Tag: mobile payments news

Business apps are becoming more important for companies that want to engage mobile consumers

The growth of mobile commerce has created a greater need for business applications. These apps could help companies better engage with mobile consumers, many of whom are beginning to favor shopping online with their smartphones and tablets instead of using their desktop computers. According to information from Internet Retailers, sales being made through smartphones and other mobile devices grew by 38.7% last year. As consumers become more interested in mobile shopping, the demand for business apps that can accommodate consumer needs is growing.

Mobile spending continues to grow throughout the world

In 2014, mobile spending reached $75 billion, highlighting the growing interest that consumers have in mobile shopping. This growing interest in mobile commerce is coupled with greater consumption of digital media. According to a report from Comscore, approximately 60% of digital media users spend more time on their mobile devices than on traditional computers. As such, they are more exposed to the concept of mobile commerce and are more likely to make purchases with their smartphones or tablets.

Many consumers are beginning to prefer shopping with apps online

Business apps cover a wide range of services, from companies offering to sell products to those providing consumers with news updates. These apps have become an important part of many people’s lives. Indeed, without such applications, the mobile space would not be as large as it is today. The advent of mobile commerce has created a greater need for companies to invest in the mobile space, developing and providing new apps that can provide consumers an enjoyable and convenient mobile shopping experience.

Mobile shopping is finding strong support among millennials

Mobile shopping is expected to continue growing in popularity, especially as more consumers begin to become comfortable with the notion of shopping online with their smartphones and other devices. Millennials are likely to become the primary demographic for the mobile space, as these consumers already have a strong history with mobile technology and using devices for various purposes.

NPCI wants to establish a unified payment network based on mobile technology

The National Payments Corporation of India (NPCI) has launched a new initiative that calls for the unification of payment interfaces throughout the country. The initiative aims to give consumers more access to financial services through their mobile devices in order to accommodate the growing demand for mobile commerce. India is considered one of the fastest growing mobile payments markets, with a massive number of consumers beginning to rely on their smartphones for shopping online and physical stores.

A unified payment network could make mobile commerce more attractive to consumers

NPCI aims to help establish a Unified Payment Interface (UPI), which will allow consumers to collect and send funds through a mobile network. Such a network would leverage a consumer’s actual identity, providing some degree of security when participating in mobile commerce. Consumers would be able to use a password associated with their mobile devices to authenticate their identity and can use the UPI network to send and receive money in real-time. The demand for such money transfer services has grown as more consumers have begun to gain access to smartphones.

India is home to one of the fastest growing mobile shopping markets

India is home to one of the fastest growing smartphone markets in the world. Currently, only 53% of Indians have bank accounts, but more consumers are opting to side with financial institutions in order to take advantage of mobile payments services. Approximately 80% of Indians currently have access to smartphones, which has created a significant opportunity for banks, especially those that seek to break into the mobile sector. As banks begin to enter the mobile market, more consumers are expected to participate in the mobile commerce space.

Merchants could find new opportunities by engaging the mobile commerce market

A unified payment network could unlock new economic opportunities for merchants in India. These merchants are beginning to feel pressure to engage mobile consumers, but few have been able to do so. In the coming years, new mobile services are expected to enhance the ability of merchants to engage consumers, especially those that rely heavily on mobile shopping.