Tag: mobile payments

E-commerce advances may be born in Boston this year

E-commerce and mobile commerce entered the new year with a great deal of momentum, much of which was garnered during the 2012 holidays, when consumers took to their mobile devices to make purchases online and through their smart phones and tablets. A new year means more possibilities for e-commerce, which may see significant advances coming out of Boston, Massachusetts. There are numerous companies based in Boston that are developing very innovative approaches to e-commerce that could have a significant impact on the future of mobile commerce.

Companies see promising results in 2012

Many of the companies showing such extreme interest in e-commerce experienced the full potential of this channel during the 2012 holiday season. Boston-based retailer RueLaLa claims that more than 40% of its sales came from mobile devices connecting to its website. Backed by such promising results, many of these companies are looking to establish a stronger presence in the e-commerce world, and some have taken the route of developing new payment systems and technologies to accomplish this task.

Large organizations are moving to develop better e-commerce services

Large companies in Boston have begun making acquisitions of their smaller counterparts in an effort to promote growth and produce better online selling systems. IBM’s Smarter Commerce, an initiative designed to provide market insight in a variety of industries, is currently developing new software that is expected to transform the way companies sell products online. Technology giant Oracle is also making several acquisitions in Boston, including the company’s purchase of ATG and Endeca. These companies are involved in e-commerce technology.

Companies expected to see better results this year than they did in 2012

E-commerce seems to be growing at a rapid place among Boston retailers, with several companies putting more serious focus on how to engage consumers online. This trend is expected to continue gaining momentum until it reaches a peak during the 2013 holidays. Last year, retailers caught a first, extremely promising glimpse of the prospects of mobile commerce. This year, they are likely to be looking to expand on the results they saw during the 2012 holidays.

The British authority will enable smartphone and tablet funds transfers among all bank accounts.

The Payments Council in the United Kingdom has announced that the launch of its mobile payments service in 2014 will enable funds transfers among all bank accounts in the country.

Support has already been expressed by Barclays Bank, which will be taking part in the movement.

Barclays Bank has stated that it is in favor of mobile payments, but it will not be alone in providing the service. According to the Payments Council, by the spring of 2014, it will have made it possible for 90 percent of British banks to offer this type of smartphone friendly service.

Customers at Barclays are already using mobile payments through the Pingit app.

This application allows smartphone users to be able to make payments to any bank account in the United Kingdom, provided that the smartphone number of the recipient is on the contact list of the sender.

There are currently eight financial institutions – comprising 90 percent of the current bank accounts in the United Kingdom – which have already made their commitment to offering the new mobile payments service as of the spring of next year. It is expected that they will soon be joined by additional banking institutions, as well. Among those that have already signed up are Barclays, Danske Bank, RBS, HSBC, Cumberland Building Society, Lloyds Banking Group, Metro Bank, and Santander.

There has already been a tremendous adoption of the Pingit app, as the first five days following its release saw over 120,000 downloads. Responding to the considerable demand for using mobile payments, Barclays found itself lowering the minimum age of use from 18 years old, to 16 years old. At the same time, it also increased the transaction value limit.

The Payments Council CEO, Adrian Kamellard, said that “The mobile payments project is a fantastic example of the unique role the Payments Council can play in delivering far-reaching, innovative improvements for customers.” He went on to explain that the newly offered service will provide consumers with a convenient and secure way for sending money to a friend, splitting the bill at a restaurant, or paying a contractor without having to share any bank account details other than a telephone number.