Tag: mobile payments

Indian mobile commerce firm to launch new hyperlocal service

| October 14, 2015

Paytm will be launching hyperlocal services in the near future

Paytm, one of India’s leading mobile commerce firms, is gearing up to launch new hyperlocal services that consumers may find valuable. Such services have already established a foothold in India, with consumers using them to find deals and special offers in their local areas. Paytm believes that consumers using the service will become more involved with mobile commerce, as it will allow them to rely more on their mobile devices when shopping and ordering food.

Hyperlocal services may encourage more consumers to become involved in mobile commerce

Initially, the hyperlocal service coming from Paytm will focus on food ordering, table booking, purchasing cinema tickets, and finding deals in their neighborhood. The company has patrnered with BookMyShow and Zomato in order to make the service available. Paytm has high hopes for the hyperlocal service, hoping to bring in nearly half of its total sales from this channel specifically by 2016. This goal may be very attainable, as many consumers have become heavily invested in mobile commerce as a whole.

Hyperlocal may be the next big opportunity for retailers and mobile commerce firms

Mobile Commerce - Flag of IndiaVijay Shekhar Sharma, founder and CEO of Paytm, believes that hyperlocal services are the “next big thing” for the mobile commerce space. He believes that hyperlocal services represent the perfect blend of the convenience of mobile shopping and the engagement potential that retails see in the mobile market. With smartphone penetration on the rise in India, as well as the expansion of the country’s mobile network infrastructure, more consumers are expected to become involved in mobile commerce in the coming years.

Paytm is receiving strong support from foreign companies

Paytm has reached the 100 million user mark and the company suggests that its user base, as a collective, makes 75 million mobile transactions every month. Paytm has experienced so much growth and success that it has also attracted the support of other companies involved in mobile commerce. China’s Alibaba and Ant Financial recently invested in Paytm through One97 Communications, its parent company. This investment is expected to help Paytm expand its services throughout India.

LoopPay hack will not affect Samsung’s mobile commerce customers

| October 13, 2015

Hack against LoopPay conducted by Chinese group

LoopPay has been targeted by hackers, which has caused concern among consumers using Samsung Pay. LoopPay was acquired by Samsung earlier this year, and this company’s technology is central to Samsung Pay. The hack was noted as being a sophisticated attack by a supposedly government-affiliated group in China. The actual attack occurred back in march of this year, but several events associated with the attack have been identified by LoopPay and Samsung since then.

Digital attacks continue to grow in frequency in the mobile commerce space

Digital attacks are becoming more common in the mobile commerce space, where a great deal of money is now flowing. Because many organizations involved in this space have very limited experience when it comes to mobile payments and the technology needed to secure them, they have become prime targets for malicious groups that seek to exploit the financial information of consumers. Over the years, large organizations have reported cyber attacks on their mobile payments systems, which has lead to the information of millions of consumers being compromised.

Samsung notes that the attack will not affect Samsung Pay users

Mobile Commerce - hackWhile the attack is considered significant, Samsung suggests that it is nothing more than an isolated incident. As such, the information associated with Samsung Pay itself, such as the financial details of consumers, has not been compromised. The company claims that those using Samsung Pay will not have to worry about their information being exploited, but consumers may want to take steps to ensure that their information is secure nonetheless.

Security continues to be a major issue for the mobile commerce space

Security, or lack thereof, has been a major problem that has plagued the mobile commerce space for years. Several companies have become involved in this sector, but they have not been able to keep up with the digital risks that exist therein. Without adequate security, consumers have begun to lose faith in mobile commerce as a whole, which has driven them to remain firmly within the realm of traditional commerce and e-commerce, where they are more comfortable.