Tag: mobile payments study

These large institutions are using data and offers to help to ensure that they hold the market.

Bankers have always seen transactions as their own domain, to the point that they are virtual owners, says recent Finextra research, and now they are hoping to use their might in this arena to lead the mobile payments sector, as well.

To do this, Finextra has reported that they will be deploying data and discounts to eliminate the competition.

The research from Finextra suggested that in order to become the most powerful player in mobile payments, they will be using their data and applying discounts as massive weapons in the battle to hold control over transactions and to be able to provide services that step above and beyond making a purchase.

The Finextra research was based on the responses given by over 180 bankers who were surveyed.

These survey participants were asked about what Finextra referred to as “key issues” in the realm of monetizing mobile payments. Some of the findings produced by the study include that 81 percent of the participating banks are seeking to add value beyond the actual transaction itself. This included making relevant offers to consumers directly at the point of sale.

Moreover, about two out of every three survey participants (67 percent) explained that they were seeking to own and manage the markets not only for the money of a consumer, but also all of the other elements of an individual’s wallet, such as points cards, memberships, and coupons.

Other mobile payments survey findings from the respondents included:

• 60 percent felt that a “trusted banking environment” is the most appropriate place for mobile payments, as opposed to third party smartphone apps.
• 43 percent said that they had a digital wallet offering in the pipeline within the next 6 to 12 months.
• 49 percent would take part in some form of open industry digital wallet initiative.

In terms of the future of mobile payments “big data”, 44 percent of the banks explained that they did not have adequate resources to take full advantage of it, and an additional two out of every three respondents said that smartphone monetization would be a primary big data usage driver, offering the required insight for personalizing targeted offers to consumers.

VocaLink study sheds light on consumer interests in mobile payments

VocaLink, an international payments firm, has released a new study that aims to provide insight on what consumers want to see in the realm of mobile payments. The study focuses primarily on consumers in the United Kingdom and aims to shed light on their behavior and what they want to see emerge from the mobile commerce field. According to the study, many consumers are eager for banking and mobile payments services, but many of these consumers are already making use of these services in many parts of the country.

Study shows many smartphone owners are participating in mobile commerce

According to the study, approximately 60% of UK consumers own a smartphone and are making use of various mobile payments services. Adoption of mobile commerce is most prolific among the youngest generation of consumers, largely due to the fact that these consumers have grown up steeped in technology. Older consumers are interested in mobile payments as well, but have shown more interest in other convenient services that the mobile space has to offer, such as those found in the realm of banking.

UK mobile payments are mostly money transfers between friends and family

Mobile payments are becoming more common throughout the United Kingdom, but the study shows that many of these payments are not actually made to purchase products from companies. According to the survey, many mobile transactions are made between consumers and their friends or family members. The study shows that consumers are also using their mobile devices to pay for parking access, while approximately 3% of consumers are using their devices to purchase groceries and other products.

Banks could play vital role in growth of mobile commerce

The study suggests that the United Kingdom’s banks and other financial service firms hold a great deal of sway in the realm of mobile commerce. Not only do banks manage the various aspects of commerce throughout the country, they also have the ability to enable mobile payments services. The study shows that 60% of consumers that have participated in mobile commerce claim they would be more inclined to make mobile payments if such services were supported by their chosen banks.