Tag: mobile payments

The company from the U.K. has now connected itself with the interbank payments network in the Asia Pacific Country

VocaLink, from the United Kingdom, has now signed an exclusive letter of intent with Thailand’s interbank payments network operator, National ITMX, in order to look into the development of a mobile payments system that would function over real time within the APAC nation.

VocaLink is the company behind the operation of the Faster Payments rails in the U.K., among other projects.

Under the Zapp brand, the company will also be launching a national “Pay by bank” mobile payments app in the U.K., with the support of that country’s banks. The architecture for the Faster Payments system has already been implemented in Singapore, where it is the foundation for the Fast payments service in that country. Now, VocaLink will collaborate with NITMX in order to offer real time smartphone transaction services to merchants, banks, and consumers, built on an instant payment capability platform based on the ISO20022 standard.

National ITMX selected VocaLink as a mobile payments partner due to its strong and extensive history.

The managing director of National ITMX, Wanna Notarbhorn, explained that “We chose VocaLink as a key partner because of their proven track record in the delivery of both the UK Faster Payments Service and Singapore’s ISO20022 FAST real-time payments systems. We believe they are best placed to help us identify options for delivering efficient and reliable mobile payments services in Thailand.”

From the time of the Faster Payments program launch in the United Kingdom in 2008, the system has processed more than 4 billion secure transactions. The VocaLink managing director of strategy, products, marketing and business development, Paul Stoddard, stated that this experience in the United Kingdom is a direct reflection of the benefits offered through real time tech throughout the payments sector and into the broader economy.

The mobile payments partnership between the two companies was first announced in Singapore at the international Sibos conference. That event placed smartphone based transactions under an important spotlight when it came to worldwide introduction and adoption by businesses and consumers alike.

Report predicts significant growth in the US mobile commerce industry

Forrester Research has released a new report concerning the future of the mobile commerce industry in the United States. The report predicts that the sector will experience significant growth, as many consumers are beginning to use their mobile devices to shop online. In the coming years, retailers may find new opportunities to engage mobile consumers and find success, as this demographic is beginning to play a larger and more influential role in the retail industry overall.

More consumers will be shopping with their mobile devices in the coming years

According to the report, mobile commerce transactions are expected to surpass $115 billion this year, surging to $142 billion in 2016. Forrester Research predicts that there mobile devices will generate a 15% increase in e-commerce sales by 2020. Tablets, in particular, will account for 33% of e-commerce sales over the next few years. Consumers have shown that they favor tablet devices while shopping due to their larger screens, which allow for a more convenient shopping experience.

Converting mobile traffic into sales has proven to be difficult

The report shows that nearly one-third of the traffic that merchants are seeing come from mobile devices. The problem, however, is converting this traffic into actual sales. Approximately only 11% of this mobile traffic actually translates into sales. Many retailers have found it challenging to engage mobile consumers effectively. Consumers have reported problems with the mobile shopping experience overall, with slow download speeds and faulty mobile commerce systems being a significant barrier to completing a purchase.

Millennials could be the key to mobile commerce success

The United States has become a very prominent mobile commerce market, but if retailers cannot acclimate to the needs of consumers with smartphones and tablets, they may miss out on promising opportunities. Engaging Millennials may be the key to success, as these consumers have become a powerful force in the mobile commerce industry as a whole. The report from Forrester Research shows that 40% of those between the ages of 16 and 24, throughout the world, are using their mobile devices to shop online every month.