Tag: mobile payments study

Mobile payments face serious risks

Riskskill draws attention to risks in mobile payments field

Mobile payments have become quite popular with consumers, which also mean that they have become a bigger focus for businesses looking to engage with tech-savvy people. Many consumers praise mobile payments because of their simplistic and convenient nature. The mobile commerce field is, however, rife with risks that often go completely unnoticed by consumers. Riskskill, a leading corporate risk consultancy firm, has been working to raise awareness of the risks that exist in the mobile commerce space for some time and suggests that companies face a wide range of dangers when adopting mobile payments.

Study highlights problems with rapid pace of technological progress

Riskskill has released a new study concerning the risks that exist in the mobile payments sector. The study highlights several areas wherein these risks are most pronounced. One of these sectors concerns the rate at which technology progresses and the rate at which mobile commerce itself is growing. The firm suggests that mobile payments will reach $1 trillion in global transactions by 2015 and this growth could outpace the availability of reliable infrastructure. Exhausting existing infrastructure could inhibit future growth and make mobile payments significantly less efficient than they currently are.

Mobile payments may outpace standards and regulations

Mobile Payments Security ConcernsAnother field of concern has to do with the current standards that are in place to regulate mobile payments. These standards tend to vary from country to country and are meant to ensure that consumers are protected while participating in mobile commerce. The problem, however, is that these standards may soon become outdated due to the rapid growth of mobile commerce itself. The rapid evolution of technology is putting further strain on these standards, but many countries have yet to adapt to the changing needs of the mobile commerce space. Inadequate standards could leave consumers open to exploitation.

Hackers target mobile commerce

Consumers are also faced with the risks associated with hacking. Mobile payments have become a very attractive subject to malicious groups that wish to exploit financial information. These risks do not disappear simply because they attract relatively little attention and Riskskill believes that hacking could be a significant problem that has yet to be fully addressed.

Mobile payments set for major growth in the future

Mobile payments are growing more popular

Mobile payments have already been growing in popularity around the world, but with consumers becoming more acclimated to the services that are available to them, mobile payments are set to see accelerated growth in the near future.  Consumers are beginning to see the benefits they could take advantage of through participating in mobile commerce. The convenience that mobile payments represents has, thus far, been one of the most attractive aspects of this new form of commerce and this aspect is likely to continue attracting the interests of consumers for years to come.

Report sheds light on various factors in mobile commerce space

BI Intelligence, a leading market research firm, recently released a report concerning the growth of mobile payments in the U.S. and in Europe. The report shows that mobile payments are becoming more common as smartphone penetration grows around the world. As more consumers get their hands on smartphones, the more likely they are to shop online using their mobile device. Young, affluent consumers have been leading the charge toward mobile commerce for some time, and these consumers in Asian and African markets are expected to be the major source of growth in mobile commerce in those regions of the world.

mobile payments consumersBusinesses growing eager to embrace mobile payments

The report shows that consumers are not alone in their interest in mobile payments. Businesses are beginning to become more accommodating of mobile commerce as smartphones and tablets become the favored shopping platforms for consumers. The report shows that higher transaction volumes through mobile sales will be the primary growth driver of mobile commerce among businesses in the future.

Mobile payments platforms have yet to be a hit with consumers

The report notes that mobile commerce platforms are plentiful, almost annoyingly so for consumers. While there is a multitide of mobile payments services to choose from, none of these have yet become a major hit with consumers. Even PayPal’s mobile commerce platform has yet to appeal to a significant number of consumers.