Tag: mobile payments

Mobile commerce is picking up momentum

Mobile commerce is growing rapidly and that growth does not appear to be slowing down any time soon. The current state of mobile commerce suggests a bright future, largely due to the proliferation of mobile technology and the perceived convenience of mobile payments. Indeed, mobile devices are beginning to become more popular than PCs. According to a study conducted by  the International Telecommunications Union, as of August 2012, more than 7 billion mobile devices were operating all over the world, exceeding the number of active PCs by three times.

Mobile sales to reach new heights in near future

A recent study from Abi Research suggests that mobile commerce will reach $119 billion by 2015. This is roughly 8% of the current e-commerce market. E-commerce is still considered to be a powerful force, especially in the retail industry, but mobile commerce is benefiting from increased exposure and a growing number of retailers interested in engaging mobile consumers in a new form of commerce. Another study by Forrester Research suggests that mobile commerce in the U.S., in particular, will reach $31 billion by 2016.

US mobile commerce experiences aggressive growth

In the U.S., mobile commerce is experiencing a magnanimous rise to fame. More consumers are beginning to become comfortable with the concept of mobile payments, making them more likely to purchase goods and services using their smartphones or tablets. Mobile traffic to websites is on the rise, powered by growing interests in the realm of mobile marketing. Location-based services are also playing a role in encouraging consumers to participate in mobile commerce as they are able to find stores and attractions more easily, especially while traveling.

Security may derail bright future

While the current state of mobile commerce does paint a bright future, the future is, of course, unknowable. There are many challenges that face mobile commerce that could derail the burgeoning industry’s future. The most significant of these challenges, currently, is security. Without adequate security, a consumer’s financial information is at risk of theft and exploitation. The security dangers inherent in mobile commerce have kept many consumers from conducting mobile payments.

They have verified the purchase that they have made of the MeNetwork firm.

Spindle Inc., the provider of mobile payments solution. has just announced that it is officially acquiring the mobile marketing firm called MeNetwork Inc.

The Scottsdale, Arizona based company will be integrating the services provided by the two businesses.

MeNetwork is a new location based mobile marketing solution provider that has been drawing a great deal of attention to itself. Spindle’s announcement of the acquisition explained that MeNetwork’s smartphone friendly advertising technology will be integrated into its own payments platform.

As of yet, there have been no financial terms revealed regarding the purchase of the mobile marketing company.

This most recent purchase has only proved to underline the growing trend throughout the industry that is having mobile marketing and payments companies coming together within the channel.

MeNetwork already boasts client relationships throughout Europe and the United States and is probably going to provide Spindle’s smartphone payment and loyalty solutions offerings a considerable expansion beyond its own steady growth. At the moment, Spindle’s primary focus is on retail and banking organizations.

The president of Spindle, Bill Clark, explained that “We are delighted to finalize the deal with MeNetwork, which now gives Spindle a comprehensive mobile commerce solution that incorporates mobile marketing and mobile payments.”

Clark’s company has taken part in a number of partnerships and acquisitions, recently, including this one with MeNetwork. In February of this year, there was another massive partnership that occurred between Spindle and PayLeap, another payment company that is Acculynk’s payment processing solution. In this case, it was a strategic partnership and not a purchase, and it was not with a mobile marketing company, but this does reflect the rapid growth and state of flux in which Spindle currently finds itself.

The hope for Spindle is that it will be able to allow its merchant clients to leverage the powerful new connections provided by its mobile marketing technology integration in order to build customer loyalty, drive commerce, as well as giving consumers the ability to experience and share unique content through their favorite social media network.