Tag: mobile payments

Mobile payments see swell of demand in Middle East

| April 24, 2013

Mobile Payments Middle EastMiddle East becoming more interested in mobile payments

Demands for mobile payments are rising in the Middle East. The Middle East is emerging as one of the most favorable markets for mobile commerce, especially when it comes to the United Arab Emirates  and the affluent population of Dubai. Smartphones and tablets are becoming more common throughout the Middle East, exposing consumers to new ways to engage in the world around them. Mobile payments have begun establishing a strong foothold among a new generation of consumers with access to mobile devices.

Universal commerce may be coming in the future

First Data, a leading payment processing company, has coined the term “universal commerce.” This suggests that everyone will be able to participate in a new era of commerce through a singular platform that will be recognized by all retailers and businesses around the world. Such a platform does not have to come from a single company and does not have to be associated with one particular application. Instead, this platform is meant to provide a framework wherein consumers interested in mobile payments can use their smartphones and tablets to purchase products, or use more traditional forms of currency.

First Data finds that Middle East is enthusiastic about mobile payments

According to First Data, consumers in the Middle East are eager for a new way to participate in commerce and that the mobile space may offer the best solution. Research from a study conducted in 2011 by First Data shows that consumers throughout the Middle East are enthusiastic when it comes to online retail, showing strong signs of their support of mobile commerce. The research found that Middle Eastern consumers have a higher chance of participating in mobile payments than any other group in the world.

Mobile commerce finds strong support in Dubai

Mobile commerce has been growing in the Middle East, backed strongly by companies and organizations based in Dubai. The city boasts of one of the most financially active populations in the world, which has given many consumers in Dubai opportunity to engage in mobile commerce before the rest of the region. Those that have participated in the several mobile payments projects that have taken root in the city have praised the convenience and simplicity of mobile commerce.

Privacy a growing concern in mobile payments field

| April 24, 2013

Mobile Payments privacyPersonal data and how it is collected to cause problems for mobile payments

Data is extremely valuable in the mobile world. There are many kinds of data that can be considered valuable, from sales figures to marketing engagement, but the most important data in the mobile space is a consumer’s personal information. Typically, this information is considered private in the physical world, but is available in abundance online. Mobile payments, marketing, games, and a vast multitude of other mobile-centric activities collect this personal information for one purpose or another. Privacy is quickly becoming one of the most significant issues facing mobile consumers today.

Survey highlights consumer attitude concerning privacy

MEF, a global trade association, has released a new report entitled “Global Privacy Survey 2013.” The report highlights the attitude that consumers have regarding privacy and how their personal information may be being used in the mobile space. Data has helped the mobile world becomes more defined, providing developers with ways to create new, more intuitive mobile applications. Usually, these applications can either be purchased or attained for free, but a growing number of applications, especially those involving mobile payments, are beginning to exchange services for the acquisition of personal information.

Most consumers want to know how their data is being used

According to the survey, only 37% of consumers feel comfortable with sharing personal data with a mobile application. The majority of consumers consider knowing what kind of information an application is collecting to be important and 71% of consumers want to know how their information is being used. It is common for personal information to be sold to advertisers so that more targeted marketing campaigns can be fashioned. Mobile applications are not expressly required to inform consumers that their personal data is being collected in many countries around the world.

Mobile payments may not thrive if privacy is not addressed

Privacy is a major concern where mobile payments are concerned. Mobile commerce involves the trafficking of a consumer’s financial information, which, if stolen, can be exploited and cause significant monetary damage to a consumer. Mobile payments are becoming very popular among consumers, but if mobile commerce applications cannot become more secure, they may not have a future with consumers.