64% of online businesses believe that having a strong mobile strategy is important to their success. Many of these businesses have not yet made their websites accommodating to mobile devices, but are working to do so in the near future. Mobile commerce has become a significant field of interest for these businesses as they see more consumers growing attached to the idea of purchasing products with their mobile devices.
Mobile commerce sees strong support among consumers
Mobile commerce has been seeing strong growth in some parts of the United Kingdom, but many businesses have yet to show their full support for this emerging trend. Thus far, consumers remain the strongest advocates for mobile commerce in the country, followed by some financial services and telecommunications companies interested in playing to the interests of these consumers.
