Tag: mobile payments services

Mobile payments is growing slowly among consumers

Unfamiliarity with payment platforms is slowing the adoption of mobile commerce

Wakefield Research has released a new survey that it has conducted on behalf of Verifone. The survey is focused on the mobile payments space, which has been experiencing a period of aggressive growth over the past year. Many people have shown interest in mobile payments, but the survey suggests that the actual adoption of new payment services is somewhat slow. People appear to be unfamiliar with these payment services, which place them somewhat outside the realm of mobile commerce.

50% of consumers report that they are unfamiliar with mobile payment services

According to the survey, some 50% of consumers polled noted that were unfamiliar with mobile payments. Many claimed that they did not know about services like Apple Pay or how these services work. Mobile wallets were a relatively unheard of platform among these consumers as well, suggesting that their familiarity with other payment services was quite low. Those that were aware of mobile payment services, however, noted that Google Wallet was their preferred platform.

Lack of mobile payment support among retailers is slowing adoption

Mobile Payments- Slow among consumersThe survey also shows that those that are interested in mobile payments are still restricted in actually making transactions from their mobile devices. While there are many opportunities to shop and pay for products online from a mobile device, making mobile payments in physical stores is relatively rare. Many retailers lack the point-of-sale terminals they need to accept mobile transactions, which limits the capabilities of mobile consumers.

Consumers may become more involved in the mobile commerce space in the coming years

A recent survey conducted by Lightspeed Research suggests that unfamiliarity with mobile payments may diminish over the coming years. The survey noted that 42% of people made a mobile transaction at some point in 2014, up from the 17% of people that did so in 2012. A report from eMarketer suggests that 25% of smartphone users will make a mobile payment by 2018. As consumers become more familiar with payment platforms, they are likely to begin participating in mobile commerce more frequently.

Mobile payments platform seeks to reach 15 million users by end of year

Paym has ambitious plans for the future

Paym, a new mobile commerce platform, was recently launched in the United Kingdom and represents one of the most highly anticipated mobile services to be released in the country so far this year. The platform is backed by many of the United Kingdom’s largest financial institutions and this has allowed it to find early success where other, similar mobile commerce platforms have struggled to find traction with consumers. Paym’s ambition is to reach a significant user base by the end of the year in order to solidify its place as a leading platform in the mobile space, and it is already well on its way to achieving this goal.

Commerce platform already boasts of more than 7 million registered users

The service currently boasts of some 500,000 registered users through the nine banks that have partnered with Paym. These banks boast of a large pool of customers that are already making payments through Paym. The platform is specifically designed as a person-to-person payments service and has managed to acquire strong support from consumers as such. The Paym service is integrated into the mobile applications that are associated with its partnered banks and other organizations.

Platform manages to find favor with consumers despite crowded market

Mobile payments platform seeks to reach millions of usersThe platform has received an overwhelming positive response from consumers in the short time after its release. This has provided the platform with the momentum it needs to compete against other services that exist in the mobile commerce sector. Both PayPal and Google have managed to establish a formidable presence when it comes to mobile payments, but these two companies are far from being considered the default mobile commerce service providers among consumers. Indeed, many people are happy to make use of a wide variety of mobile commerce services, moving from one service to the next as they see fit.

Small firms fight for the attention of consumers

As mobile shopping continues to grow in popularity in the United Kingdom, it is likely that the market will continue to be flooded with new and ambitious mobile services. These services will compete with one another and likely die out due to a lack of exposure. Large organizations, such as PayPal, are able to avoid much of this competition because of their built-in user base, but smaller organizations will have to fight hard for the attention of consumers.