Tag: mobile payments news

Mobile payments revolutionizing retail industry

| March 12, 2013

Mobile Payments RetailRetail industry beginning to see an impact from mobile payments

The retail industry has come to a crossroad wherein it must discover the best way to engage consumers from around the world. Technology has played a major role in bringing the industry to this crossroad, especially as the Internet came to determine how successful many retailers would become in the future. The advent of mobile technology sparked evolution within the retail industry, and now the rise of mobile commerce is having the same effect. The future of the retail industry is beginning to look almost entirely dependent on mobile technology and retailers that shirk the mobile space may be setting themselves up to fail in the near future.

Retailers must focus more on mobile engagement

Mobile payments are quickly becoming more common around the world. Branding Brands CEO Christopher Mason notes that the retail industry is becoming more acclimated to the mobile space, largely due to the demands coming from consumers. Despite some interest from retailers, however, Mason suggests that most in the industry lack appropriate enthusiasm when it comes to mobile payments. Mason notes that of the 500 retailers in the world, only 40% have mobile consumer interfaces, which means many of these retailers are not providing an enjoyable experience to mobile consumer, who may soon determine the fate of these retail companies with the power held in their mobile wallets.

Wal-Mart takes note of the popularity of mobile devices

Wendy Bergh, senior director of mobile and digital strategy for Wal-Mart, notes that much of her focus in recent years has been on in-store experiences and how they can be improved through the use of mobile applications. Bergh suggests that applications are an ideal way to get consumers into physical stores, by offering these consumers discounts and services that are exclusive to physical stores and the applications used therein. Wal-Mart is currently developing a scanning application that will allow consumers to find products and purchase these products directly from their mobile device.

Mobile payments may soon dominate retail industry

Mobile payments may soon come to dictate the future of the retail industry. Consumers have shown some reluctance in participating in mobile commerce, largely due to security concerns. Many of the concerns that consumers have, however, are being addressed through the development of new mobile payments services that are more secure than their predecessors. As mobile commerce becomes more secure, it is becoming increasingly likely that consumers will favor mobile payments over traditional forms of commerce.

Visa and Monitise look to expand mobile payments throughout Europe

| March 10, 2013

Mobile Payments Partnership EuropeVisa and Monitise extend mobile payments partnership

Visa has announced that it is expanding its partnership with Monitise, a mobile payments company. The two companies have been working to expand the reach of mobile commerce throughout Europe and have been met with promising success thus far. Visa now aims to extend its partnership with Monitise through a new three-year commercial agreement. Per the agreement, the two companies will continue expanding into the European mobile commerce market, developing new mobile payments solutions that are designed with financial institutions in mind.

Mobile commerce is growing more popular among financial groups due to consumer demand

Mobile payments have been a relatively easy sell to consumers. Many people have shown  their willingness to use their smartphones and tablets to purchase goods and services. The concept has been more difficult to sell to financial institutions, which are more concerned with the risks associated with mobile commerce rather than its convenience. Despite these concerns and a reluctance to support mobile commerce, many European financial institutions are seeing rising demand from customers concerning mobile payments. Thus, these organizations are beginning to take steps to accommodate the wants of their customers.

New solutions to be introduced to European market

Through the agreements, Visa will be able to make use of mobile technology developed by Monitise. This technology will be put to use in the development of new mobile payments solutions. As these solutions take form, Visa will help promote them to European markets as well as help ensure that these solutions are secure against the threats that exist in the mobile world. Visa and Monitise have already deployed mobile payments services to more than 3,000 banks and financial institutions in Europe and the two companies are expected to look to take advantage of this momentum.

Visa and Monitise seek to dominate Europe with mobile payments

Visa notes that the way people pay for goods and services is changing. More people have access to smartphones and tablets than ever before and these consumers are finding that mobile commerce offers them a convenient and safe way to make purchases. Visa and Monitise will work to continue establishing their commanding presence in the European market, hoping to fortify themselves against competing parties that are looking to do the same.